The Leduc-Nisku EDAtorial
Leduc Blog
The Summer Student Series - Reid Bowman on Economics and Analogies
June 23, 2016
Many of the things a successful business or regional economy possess can be quantified, recorded and evaluated – believe me, I do it all day long and there’s no shortage of data. As the Investment Attraction Coordinator at the Leduc-Nisku EDA, my role is to develop an economic profile for the Leduc-Nisku Region by analyzing local industries; where they are currently, and where we would like to see them go. In this short blog post, I promise to try my best to stay clear of dry economic jargon, buzzwords, and metrics. Instead, this post will provide effective (and hopefully clever) analogies that will briefly highlight many of the nuanced topics we explore on a daily basis at the Leduc-Nisku EDA.

Organizational Diversity

Organizational diversity enables a group to be flexible and dynamic in how it achieves its goals. As an analogy, there is a place for each puzzle piece to fit and add its own unique value to the overall picture.

The Early Bird Gets the Worm

Simply put, it pays to lead the way in innovation. If you have invested in the future and in building capacity, you will have both a major competitive advantage and be able to proactively manage new challenges. Understanding short and long-term trends in the market and how they will impact your business is a key piece of being innovative.

Know Your Own Backyard Before You Learn About Your Neighbour’s

The overall scope of businesses operating out of the Leduc-Nisku Region is incredible. “I didn’t even know we had that here!” Is one commonality I’ve overheard in many of the conferences and meeting I’ve attended in my time with the Leduc-Nisku EDA. Leveraging regional supply chains can be a powerful way to build business relationships and decrease those pesky transportation costs.  

Laying the Foundations for Success

Going back a few years to my college football team rebuild at the University of Alberta, our motto was “brick by brick”. The industry leaders I’ve come to know in the region have a specific value proposition, mission and target market for their products or services. Much like a house, a strong business foundation is a prerequisite for renovations and additions in the future.

Adding Value Retains Value

Say you are given a hand-me-down car from a Grandparent or other relative. You can drive it as is and sell it, or paint it, buy some new rims, modify the engine and then resell for a profit. The same can be done by further developing existing products. This can provide extra employment opportunities for another business, and will amplify the economic impact a raw product can have (whether it’s oil, canola, wheat or cattle) in a region.

The meetings I’ve had with the entrepreneurs, civil servants, and my economic development colleagues in the Leduc-Nisku Region has loudly echoed the ‘can do’ and ‘will do’ attitude this province was built off of. While current market conditions pose a challenging obstacle for many of Leduc-Nisku’s businesses and residents, there remains a large amount of untapped potential for this region. The combination of a well-trained labour force and drive for innovation will play a major role in enabling the region to stay afloat during this period of economic turmoil.