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Despite the attention and significant public resources devoted to promoting innovation and entrepreneurship, there has been little agreement about how to measure outcomes and progress towards achieving the larger objectives of increasing economic development. Under a grant from EDA, the University of North Carolina and the George Washington University have been collaborating to develop new measures of performance based upon a new framework for economic development policy in order to assess capacity building outcomes and their relationship to realized economic growth outcomes. At the foundation of these metrics is a definition of economic development and a logic model that advances our understanding of economic development, differentiating it from economic growth. Speakers will discuss the implications of the definition of economic development including the role of government as a provider of infrastructure and capacity-building systems that are beyond the ability of the market to provide. Speakers will also explore how universities might increase their engagement to advance economic development through the new, exciting framework. • Tom Guevara, Deputy Assistant Secretary for Regional Affairs, Economic Development Administration, U.S. Department of Commerce (moderator) • Arthur Boni, John R. Thorne Distinguished Career Professor of Entrepreneurship, Tepper School of Business, Carnegie Mellon University • Maryann Feldman, Principal Investigator and Heninger Distinguished Professor, Department of Public Policy, University of North Carolina • Andrew Reamer, Research Professor, GW Institute of Public Policy, George Washington University • Bob Starzynski, Director of Business Development, Innovation Works
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Chuck ShoopmanPresident,University Economic Development Association
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Tom GuevaraDeputy Assistant Secretary for Regional Affairs,U.S. Economic Development Administration
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Maryann FeldmanPrincipal Investigator and Heninger Distinguished Professor, Department of Public Policy, University of North Carolina
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Arthur BoniJohn R. Thorne Distinguished Career Professor of Entrepreneurship, Tepper School of Business, Carnegie Mellon University
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Bob StarzynskiDirector of Business Development,Innovation Works
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Defining Economic Development
A Long and Winding Road
Aligning Economic Development Administration (EDA) Mission
Economic Development is the expansion of capacities that contribute to the advancement of society through the realization of individual, firm and community potential.
Economic Development is a sustained increase in prosperity and quality of life through innovation, lowered transaction costs, and the utilization of capabilities towards theresponsible production and diffusion of goods and services.
Economic development requires effective institutionsgrounded in norms of openness, tolerance for risk, appreciation for diversity, and confidence in the realization of mutual gain for the public and the private sector.
Economic development is essential to creating the conditions for economic growth and ensuring our economic future.
Economic Development Logic Model
Objective of Economic Development Prosperity High Quality of Life
EDA Investments & Programs
Capacities Community Capacity Firm and Industry Capacity Entrepreneurial Capacity Innovative Capacity
Implications for Measurement
How do we define Success?
How do we measure Success?
Its important to get this right!
Measurable Increases in Capacity
Value Chain Augmentation
Social Capital: Dealmakers
Regional Identity
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Lexis/Nexis Search
But what are they saying?
Labor Force Analytics
Supply Jobs posted Wage rates Skills
Sought Days job
open
Demand Job seekers Skills
available Degrees/
Training/Certification
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