"Place Based" Economic Development

What is "place-based" economic development?

Place-based economic development is a promising strategy used by a growing number of communities. It is based on the premise that a sustainable local economy must be planned and developed as an appropriate response to the possibilities and limitations of that particular place.

Place-based economic development...
• is rooted in a community's interest in the "triple bottom line" of economic, social, and environmental returns on investment,
• is focused on unique features of a particular landscape or culture
• is locally driven and capitalizing on existing local assets,
• provides a balanced long-term approach to sustainability of resources, and
• is dependent on creative entrepreneurship and long-range vision.

Creating the Place Based Economy...
• Development is from within the community, although capital need not be
• Development uses existing assets, whether cultural, physical, historical, environmental, etc., rather than importing assets from outside
• Often, investment must be initially large in order to create the "Big Push"
necessary to get things moving, hence the tie to main street revitalization
• Investment must be in local businesses and attractions, not chains or external
recruitment, capital must stay in the community whenever possible
• Development must be community-centered and supported, in both the short and
long terms
• There must be a strong sense of place that can be tapped into both within the community and from afar, via the internet

Tourism and the Place Based Economy...
• Requires activities and outlets for tourists that are unique and truly home grown
• Must be marketed as a package, rather than a set of individual items
• Branding can achieve continuity of local offerings

Targeting the Local Market...
• As the community develops, its citizens must be the first group targeted and marketed to if marketing and branding does not work for residents, it will not be successful outside the community
• bringing locals in to the process from its inception creates the sense of a community effort that is infectious, and can provide the motivation required to sustain interest and local buzz about development
• community engagement also supports a triple bottom line
• In bedroom communities, citizens may need to be convinced that they can thrive
economically and meet their consumer needs within their community
• Marketing and events can generate the buzz that leads to a shift in mindset from
the true bedroom community to a place where people live and shop

When there is no main street...
• Identify what the goals of development are, and where they are centered, ego in the natural landscape, around a festival, etc.
• If tourism is the goal, you can create a virtual main street on a single tourism web site
• Break away from the idea that resources and attractions need to be concentrated, think on a macro level, and market the community as a whole, rather than as single constituent parts
• Information must be centralized and accessible to those who seek it, especially
when there is no main street from which to gather local information and tips
• Farmers Markets and Art/Craft Markets are an ideal way to build place based
economies, especially in the absence of a main street
• Consider what makes the community unique and offer walking tours or cycling
tours that achieve the feeling of having experienced the "soul" of the community
• Centralize business resources for entrepreneurs and investors, it is imperative
that there is a "one-stop shop" for information and networking

Sustainabilitv...
• The place based economy inherently supports development that is socially, financially, and environmentally sustainable
• Community participation and local entrepreneurship ensure:
• social sustainability through fair wages, local hiring, and honoring local customs
• environmental sustainability by placing development in the hands of those who have the greatest stake in and knowledge of the local environment and natural resources
• financial sustainability by generating a nebulous of economic activity that is self-supported and self-supporting

Place Based Economy...
• Built upon the inherent culture and assets of a community
• Supports and depends upon creative entrepreneurship
• Can leverage tangible and intangible elements of a place
o Natural environment, crafts, climate, hospitality, etc.