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A endix A: Economic Development Strategies in a New <br /> Economv <br /> STimes have ch.anged,_and with them so has the underlying,economic <br /> structurein which weall live. This new economy requires smartthnkin.g._by <br /> ou..r lea....dersh.ii) facilitated by.new ways of_solv.i_n..g.prob.11.ems a_nd collaborations <br /> .with someti.m,,es. une..x.pectedpartners. ...In-the new economy,.._the ticket,to <br /> faster and broader incomegrowth_is innovation. This economy puts,a <br /> premium on what the_Nobel laureate in economics Douglas...North calls <br /> "adaptive efficiency,"which refers to the ability of institutions_to innovate, <br /> continuo.usly._learn, and prodductively change. As_markets fragment,, <br /> technology accelerates, and....competition.__comes.from....u.n.exp..e...cted_.p.l..a..ce...s...,. <br /> learning,_creativity,and adaptation_have....become the_..p_rinci.pa.l sources of <br /> competitive advantage in many industries. Enabling constant__innova..tion <br /> needs,to.become the goal,of all organizations committed to_prospering_ <br /> Similarly, the goal <br /> for metropolitanareasmust be to foster innovation anal... <br /> adaptation - in.infrastructure, in institutio.ns both public a nd.__private.,....and.._.o.n <br /> the part of individuals.. <br /> T,h.ese.e.fforts_need to_be proactive and designed.for the.-long.-term... <br /> Government, civic, and business leaders need to challenge all_econ_o.m.ic <br /> sectors and institutions, including their own institutions of,go_v_ernment,._to <br /> become cultures of innovation. The consequences for a.ay_c_o_mmunity that <br /> does not respond to this,challenge_are low,productiv_ity,_sta_gnant IiN ing <br /> standards, an.d._reduced opportunity for its citizen-s. <br /> Innovation and change mean uncertainty_and disruption But it is becoming <br /> increa. in.gly_clear that dyna_mism._is.critical to._growth. t You_ca..n't have <br /> upwardmob._lty if i..s on, the move..) Th.e.__more_churni_n.g in_a <br /> community in terms._.of newbusiness start-ups_and existing business <br /> s. <br /> changes, the faster_th_e community's rate,of econom c_,arowth.,In fact, of all <br /> of the indicators in thisreport, churn is the most strongly cor..related_with <br /> employ_ment._a_nd income growth. This means that_com.m.munities nee...d to <br /> promote.ch_an.ge and innovation, not retard it. <br /> Strategic Plan for Economic Development Page 15 of 21 <br />