In this episode of the Econ Dev Show, Dane Carlson talks with Brock Herr, Senior Vice President for Business Development at the Indiana Economic Development Corporation. They discuss the evolution of economic development beyond simple land sales.
He details Indiana's comprehensive approach to business development, including sales enablement, lead generation, site selection, and ongoing business support. Herr emphasizes the importance of high-touch engagement and walking businesses through each step of their journey, highlighting how modern economic development requires a full-experience approach to ensure long-term success.
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Ten Actionable Insights for Economic Developers
Develop a high-touch, full-experience model for business engagementFocus beyond just selling land - create comprehensive support systemsBuild strong introduction networks for new businessesMaintain detailed knowledge of available sites and inventoryCreate strategic approaches for modern site selection needsImplement business retention and expansion programsDevelop clear online resources while maintaining personal connectionsFocus on long-term business success rather than just initial attractionCreate systems to support projects of all sizes, not just large onesEstablish clear communication channels for business support needsFive Notable Quotes
"Economic development is not an easy game and glad that somebody like you's bringing a little bit of insight to folks that may not have a peek into what we do on a day to day.""There's more to it than just selling them a piece of land.""You bring a business into your community, and you want them to succeed.""Like you'd rather not just be looked at as a sale or a metric.""Walking them through step by step, introducing them to who they need to be introduced to, opening doors that are closed to them, all those kinds of things."Sponsored By:
- Sitehunt: Sitehunt is an AI-enhanced platform that helps economic developers build a comprehensive property database, enabling informed decisions and efficient RFI responses to accelerate site selection and project success.
Links:
- Indiana Economic Development Corporation
- Gov. Holcomb, IEDC continue record-breaking economic momentum, secure largest annual committed capital investment in Indiana’s history — Following back-to-back record-setting years for investment and the largest quarter on record in Q1 2024, Indiana sets yet another record with $38.3 billion in committed CapEx
J. Brock H. | LinkedIn