Unique collaborations maximize results for economic development organizations

Community collaboration is the genesis of many economic development organizations, but partnership efforts often stall at the regional level. Results-driven EDOs need to work through the barriers funding and geographic boundaries can present to drive returns. Forming strategic alliances with other groups, agencies, or local governments maximizes resources, allows for cross-promotion, and generates positive externalities. Capturing these benefits requires finding unique ways to work toward common goals while maintaining community-specific efforts.

Collaborating with other EDOs

According to a U.S. Department of Housing and Urban Development Office of Policy Development and Research publication, contemporary regional planning requires cooperative relationships among local governments and stakeholders – like EDOs. However, navigating collaborative efforts can be tricky. Many EDOs are formed with strict requirements limiting efforts to a specific geographical area. Funding restrictions may also apply, but many opportunities for collaboration exist beyond any codified parameters or can be addressed with a governing body on a case-by-case basis. 

Read the full article from Golden Shovel Agency here.