DT #539 Innovating Economic Development in Small Cities - Betsey Suchanic from the New Growth Innovation Network

In this Develop This episode, Dennis Fraise speaks with Betsey Suchanic from New Growth Innovation Network (NGIN) about how Small and Midsized Cities (SMCs) are key players in driving economic growth. They discuss how these cities are uniquely positioned to innovate and implement effective economic strategies, the significance of cross-sector partnerships, the need for new metrics in economic development, and the role of procurement and access to capital in fostering economic opportunity for all. Betsey shares insights on NGIN’s various programs and initiatives, including the LEAP program— an immersive learning trip for economic and community leaders from smaller cities (up to 500,000 residents).

Applications are open now until March 10th at newgrowth.org/leap. 

Takeaways

• Small and mid-sized cities are often overlooked in economic discussions.
• These cities can innovate and pivot more easily than larger ones.
• Cross-sector partnerships are essential for effective economic development.
• Traditional metrics in economic development need to evolve.
• Inclusive procurement can significantly impact local economies.
• Access to capital is crucial for supporting small businesses.
• Community engagement is vital for successful economic initiatives.
• Learning from other cities can inspire new ideas and solutions.
• Breaking down silos can enhance collaboration and effectiveness.
• Programs like LEAP and the Economic Inclusion Incubator provide valuable support.