Celebrating Positive Economic Activity – Flagstaff Business News

Celebrate Economic Development Week 2022 with us from May 9-13!

Economic Development Week 2022 is upon us! The week of May 9-13 is a time to celebrate the efforts of many community members and partners who work to improve the economic prosperity of individuals and businesses; and who doesn’t love a party? You may be wondering what economic development is anyway; after all, doesn’t the economy take care of itself? So, let’s start by answering the questions of what economic development is and how we celebrate it.

Economics is generally known to be a branch of knowledge concerned with the production, consumption and transfer of wealth. Economic development is therefore a set of efforts designed and undertaken to improve the fiscal, economic and social conditions of a given geography. Economic development can then be seen as a comprehensive and ambitious practice that is invisible or non-existent to many, but which in fact touches all aspects of society and all the people who make up that society.

The basics of economic development include: 1. Commercial attraction, 2. Business retention and expansion, 3. Economic gardening, 4. Workforce development; that include and encompass every industry imaginable, from tourism to material extraction to video production and everything in between. Although some of these terms seem intuitive, here is a brief description of these four main elements.

  1. Business Attraction strives to invite existing industries from one community to another community. At Flagstaff, business attraction efforts aim to articulate our community values ​​to business owners and decision makers so they can consider bringing their business and related jobs to Flagstaff. Important and difficult task, Business Attraction is a matchmaker of very high level. When successful, a business owner recognizes the alignment of community and industry values, recognizes the incredible quality of life in Flagstaff, and then decides to bring those jobs and future growth opportunities to us. .
  2. Likewise, business retention and expansion efforts practice the same behaviors while focusing on businesses that are already in our community. These efforts are those of a resource broker that connects businesses and business owners to tools or programs that will facilitate business growth. Sometimes the job is to serve as a trusted partner, while other times the job is just to make an introduction. But the job is always to be available to the business owner, whatever the business.
  3. Economic gardening is a relatively new term that basically involves developing your own businesses and industries from scratch. This discipline encompasses everything related to starting a business. In Flagstaff, we are fortunate to have the business incubator and accelerator campus known as the Northern Arizona Center for Entrepreneurship and Technology, or NACET. [email protected] is the service provider that works with startups and entrepreneurs of all kinds to help them navigate the process of growing a business from idea to revenue, inspiring the term Economic Gardening.
  4. Workforce development is the set of efforts focused on providing skills to individuals so that they can work in the industry of their choice and meet the needs of the industry. This business covers early childhood services at all levels of education and leads to certifications, diplomas and other titles that can be considered skills enhancement.

With these general definitions providing a framework, let’s now look at what celebration might look like. Every morning from Monday May 9 to Thursday. On May 12, economic development practitioners will invite the public to join them at various locations in the community to talk about each of these four core concepts. As locations are still secure, the full schedule of events will be posted on City of Flagstaff social media and local publications. The community can count on economic development practitioners who will be available each morning to provide case studies, discussions on past, current and future efforts, and the ways in which economic development has been affected by the past two years of closures. and fear. On Friday, May 13, economic development practitioners will gather for a happy hour to wrap up the week.

We know that early mornings can be tough, so these events will take place at cafes and attendees can win a gift certificate from each company. Interpret this as “free coffee” for one lucky person.

These events are usually small in number of participants and rich in dialogue, so do not hesitate to join our informal meetings. Consider what economic development means to you. Bring your questions, your enthusiasm and your ideas. We would like to see you. A full schedule of events, including locations, times and days, will be available through City of Flagstaff social media and area publications. Celebrate Economic Development Week 2022 with us from May 9-13! NBF

By John Saltonstall