Establishing an Economic Development Strategic Unit
This company operates as a business entity that is wholly owned by the local authority and whose purpose is the welfare of the residents. The urban economic company operates on two integrated levels: first, as a business; and second, for the social and public interest. The role of the economic company is to initiate and encourage economic initiatives in the locality and carry out urban projects. The economic company’s source of revenue is through a dedicated budget of the local authority, project management fees and government and non-governmental invitations to tender.
In places where it is recognized that it is not possible to establish an economic company, the purpose of the process will be to establish an alternative mechanism to promote economic development in the locality.
Identifying the need:
At a preliminary stage, it is recommended to raise questions about the need for a process within the authority.
- Does the locality have the potential for urban economic development and the establishment of an economic company?
- Are there economic development plans in the local authority or town?
- Does the locality have the potential to attract entrepreneurs?
- Is there an industrial/employment area within the locality jurisdictions?
- Does the local authority offer a process or services for economic development?
- Is there a mechanism or infrastructure that connects the local authority with potential factors for the development of the local economy?
- Were there attempts to develop the economy in the town?
- Is there an authority (official/department) dealing with economic development in the locality?
- Did the local authority approve specific benefits for entrepreneurs?
Project Description:
Injaz Center offers a process leading to the establishment of a body (ecoonomic company) with a mission-oriented nature and clear goals for economic and employment development in the locality. In addition, this process helps to identify projects with a potential for economic and employment growth for the locality, and to increase local authority revenues.
Mapping the existing condition
- Pre-existing condition analysis (snapshot
- Mapping the properties of the town
- • Mapping economic needs for the establishment of an economic company
- Mapping resources
- Selecting relevant partners
- Defining existing situation and desirable situation
Coupling
Consultant
Expert
Decision-making
- Setting goals, objectives, pros, and cons for establishing an economic company
- Division of roles among partners
- Selecting Partners
Building a strategy
- Pooling existing knowledge
- Building project portfolios
- Selecting partners
- Building a one or two-year work plan
- Entrepreneur attending track
- Forming a steering committee
- Setting milestones
Ongoing work
- Marketing
- Getting to know the relevant factors
- Providing detailed information
- Monthly meetings of the steering committee
- Quarterly meetings with the mayor and authority officials
- Round tables
- Weekly follow-up
What you get at the end of the process:
An inclusive urban mechanism for managing and promoting economic development in the locality
Characterization of unique principles for economic development
Project files based on a number of local project opportunities for economic development
A marketing portfolio for entrepreneurs that concentrates the relative advantages of the town and includes vacant properties, land and an analysis of state benefits