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The 7 habits of highly effective regional leadership

The Council on Competitiveness has released a study examining why some regions are more competitive than others in the global arena. Collaborate: Leading Regional Innovation Clusters found that the ability to think, plan and act in a regional context is a significant contributor to the development of a successful region. In addition to this driver of regional success, the report also focuses on one of the many obstacles to it: the fact that economic and political regions do not always cover the same area, and as such, can have difficulty collaborating rather than competing. This is where effective regional economic development leadership becomes essential. So what makes an effective regional economic development leader? Using five case studies, the report explores how the "three Cs" of regional leadership (conversation, creating connections and utilizing regional capacity) contribute to successful regional collaboration and prosperity. Along with the three Cs, the Council on Competitiveness has developed the seven habits of highly effective regional leadership based on the five case studies and previous research. To find out more about what it takes to be an effective regional leader, read the report here.

Closing Canada’s innovation gap

The National Science Foundation and US Census Bureau recently released preliminary findings to their new Business R&D and Innovation Survey (BRDIS). The research reveals that US companies investing in R&D maintain 77% of their overall R&D staff in the United States. Additionally, these same companies invest more per domestic R&D employee than for foreign R&D employees. This is significant as the National Science Foundation states “workers engaged in R&D activities have a direct input into the creation and diffusion of knowledge, and in turn contribute to innovation and economic growth.”

In writing about Canada’s innovation malaise for the Globe and Mail, Anne Golden, president and CEO of the Conference Board of Canada, notes that governments in Canada have stepped up to the plate with respect to research funding. However, Canada still lags behind the industrial world in innovation and creativity. Ms. Golden suggests several ideas for increasing innovation. Those suggestions in the municipal realm include “investing strategically in infrastructure” and “supporting a small number of niche areas”. Following on the findings of the BRDIS, municipalities seeking to benefit from the innovative and creative economy might be interested in supporting niche areas that are research intensive and attracting businesses in these niche areas. Municipalities could partner with research institutions to apply for federal grants to support research and innovation in their region. Focusing on research intensive firms will help to close Canada’s innovation gap, drive public and private investment in R&D activities, and boost local employment.

Mapping Canada's employment development

With all the current uncertainty about the economic recovery, it is sometimes difficult to understand the big picture when it comes to where and how (or if) things have improved. Here at Millier Dickinson Blais, we have been mapping one element of Canada’s economy for just over a year in order to do just that. Our Employment Development Index is a visual representation of changes in regional employment figures over time across Canada (to see the Statistics Canada map of the economic regions highlighted in the EDI, click here). Looking at long-term changes since we started this project, there have been significant positive changes in Canadian employment rates:

May 2009

December 2009

July 2010

To explore the EDI archive, click here. The most recent edition of the EDI is available here.

Burgernomics: Making economics more digestible

Last month, The Economist released their annual Big Mac Index, a lighthearted attempt to gauge the fair value of currencies in countries that sell the Big Mac based on the theory of purchasing-power parity (PPP). In this case, the “basket of goods and services” in the analysis had just one item, the Big Mac, which is sold in nearly 120 countries across the globe. The fair-value benchmark in the index is the exchange rate that leaves burgers costing the same in America as elsewhere. Though the numbers are to be taken with a “generous pinch of salt”, the index suggests that the cheapest places to buy a Big Mac like Hong Kong, China and Thailand have undervalued currencies compared to the USD, while the countries where the burger was pricier, such as Norway, Switzerland and Canada, had overvalued currencies. While informal, there are some parallels illustrated between economics and Burgernomics – the Euro’s movement towards fair-value illustrated in the Big Mac Index (29% in 2009 to 16% in 2010) reflects the actual fluctuations that of the currency based on debt worries and slow growth rates across the European Union. In the same lighthearted spirit, Richard Florida and Charlotta Mellander attempted to define the association between the Big Mac Index and key measures of economic prosperity and well-being. The results, though informal, noted reasonable associations between the Big Mac Index and economic output, the creative class, and highest of any factors studied, life satisfaction as measured by Gallup surveys. While not the most accurate indicator of global currencies, the Big Mac Index certainly makes economic theory more “digestible” (which is more than we can say for its namesake at times).

Why Here|Why Now: an innovative new way of summarizing public opinion

In Yellow Springs, Ohio, an Antioch University graduate has created an innovative approach to gathering and presenting community opinion. This small community, like many in the United States and Canada, is facing a range of issues related to a battered economy and dwindling population. Brooke Bryan, the creator of Why Here|Why Now, launched the project because she was concerned about polarization in the community during discussions of these issues and the community’s future. According to the project's website, "the Why Here|Why Now Project explores place, personhood, and the experience of community in a small Ohio town using oral history, folkloristics and new media". Why Here|Why Now taps into community opinion through interviews with residents about their choice to live in Yellow Springs and their concerns about the community. Using an algorithmic application from Wordle, Bryan creates a "word cloud" after each interview that depicts words used in the conversation in varying sizes based on how often they were mentioned, allowing us to see themes that emerge in the answers of residents and unexpected connections between the issues being discussed. The Why Here|Why Now project has the potential to become a useful tool for those in economic development to explore and present the discussion of important issues at a community level. To learn more about the Why Here|Why Now project, click here.