First Person: How to Identify and Build a Robust Community Ecosystem to Attract New Businesses
November 1, 2023
Creating an exceptional business environment to attract certain industries can be a daunting task for any community’s leaders. However, it can be done with focused introspection, research, and strong partnerships. Area Development’s staff editor Lisa Bastian asked Michael Flynn, senior director of Economic Development at Destination Medical Center (Rochester, MN), for his ideas on ecosystem formation.
AD: When expanding or relocating companies research communities, what are the foundational business resources (the optimal “ecosystem”) they should seek to ensure operational success?
Flynn: Throughout my career, almost universally, talent has been the number-one driver of decisions, so I would say any resources a community can bring to bear that support an employer’s ability to identify, recruit, train, and retain talent are foundational. After that, a thriving supply chain and service provider network in your target industry or industries are critical. For example, in Rochester, MN, where life science and biotech are our primary focus, we also spend a lot of time with our innovation partners at the Mayo Clinic doing what we can to ensure their technologies and opportunities for collaboration are effectively connected to industry.
