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Defining & Measuring Economic Development
Maryann Feldman University of North
Carolina
June 14, 2014
Principles of the Approach
Data Intensive Using third-party data sources, minimizes burden to service recipients or client firms
Evidence-Based Economic Development Information in real time
Progress in building capacity
Increase understandLocal industrial activity
Gaps
Changes in capacity
Challenges for Measurement
No Pure Treatment Effects
Selection effects
Complexity
Ecosystems
Emerging industries
Time Lags in Realizing Benefits
The Perils of Success
UnderlyingLogic Model
Inputs are Investments & Programs - Activities
Capacity OutcomesCommunity Capacity Firm and Industry Capacity Entrepreneurial Capacity Innovative Capacity
Realized Outcome Prosperity High Quality of Life
Methodology
40 projects (2010 – 2011)
Identify Technology NAICS ~ 25 %
Identify Policy Intervention
Identify Geography Reality versus writing the proposal
Analyze Client Lists to settle technology & geography
Analyzed 14 Digital 3rd Party Metrics
Beyond Jobs
Social Networks
Dealmakers
Private Investments
Mergers and Acquisitions
Public Offerings
Venture Capital Investment
New Firm Entry
Value Chain Augmentation
Regional Industry Vitality
Skills and Job Availability
Cluster Identity
SBIR Awards
New Federal Spending
Patents Trademarks
Measurable Increases in Capacity
Social Capital: Dealmakers
Labor Force Analytics
Supply Jobs posted Wage rates Skills
Sought Days job
open
Demand Job seekers Skills
available Degrees/
Training/Certification
Value Chain Augmentation
Regional Identity: 2010
Regional Identity: 2010 & 2014
Change ConversationData intensive Evidence Based Economic Development
Rather than ex post evaluation – these metrics will help
Better project planning Fast pivots
Innovation and Entrepreneurship is a Means to an End
Not an end in itself
Better understanding your service area and the impact of your project helps you adjust programing to achieve results
Thank you
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