Andrew Levine, President/Chief Creative OfficerDevelopment Counsellors International (DCI)

(December 5, 2013)

Survey Says:

INSIDE THE MINDS OF SENIOR ECONOMIC

DEVELOPERS

Methodology

• Online survey with 17 questions conducted between November 13 – 21, 2013

• Sent to 1,224 economic development executives in North America (“CEO,” “President,” “VP,” “Executive Director” titles)

• 197 responses received for response rate of 16.1%

Respondent Profile – Demographics

Under 40

years; 13.3%

40 - 49 years; 26.2%

50 - 59 years; 32.8%

60+ years; 27.7%

Male; 69.7%

Fe-male; 30.3%

AGE

GENDER

Less than $500,000;

25.1%

$500,000-

$999,999; 18.5%

$1M - $2.49M, 27.2%

$2.5M -$4.99M, 12.3%

Over $5M, 16.9%

Organization Budget

What do you see as the biggest challenges facing the profession?

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%46.7%

43.2%40.1%

27.9% 26.9%

19.8%

Biggest Challenges Facing Profession(continued)

Communities cannot m

aintain basic se

rvices

No perceived value of e

conomic

development

Decline in

private

secto

r funding

Other

Increase

d scru

tiny from fu

nding providers

Lack

of non-fi

nancial re

source

s0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

19.3%13.7% 12.7% 10.2% 8.6%

2.5%

Biggest Challenges Facing Profession:

Sampling of “Other” Responses

“Leadership, Leadership, Leadership.”

“Duplication of economic development services.”

“Too much pursuit of short-term.”

“Project bidding wars.”

“Economic development is not only about jobs.”

Biggest Challenges Facing Profession

Differing Opinion by Age

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Under 50 years 50 years and over

What are the biggest challenges facing you as an economic development leader?

0.0%

20.0%

40.0%

60.0%

80.0%60.4%

52.8%

23.9% 20.8% 20.3%

11.2%

Biggest Challenges You Face as an ED Leader(continued)

Stress

on home life

Lack

of support

from Board

of Dire

ctors

Other

Lack

of modern

leadersh

ip skills

Finding re

levant educa

tional opportu

nities

Lack

of support

from peer g

roup

0.0%

20.0%

40.0%

60.0%

80.0%

11.2%9.6% 9.6% 9.1% 8.1% 4.1%

Biggest Challenges Facing You as an ED Leader:

Sampling of “Other” Responses

“Time spent on securing resources.”

“Lack of leading edge continuing education.”

“System resistance to collaboration tools.”

“Managing a shrinking marketing budget.”

“Demands for a ‘quick fix.’"

Biggest Challenges Facing You as an ED Leader

Differing Opinion by Gender

0.0%

20.0%

40.0%

60.0%

80.0%

Female Male

Biggest Challenges Facing You as an ED Leader

Differing Opinion by Gender

Stress

on home life

Lack

of support

from Board

of Dire

ctors

Other

Lack

of modern

leadersh

ip skills

Finding relevant e

ducational o

pportunities

Lack

of support

from peer g

roup

0.0%

20.0%

40.0%

60.0%

80.0%

Female Male

The Greatest Survey Question Ever…

Would You Encourage Your Child To Become

An Economic Developer?

Thanks, Ron!!!

Would you encourage your child to become an economic developer?

Yes; 56.6%

No; 15.3%

Not Sure; 28.1%

Encourage Your Child To Become An Economic Developer?

Differing Opinion by Age

Yes No Not Sure0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Under 50 years 50 years and over

What do you wish you had been told before you became an economic developer?

1. More political than expected (24.9%)

2. Diversity of skills is required to succeed in the industry (9.0%)

3. How fun/rewarding it can be (6.2%)

4. That the field existed (5.6%)

5. To move up, you need to move (4.0%)

6. Demands on time/personal sacrifice (4.0%)

What Do You Wish You Had Been Told? Some Interesting Responses

“Every board member, investor, stakeholder and citizen believes he/she is your boss and could do your job.”

“You must be fearless, ‘safe’ does not create real change.”

“The struggle to remain relevant and effective never ends. It's a little like rock climbing. You can never relax and let go…

the fall might kill you.”

“You need to have a bottomless cup of energy and enthusiasm.”

What is the most important thing you do each week as an economic developer?

1. New business outreach/attraction (21.5%)

2. Existing business outreach/retention (17.3%)

3. Communication – internal and external (11.0%)

4. Staff development (8.4%)

5. Help community/stakeholders/staff stay focused on strategic goals/mission (6.8%)

What is the hardest thing you do each week as an economic developer?

1. Balance demands of job/ changing priorities (21.5%)

2. Dealing with political realities (13.1%)

3. Dealing with stakeholders/ officials who don't understand ED (10.5%)

4. Keep focused on mission (8.4%)

Finish this sentence: I know my leadership is successful if…

• Staff/community partners are motivated and empowered (29.4%)

• I have buy-in/support from the community and we’re receiving public acknowledgement (21.9%)

• Able to attract quality investment/create jobs (16.0%)

• We're seeing results and meeting our goals (8.6%)

“(My) team is motivated, focused, happy and performing.”

