DT #583 Navigating the New Landscape of Economic Development - Rick Kiernan

Develop This: Economic and Community Development

Summary

In this episode of Develop This!, Dennis Fraise and Rick Kiernan with Convergent Nonprofit Solutions discuss the evolving landscape of funding for economic development organizations. They explore the shift from traditional funding methods to a focus on workforce development, housing, placemaking, and childcare. Rick shares insights from his extensive experience in fundraising and highlights the importance of feasibility studies in understanding community needs. The conversation emphasizes the necessity of having a well-structured plan to attract funding and support for various initiatives that enhance community appeal and address workforce challenges.

Takeaways

• Economic development funding has evolved significantly over the years.
• Workforce development is now the primary focus for economic development organizations.
• Feasibility studies provide critical insights into community needs.
• Housing shortages are a major barrier to attracting talent.
• Placemaking is increasingly important for community attractiveness.
• Childcare availability directly impacts workforce participation.
• Community engagement is essential for successful fundraising campaigns.
• Economic development organizations must adapt to changing priorities.
• Collaboration with local stakeholders enhances fundraising efforts.
• A well-defined plan is crucial for securing funding and support.