Building Blocks for Success: A look into Austin’s creative economic development strategies and how Alberta and Calgary can position itself as a growth leader.

Gary Farmer and Laura Kilcrease have been instrumental in the economic development of Austin, Texas and have helped to establish it as one of the United States most vibrant and growing markets.  At the Big Ideas Breakfast both shared their experiences of working in Austin to highlight similarities, opportunities and provide inspiration for the work being undertaken and considered in Calgary and across Alberta.

Gary Farmer is the President of Heritage Title Company of Austin Inc. and serves as the Chairman of the Greater Austin Economic Development Corporation and Opportunity Austin 4.0. He outlined the development of Opportunity Austin as a private-sector led initiative to reinvest in training and education, promote Austin and the region and to attract new businesses. He highlighted the extensive efforts made by the group to reach out to businesses through numerous trade missions and provide hospitality when receiving potential business representatives in Austin. Gary highlighted that the work is time-intensive and that making connections required many meetings, visits and tours.

Investment in educational facilities and training programs ensured a skilled workforce. Gary is passionate about the business-led nature of Opportunity Austin as business leaders accurately represent the benefits of the city and region and can communicate effectively with counterparts.

Laura Kilcrease now CEO of Alberta Innovates, the Province’s largest research and innovation agency, is actively translating the successes achieved in the Austin to Alberta through the power of innovation. “Like stagnant water, stale capital stinks” says Laura and is aware of the capital resources available in the local economy. She is focused on bringing together the important capital and human (entrepreneurial) resources to create growth collisions. “Workforce availability is the most important factor driving corporate relocation and expansion decisions today,” K.C, Conway, CCIM Institute. She recognizes the importance of a skilled labour force and the need in the local area to focus on high educational attainment and training/retraining the workforce for the growth sectors that can be advanced in Alberta. Through her work she supports entrepreneurs and highlights the multiplier effects of such success. She indicates that quantifying investment and its results in the local economy is key to garner attention of the success and to continue to enhance investment. Her team brings together entrepreneurs and financiers to create important and effective collisions.

Through a moderated discussion, led by Trent Edwards from Brookfield Residential, we gained insight from their collective experiences and explored the parallels and differences that provide opportunity for Calgary’s economy. A few key takeaways:

• Focus on private sector initiatives to promote the local economy and attract relocations
• Wisely deploy the Opportunity Calgary fund to promote new business, not fund existing businesses that have already located in the area
• Investment in furthering the educational attainment of the population
• Investment in workforce training/retraining to provide skills that are important to a new economy
• Investment can happen in multiple geographic areas of a region, and if a city/region is successful at attracting business, investment will happen in multiple locations.
• Growth creates unintended housing affordability issues—this should be considered along the way to better position for the future