Re:CAP Recommends | 5 Best Practices for Economic Developers

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Tomás Pedro Regalado / CC 3.0
May 26, 2017
Re:CAP Staff

Re:CAP Recommends: 5 Best Practices for Economic Developers by Catalina Valencia for Governing

Who: Catalina Valencia is a senior consultant for Greenville, S.C.-based Global Location Strategies, where she assists clients from around the world in site selection, technical site due diligence, incentives negotiations and risk management.

A native of Colombia, Valencia began her career as a project leader for the Colombian Government Trade Bureau and as a consultant for the United Nations Development Program, which led to a job in international marketing and business development for the U.S. soybean industry. She also served as business development director for an area economic-development organization in the southeastern U.S.

What: When a region attracts businesses, it attracts economic growth for the area as well. This “business of attracting business,” however, is highly competitive, and one is subject to several common pitfalls when vying for economic development in their region. Valencia divulges best practices for improving your odds of winning the site–selection game and landing business in your area.

Takeaway: Valencia emphasizes the importance of aligning local institutions—educational institutions, local government, and local business groups, among others—around a shared goal to insure success. Other best practices include surveying a neighboring region that has successfully developed and providing accessible information to site selectors. Ultimately, passion, communication, and a “sense of communal camaraderie” are key to attracting business to your region.

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