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Citizen-Created Conceptual Proposal
A Sustainable Economic Growth Strategy
for Lexington, Kentucky USA
Overarching Concept
Notes:
- All ideas contained herein are the express property of Eric Patrick Marr and/or the Contributors. Express, written permission must be obtained to use these ideas, or any variations, and fees may apply.
- Contributors: please DO NOT ERASE any content, only add and/or suggest changes. EPM will "clean this up," regularly.
- Initially, this does not get into many specific, targeted industries or large-scale programs
- Keeping our imaginations open is best
- Specifics can be added, by any contributor, at any point
- Initial concept proposed by Eric Patrick Marr, native Lexingtonian and Behavioral Economic Consultant
Foreword:
Lexington's Economic Growth Strategy must be run and led by the very best, most talented leaders. Not just anyone. - Jim Collins in Good to Great - "first and foremost, it's about getting the right people on the bus, in the right seats, and the wrong people off."
- Just as with the U.S. Presidency - elected officials must be held accountable for building Lexington's economy.
- "Everything rises and falls upon Leadership" - John Maxwell
This New Lex ED Growth Strategy must be an inside-out (organic) plan.
Considering the world's best sustainable growth models... ... and Lex's assets... ... and the fact that every city is trying to "attract" people or businesses. If we look and grow from within, we'll far surpass our expectations.
Inside-Out Developmental Stages
Connect and Synergize ALL of Lex's internal assets.
- We HAVE these assets, but they're often unknown or undervalued
- "Connection breeds innovation, yielding prosperity."
- Connection creates density, a "tightness," creating a "gravitational pull." (See image, below). Ala brain gain and financial investment.
- Achieved through Educational Marketing (see Alltech and Gray Construction models)
- Gallup Organization - "Citizen engagement creates more GDP growth than any other community attribute."
Talent Identification is STEP ONE toward true, great growth.
- Start a "Duke-esque" Talent Identification Program (not a "program" per se, but be of that mindset)
- Connecting & synergizing will allow us to identify top Lex talent quicker and easier
- Incubate these talents
- Gallup Research - one "superstar" = $100M of GDP growth. 10 stars = $1B. (Alltech, for instance, is now a $400M company, with goals of becoming a $1B company.)
- Directly investing into incubating our potential superstars (see EIF idea)
- Business Week - "Between 1980 and 2008, all net job growth in the United States came from startups, companies 5 years or younger."
Connecting and synergizing our internal assets, through Educational Marketing, will automatically begin internally branding our Lexington, from one part of town to another
If we observe our landscape, presently, we see that our disconnectivity hurts our local enonomy, immensely. ("We don't have any reason to go downtown," one lifelong suburbanite said recently.) See last fall's DLC survey findings.
Gallup (again) - "Citizen Engagement" creates the highest ROI on a city's GDP
This yields "Economic Diversification" which Austin is so focused on, and only makes sense. This = "Clustering" Lexington's assets
Clustering creates Density. Density creates Economic Gravity (attractive pull). (See Hamburg as an example.)
Within the next 16 months, continue this organic (inside-out) growth process, until the World Equestrian Games arrive next fall This will open economic and cultural channels throughout the entire world "Lexington" needs to be seen on the same level as a Rolex, John Deere, and Alltech during the 2010WEG's
"Superbranding Lex" initiative highlights and promotes ALL of Our Lexington's assets (our growing, but largely unknown high-tech world, our awesome education entities, our numerous Green/Sustainability networks, our colorful Arts community, etc...) and put ALL of Lexington on the FRONT of the map. - Because we are clustered, each individual component of Lexington looks bigger than it does, alone
- Our assets will rise to to the foreground of the map, the local, national and global consciousness.
- Think of what we have - if you look at them together. TAO Agency + Collexion + Gray Construction + Idea Festival + Cypress + HP + Starborn + LexArts + Art League + many others...
- Together, if we can see them all at once, we ALREADY DO look like a miniature Silicon Valley.
- But, culturally, we just DO NOT look at them, nor value them as much.
- When must value our assets and build upon them
Open these global channels from the 2010WEG's, to begin funneling global dollars into Lexington's local, innovative, imaginative cultures.
- Because Lexington's VC investment culture is so weak (1/10 the size of Austin's, for example) we need to tap into other economic channels.
- Since we live in a poor state, with relatively unfriendly tax systems, we're not going to get much help from our Commonwealth brethren.
- But we can ride the huge shoulders of Alltech's Dr. Pearse Lyons and capitalize on the World Equestrian Games - with its 225,000 unique visitors that will see Lexington perhaps for the first time ever.
A part of this "Superbranding Lexington" initiative is a LexKy.com hubsite idea, where anyone in the world can discover EVERYTHING about Our Lexington in 3-4 clicks, not 3-4 decades.
- This interactive mechanism can put Lexington on the world's map before the end of next year, changing our economic landscape FOREVER.
Imagine a hybrid of a Craig's List + Facebook + Wikipedia
Other Needs:
Added July 1, 2009 by EPM:
- See Jim Clifton's "Entrepreneurial Investment Fund" (EIF) idea in "Continually Added Thoughts." Similar in concept to a TIF. This could eventually be self-managed and self-funded, if done properly, and a HUGE catalyst for Lexington's economy.
- Also - an "Entrepreneurial Road Map" making "launching your innovative business" as straightforward a process as applying to college.
- Austin has 45 full-time staffers inside their city government, working on ED. Lexington has just one.
- This requires reallocation and reprioritization of resources
- Terminate "Partnering Service Agreement" with Commerce-Lexington, or create a much more accountable system between elected officials and Lexington's economic vitality.
- At his recent budget press conference, Mayor Newberry stated that "LFUCG doesn't lobby Frankfort for tax changes, the Kentucky Leagues of Cities has tried, without much traction."
- Currently, Lexington derives 83% of its General Fund budget ($270M +/-) from the local payroll tax.
- Austin's "Opportunity Austin 2.0," for instance has the stated goal of creating 117,00 new jobs and adding $10.8B to their regional payroll in next five years.
- During their original Opportunity Austin, in the previous five years, they surpassed their goals by adding 121,800 new jobs and $5.6B to their regional payroll.
- Austin proves this ("The Human Capital), as does Richard Florida, as does Gallup, as does basic common sense.
- We must change Lexington's culture - where presently, we devalue our intellectual capital (see Centrepointe debate) in favor of "the few."
- Look at Louisville's surveys and findings - Louisville was INVISIBLE to the nation. We can reasonably extrapolate those numbers for Lexington, as well.
- Being known as "The Athens of the West" conveys a much stronger, much more attractive message than "The Horse Capital of the World" in today's 21st Century Knowledge Economy
- What if, in 5 years, "Made in Lexington" is synonymous with "Toyota Quality" or Apple's brand/image for coolness and innovation?!?!
EricPatrickMarr |
Latest page update: made by EricPatrickMarr
, Jul 17 2009, 12:03 PM EDT
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