Broadband Communities

NOV-DEC 2013

BROADBAND COMMUNITIES is the leading source of information on digital and broadband technologies for buildings and communities. Our editorial aims to accelerate the deployment of Fiber-To-The-Home and Fiber-To-The-Premises.

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Page 48 of 134

ECONOMIC DEVELOPMENT Introducing Giganomics At BroadBand Communities' second annual conference on broadband and economic development, the terms "giganomics" and "gigametrics" made their debuts, and speakers shared their experiences with networks designed to stimulate economic growth. Following are summaries of several of the presentations. Gigabit Networks Move Communities Ahead market or ecosystem, incorporating a specifc collaborative business model that uses bandwidth, cloud and open data infrastructure. Gigametrics refers to the way we measure the impact of giganomics, which requires a new type of economic development impact statement. By upgrading the economic development impact model that cities currently use, Patrick McKeehan and I were able to estimate the impact of gigabit fber across a market in terms of revenue fows and jobs by category. Our initial study, which focused on a small area in the creative center of St. Louis, showed a signifcant impact: David Sandel explains the concepts of giganomics. David Sandel, Sandel & Associates: Te "killer app" for a gigabit network is community cash fow. Te impact of gigabit networks on local economies can be large, requiring new ways to model and measure economic development. So today, I'm introducing two new terms. Giganomics is concerned with the signifcant impact on community economic development that gigabit networks, accompanied by holistic planning and collaboration, can bring about. More specifcally, giganomics is the branch of social science that deals with the production and distribution and consumption of goods and services across a specifc entrepreneurial 42 | BROADBAND COMMUNITIES | • 1,000 high-tech jobs paid at industry standard • 972 additional jobs across a number of industries, including real estate, employment services, food service and drinking establishments, hospitals/health care providers, telecommunications and wholesale trade • $132,590,000 in wages and benefts • $172,227,000 in additional economic benefts, such as sales, rents and services. Conservatively, we estimate a total annual economic output in excess of $265 million deriving from an initial investment of less than $3 million. Te numbers strongly refect a community's capabilities and commitment, so economic | NOVEMBER/DECEMBER 2013

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