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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agile, fast-moving companies). Many communities lack knowledge of the gazelles lurking within their city limits and focus on attraction targets in other geographies. For this reason, the frst step is almost always getting an inventory. Tis inventory probably involves two parts: an inventory of the companies themselves and an inventory of the regional companies in key clusters. Once communities complete their inventories, they can move on to other strategies and programming. In two small communities we are aware of, economic development focused on entrepreneurship and clusters. Both communities found natural strengths overlooked by earlier economic development eforts. One unusual cluster involved popcorn and popcorn-related tools. Another unusual cluster related to water management tools for a variety of end users. Both clusters created signifcant wealth, jobs and investment. All these communities had to do was to look at what was already happening in their entrepreneurial ecosystems. Tey both discovered that, by fnding the unique talent sets in their communities (and often nowhere else in the U.S.) and fnding ways to creatively grow their potential bases, they were able to add good, highpaying, sustainable jobs. Moreover, this strategy allowed one of the two communities to actively attract companies complementary to its existing cluster. In short, the blend of knowledge of local strengths, a focus on wealth creation rather than simply on job counts and a willingness to be great at something relatively obscure left these small communities ahead of the game. THE ROLE OF FIBER Although broadband by itself – because it is now nearly universal – may no longer be a competitive advantage, access that is particularly inexpensive or high-speed still can be critical for communities with the right mix of companies. Knowing the needs of local companies is a prerequisite to knowing the type of broadband or expansion capabilities that would be best for a community. In other words, in many A strategy for prioritizing wealth creation in economic development is to invest in incubators and accelerators. communities, broadband won't create the entrepreneurs or the local gazelles, but it might unleash their success more rapidly if built in a way that is driven by local users, not just by available dollars. Broadband is often a critical catalyst for multiple components of ecosystem construction. First, broadband can be an important part of community identity. Being proud and willing to invest is a critical component of economic expansion – not just in the public sector but for small businesses and entrepreneurs, too. Tus, community identity can be spurred by broadband access. We can't all replicate Chattanooga, but we should keep the Gig City identity in mind. Chattanooga is not Silicon Valley, but it has a vision of itself that goes far beyond what an outsider might think of the city. Another good example is Kansas City, in which Google's decision to locate fber helped reawaken an entrepreneurial spirit. Second, broadband as a physical tool can be a critical component of a burgeoning ecosystem. Tus, ensuring early access in key geographies within a city is very important. Addressing the needs of big employers is important – but so is addressing the desires of gazelles. To ensure earlier access, communities should be aware of where the gazelles are physically located. Omaha executed this strategy well in the gigabit expansion that started with an entrepreneurial haven called Mastercraft. Community leaders prioritized early adoption and gazelle use as a retention tool and a means of helping empower early-stage companies. INCUBATORS AND ACCELERATORS An example of prioritizing wealth creation in economic development is the strategy of using incubators and accelerators. Tis couples a traditional economic development strategy – providing land, buildings and other services needed by an economic sector – with the newer goal of building and retaining gazelle jobs. A good example of a city that has a strong incubator and vision is Fishers, Ind., whose incubator SERVICE MEAN RANK (1 TO 5) PERCENT OFFERED Broadband/High-Speed Internet 4.4 97.6 Business Plan Development 4.3 100.0 Marketing Assistance 3.8 98.9 Specialized Equipment 3.7 84.7 Links to Higher Education 3.7 96.5 Accounting and Financial Management 3.6 98.8 Comprehensive Business Training 3.5 96.5 Shadow Boards 3.5 91.8 Access to Venture Capitalists 3.5 91.8 Access to Noncommercial Loan Fund 3.5 96.5 Table 1: Importance of Incubator Services to Client Success Source: U.S. Economic Development Administration NOVEMBER/DECEMBER 2013 | www.broadbandcommunities.com | BROADBAND COMMUNITIES | 95