“Representatives of new companies are making statements such as, "We could not have accomplished our goals without this (our) organization."

“Residents lives are improved by my actions.”

“New jobs are created without giving away the farm.”

“Our organization is perceived favorably by local elected officials.”

“I can sleep without Ambien.”

“All stakeholders know what the organization stands for.”

“My board and staff are singing the same tune…”

“My work results in investment and job creation in my area.”

“I can get people to understand the long-term vision of economic development.”

“I put my team in a position to be successful professionally and personally.”

What is the one thing you would immediately change about your leadership style?

1. Be more assertive/forceful (13.4%)

2. Delegate more (9.7%)

3. Be more patient (9.1%)

4. Improve "coaching" or management skills (8.6%)

5. Become a better communicator (5.4%)

What economic development thought-leaders do you regularly follow?

• Jeff Finkle/IEDC (12.0%)

• Richard Florida/Author (8.4%)

• Andy Levine/DCI (7.8%)

• Eric Canada/Blane Canada (5.4%)

• Joel Kotkin/Author (4.2%)

• Ron Kitchens/Southwest Michigan First (4.2%)

Who are the leadership gurus/experts that you follow (not ED related)?

• Jim Collins (7.7%)• Stephen Covey (7.1%)• Warren Buffet (5.8%)• Jack Welch (5.2%)• Malcolm Gladwell (3.9%)• John Maxwell (3.2%)

A Two-Part Question

Part 1:

How would you rate the importance of each of the following factors to your organization's success?

Part 2:

How likely are you to engage the services of outside professionals in each area?

Part 1:

Importance to Organization’s Success

Business

rete

ntion/expansio

n

Investm

ent attracti

on

Marketing

Developing staff

Investo

r relations

Fundraising

Talent attracti

on

Product

development

Equity ca

pital to

invest

in growing co

mpanies0.00

1.00

2.00

3.00

4.00

5.004.71 4.44 4.43 4.23 4.16 4.05 3.98 3.91

3.29

Part 2: Likelihood of Engaging Outside Resources

Mark

eting

Developing staff

Investment a

ttracti

on

Product

development

Talent attra

ction

Equity ca

pital t

o invest

in growing co

mpanies

Fundra

ising

Business

rete

ntion/exp

ansion

Investor r

elations0.00

1.00

2.00

3.00

4.00

5.00

3.76

3.06 2.95 2.94 2.74 2.74 2.712.17 1.99

What advice would you offer to a new member of the economic development profession?

• Always continue professional development/obtain CeCD (25.0%)

• Find a mentor (13.3%)

• Network, build relationships and learn from others (10.6%)

• Get a broad base and diverse set of experiences (8.0%)

• Be prepared/expect to move (7.4%)

“Engage your community, be transparent, and always keep your board updated.”

“Join your state economic developers association. Join IEDC. Get active!”

“Find a well funded visionary organization, find a couple of good older Mentors and work hard and learn everyday.”

“Network and maintain relationships. Provide others superior service.”

“Be willing to move.”

“Continue education/get certified.”

“Find great mentors”

“Be politically aware, but not politically involved (if you work for or are funded by a governmental entity).”

“Be open to new ideas and opportunities. Take risks. Resist conventional wisdom.”

“Diversify your knowledge”

“Relocate when everything is going great.”

“Work a variety of ED jobs and at the state, regional and local levels.”

What organizations do you turn to for professional development opportunities?

68.4%

13.4%

7.0%

How Do You Obtain News/Information? What is the % for Print, Broadcast and Online Sources…

Print; 23.4%

Broadcast;

16.2%

Online; 60.4%

Please list your favorite news outlet(s).

PRINT BROADCAST

ONLINE

How strongly have you embraced each of the following social media networks?

LinkedIn Facebook Twitter Google+0.00

1.00

2.00

3.00

4.00

5.003.82

3.28

2.53 2.51

One Consultant’s Point of View

Some Key Takeaways…

• “Politics” is the single greatest frustration among senior economic developers.

• Many of the challenges cited by respondents have more to do with “management” than “leadership.”

• Traditional functions – business retention/expansion, investment attraction & marketing – are at the center of an organization’s perceived success.

• While the work is demanding, there is a general sense of optimism and enthusiasm for the profession.

THANK YOU….

• Will email the presentation to everyone. Feel free to share with staff and colleagues.

• Welcome your thoughts/comments and specific any data requests. Call (212/725-0707) or email me (andy.levine@aboutdci.com).

• If you are on LinkedIn, please join the 6,000+ members of “Economic Development 2.0”

• If you are on Twitter, please follow me at: #DCI_Andy