Summit offers economic strategies
The Inland Northwest’s business and civic leaders should focus on three key strategies to boost the region’s economy and produce more high-wage jobs, an economic development summit concluded Thursday.
The daylong event at the Coeur d’Alene Resort included a summary of area strengths prepared by the Washington, D.C.-based Council on Competitiveness, a nonprofit agency that fosters regional economic growth.
The summit was part of an effort termed the Inland Northwest Regional Competitiveness Initiative, which encourages collaboration on regional economic growth.
The U.S. Economic Development Administration chose the Inland Northwest as one of six U.S. regions in which to develop a strategy focused on building an innovation economy.
Groups that sponsored and participated in the summit include the City of Spokane, INTEC, and the Spokane Area Economic Development Council.
Thursday’s summit produced three suggestions to boost regional economic growth. They are:
• Deepening regional collaboration around image and marketing. Summit organizers used the example of Kansas City’s adoption of the “One KC” image and a related logo that helped build recognition for that city and region.
• Leveraging and strengthening research assets. Local officials have identified medical research as a key source of future high-wage jobs. Participants agreed the region needs to work harder at building links between research centers and companies.
• Fostering an entrepreneurial environment. Young companies need a strong network that puts CEOs and product developers in touch with specialists and with other entrepreneurs engaged in similar efforts, the group agreed. “It’s clear we need to encourage more connectivity between area universities and entrepreneurs, and among entrepreneurs themselves,” Jon Eliassen, CEO and president of the Spokane Area EDC, said after the meeting.
Those three issues were identified by the Council on Competitiveness and a local partnership after a four-month survey that included interviews of area business, educational and community leaders.