January 2005, Volume: 8, Issue: e/1, ISBN 1527-5175

~~~This newsletter... started out as a semi-annual production with the intent of sharing our experience and strategies. It has evolved into a monthly e-newsletter, still offered free, with numerous ideas, references, experience of peers, as well as strategies found in other fields with relevance to economic development. Blane, Canada Ltd.'s e-newsletter is stronger because of your input, too. Share your ideas. nblane@blanecanada.com

~~~"Each job loss... has a reverse multiplier on the local economy of between 1.5 and 1.7 jobs," states Ron Pollina of Pollina Corporate Real Estate, Inc. Stated in the publication, "Developing Alabama," Dec. 2004.

~~~My biggest mistake... when I was a young economic development professional was not understanding that my function had revenue responsibilities. Even though I worked for a not-for-profit organization, my work needed to generate revenue from investors, members, partners, and/or clients (i.e. contracts). Sure, my boss had the ultimate responsibility for raising revenues to support me and my program area. But, I could have made myself vastly more valuable (i.e. pay increase) by assuming revenue responsibility. This is a tremendous shortcoming in economic development professionals today. Not-for-profit does not mean your revenues should not exceed your expenses. It only means you don't pay taxes.

~~~Angel investor strategy?... Check out The Angel Capital Association, a peer organization of angel investing groups in North America. Formed in January 2004, the new association is currently a program of the Kauffman Foundation, with significant support from the Foundation. The Association is an outgrowth of a series of four summits on angel investing. http://www.angelcapitalassociation.org

~~~We asked readers... to identify books and magazines they recommend reading. Franklyn Moreno recommends checking with your local industry contacts and learn what their management reads. He also suggests "An Empire of Wealth" by John Steele Gordon. Angela Wier suggests "SSTI Weekly Digest" (State Science and Technology Institute). "Moneyball: The Art of Winning an Unfair Game" by Michael Lewis was recommended by Mike Kirchoff.

~~~"Fast Company" magazine... started the new year with a search for the Fast 50 ordinary people doing extraordinary things. In addition to the nomination of Eric Canada, we have learned that Paul Saldana, President of Tulare County Economic Development Corp. (CA) was nominated last year.

~~~Leadership... You won't learn leadership by reading the latest pop business classic written by a renowned business leader, a successful coach, or an acclaimed military general. You won't learn leadership by attending a traveling leadership show. Leadership comes from within. It is sparked by the confluence of need and preparation. Will you be among the next generation of leaders in economic development? Prepare now. You and your talents are needed.

~~~AFL-CIO's Industrial Union Executive Director, Bob Bauch, stated... "Anything that is digitized can go overseas." Seminars addressing how to outsource production and even white collar jobs are quietly being held to help executives manage costs. Economic developers need to keep up with even these nuances of current business practice. Let Synchronist Business Information System software (desktop or Internet) help you stay ahead of the pack. Go to our web site to familiarize yourself with its capabilities. www.blanecanada.com/frameset_synchronist.html   Source of quote: Daily Herald news services, 1/26/04

~~~Death Matrix Evaluation... Want a more refined means of identifying companies at risk in your community? Synchronist Business Information System is the industry standard platform for business retention and existing industry programs in the US and growing in Canada. Info? Contact Eric at ecanada@blanecanada.com  http://www.blanecanada.com/frameset_esynchronist.html

~~~NIPC... The Northern Illinois Planning Commission (Chicago) brought to our attention the NIPC Development Database (NDD). The database tracks significant land development in the six-county area. Data input is managed by staff and local officials. NDD is critical to long-range planning. Regional planning agencies across the country manage this type of data in various ways. Check the agency in your area to determine how you can work together in data collection and analysis. NIPC Source: Jennifer Ganser, 312-454-0400, http://www.nipc.org/ndd

~~~Cleared cache lately???... Our work with e-Synchronist clients has taught us the importance of clearing the Internet cache files. Your web browser performance is affected by the "junk" which accumulates in your Internet temp files.  If you use Microsoft Explorer, on the browser text menu, click on "Tools." In the drop-down, select "Internet Options." In the Options Window, under the General Tab, use the buttons to delete cookies and files. Be patient. If the temp files have not been cleared recently, it could take some time to delete all of the files. Once completed, your computer will thank you. Other browsers will have a similar function. Check your help menu for details.

~~~NAICS source... A nice web based tool for converting SIC codes to NAICS codes can be found at: http://www.prr.msu.edu/economicimpacts/searchrequestsic.asp The service is provided by Michigan State University and the MSU Extension. Source: Jim Anderson, MI

~~~The distance... between need and want is a good marketer. Eric Canada

~~~Everybody sells... No, we are not talking about all development professionals. We are talking about board members and community leaders. "If your leadership is not selling they are not adding value - get rid of them." Quote: Ron Kitchens, Co-presenter, "Leadership Orienteering". Contact Eric about our NEW on-site leadership workshop. ecanada@blanecanada.com

~~~Throw a party... If you want to stimulate innovation, gather a group of executives from growth oriented companies and buy the drinks and hors d'oeuvres.  According to authors, Richard Lester and Michael Piore, innovation is a social process. When you bring a diverse group together to discuss varied topics in a safe environment (set some ground rules on "selling"), ideas will be explored and tested leading to innovation. This has been a common practice in incubator centers like the Business Incubator Center in Grand Junction, CO for years according to Thea Chase Gilman.  Source: "Innovation: The Missing Dimension," Richard Lester and Michael Piore, Harvard University Press, 2004

 ~~~Crushing spam... we are noticing an increase in the use of spam blocking. The purpose of spam blocking software tools is to challenge unsolicited e-mail and wait for a response from the sender. The goal is to cut back on spam. Spam Arrest, Blockade, and spamBlocker are most often used. For those of you using one of these tools, care to share your results? What are the advantages and disadvantages?

~~~The Amarillo Paradox... explains a variety of the activities of economic development professionals. The story: A family just returned from vacation in Amarillo. Someone asks, why did we go to Amarillo? After quick puzzled glances, "I thought YOU wanted to go." Our days are filled with tasks and duties. The WHY is often the missing or assumed piece to the puzzle. Don't forget to ask yourself WHY.

Blane, Canada Ltd.
1506 Cadet, Suite 100
Wheaton, IL 60187-7380
ph 630.462.9222
fax 630.462.9210

info@blanecanada.com