The 2018-2019 fiscal year will see us here at PDC continue the push for an increased focus on the economic vitality component of the Main Street Approach©.
The 2018-2019 fiscal year will see us here at PDC continue the push for an increased focus on the economic vitality component of the Main Street Approach©. As I have said many times in this forum on previous occasions, economic vitality (EV), and neighborhood vitality (NV) in our Elm Street neighborhoods, is probably the most difficult of the four primary Main Street elements to do well.
It requires that the organization be competent in market data, financial incentives, regional economic relationships and current economic trends. It requires that the organization and the staff make a commitment to EV/NV knowledge and skill building.
In the course of the next year, we will be delving into some of those economic trends that are currently driving EV/NV efforts in local communities. In particular we will be dealing with entrepreneurship and innovation in our neighborhoods and business districts. There is, in my opinion, a strong potential for Elm Street and Main Street programs to develop a symbiotic relationship in this area.
The fact is that successful EV/NV efforts require that those in the community with a solid business idea, those with the ability to produce a good or a service, those willing to invest in the community, and to put that investment at risk, need to be identified and nurtured. Many of those individuals are currently developing those products or services at their kitchen table, in their spare room or in their garage in the neighborhoods that surround our main streets, central business districts and downtowns.
Of particular interest is the growth of coworking (it is not hyphenated) spaces, business incubators, business accelerators, commercial kitchens and maker spaces. We see several communities with Main Street programs - Oil City and Shenandoah to name just a few - currently exploring and actively working to develop such space in their downtowns. For many communities with a more “traditional” approach to economic development, these types of spaces will require some education. Consider that, in most cases, maker space is technically a manufacturing land use, and most central business district (CBD) zoning ordinances do not allow manufacturing in the CBD, in the traditional sense of the term. So in addition to the data, incentives and regional issues mentioned above, the local Elm Street and/or Main Street program needs to be prepared to work with and perhaps educate the local planning commission and borough council to help make these types of spaces a reality.
And it is not just the space that needs to be developed. To be done well, innovation and entrepreneurship needs to develop in an “environment” where these concepts are embraced and allowed to flourish. This requires the development of entrepreneurial ecosystems in our communities. Once again, the potential for Main Street and Elm Street programs to cooperate in implementing such efforts is great. Outreach programs to local entrepreneurs, live-work-housing incentives, educational sessions for local residents, and programs for school-aged children are all components of developing an entrepreneurial ecosystem that will be much more successful with a collaborative Main Street/Elm Street approach.
For many of you, this will require a conversation with your board to allow for the educational time and funding necessary to increase your organizations knowledge base and skill sets to make this entrepreneurial ecosystem a reality. For those who take this step, the long-term rewards should be substantial. For those who fail to embrace these concepts, the long-term consequences could be devastating. So take the next step to make Economic Vitality and Neighborhood Vitality (ENV2) a reality in your program and become the ENVy (get it?) of your peers.