Recap - Leveraging Community Assets for Effective Economic Development

Posted Date: 
October 8, 2015

Guest Speaker: Tim Nitti, GeoAnalytics Consulting
Topic: Leveraging Community Assets for Effective Economic Development
October 8, 2015 Recap  

The co-chair of the Economic Development Committee, Stew Edelstein, welcomed MCCC members and introduced the guest speaker, Tim Nitti, Founder of GeoAnalytics Consulting. Mr. Nitti has spoken at MCCC in the past about site selection and economic development strategies.  He opened by noting that this is an opportune time to discuss these topics in Maryland and Montgomery County. 

Many states have attempted to revitalize their economic development efforts as Maryland currently is.  The key factor to success is that the state does not approach the effort in a vacuum but works with the regions that make up the state.  It is important for each region to differentiate itself and be in control of its own narrative, and it is critical that the state draw on the experts in each region to provide this.

Drivers of economic development activity include access to critical talent, cost reduction and restructuring, re-engineering location portfolios, and supply chain optimization.

How companies make location decisions has also evolved with C-level participation and a greater appreciation of the fiduciary responsibility.  One-time costs – especially with regard to labor – can be significant.

Mr. Nitti reviewed best practices in economic development which include actively market your key messages/differentiators, play strong defense, engage the community stakeholders, lead with a regional focus, foster cooperation and inclusiveness.

The meeting included a lively discussion among participants about examples of communities that have strong economic development programs.

To request a copy of the presentation, please contact Ilaya Hopkins.

For upcoming MCCC Member Exchange Meetings, click here.

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