Going Opposite

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We intuitively know the situation. What’s the next global economic crisis? What new technology will spark the next new thing, and spell the demise for a legacy business or industry? As the old adage goes, the only constant is change. The pace of change however seems to be accelerating and volatility has become the new normal. This is the world that we live in and the good old US of A no longer calls all the shots. No wonder so many people are anxious and angry.

I work in an industry that’s charged with managing the local economy. I use the word “manage” lightly because I’m not sure that’s possible anymore. What’s surprising, in context of these unique times, is that economic developers seem to be behaving as if it’s back in the mid 20th century. Sure, we think were doing creative things but if you look at how we are spending the bulk of our public resources, it’s the game of incentivizing private investment and relocation. To be honest, I just think that’s stupid in an age of ongoing creative destruction and globally mobile capital. Business and industry lifecycles are shortening and capital races to all corners of the earth to exploit low labor costs and access to markets in developing nations. Yet, we still throw limited public resources to private enterprise that is footloose and fancy-free. Go figure!

Daniel Burrus presents in his book Flash Foresight the idea of going opposite. If everyone is doing the same thing, thinking the same way, riding the same wave, go opposite. Burrus references Warren Buffett’s investment philosophy if everyone is greedy, be cautious. If everyone is cautious, be greedy. It’s something like that. You get my drift. So, here is my idea. How about not being in the business of economic development? Instead of being one of the many communities chasing dwindling numbers of projects, be the community that says we’re not chasing any projects. How about focusing on making your regulatory process the most responsive and accountable in your region, state or Nation, for all businesses and entrepreneurs? How about nurturing the emergence of a civil and collaborative culture that attracts people because of your high quality of life? How about making community development the cornerstone of your strategy? Something tells me that if you were successful, companies would flock to your region because that’s where the workforce wants to live. It takes courage and conviction, but what the Hell, let’s go opposite.

#Going #Opposite