by Andrew Weddle
IEDC 2019 is just around the corner and the theme of this year’s conference, “The Race for Talent, Innovation, and Place”, rings true in many ways, especially as cities and regions across the world attempt to establish their economic identities and market their strengths to growing companies and workforces.
For economic development organizations, the focus must be placed on creating vibrant, livable cities centered on providing companies and the workforce with access to housing and transportation, availability of smart technology and network connectivity, as well as creating an environment with a diverse pool of innovative thinkers and access to capital funding.
Companies must concentrate on fostering atmospheres that are employee-centered, focusing on promoting the wellness of the workforce in order to stimulate creative productivity. In today’s economy, employees are seeking out opportunities to work for exciting companies in invigorating workplaces.
Employees are increasingly expecting a balance between their work and personal lives, and it is critical for both private companies and economic development organizations to remain attentive to this emerging trend. Gone are the days of the typical 9-to-5 office work day, and gone are the days of marketing a city according to outdated principals.
In a 2019 post-industrial society, the focus must shift toward key factors that attract both prosperous companies and energized talent, including livable city initiatives and projects, promoting wellness-focused workplace environments, and developing innovative talent ecosystems. Economic development organizations are not simply tasked with attracting companies to a location, but rather creating an economic identity that is marketable in the modern world. Organizations must identify the needs of companies and workers, and embrace the continual process of marketing the potential of a city to prospective investors and innovative thinkers.
At OCO we challenge ourselves to reflect on the positive changes we can bring to economic development. Several years ago we created FDI Markets, a software platform now owned by the Financial Times that tracks global FDI. The recent challenge has been to develop a tool for investment prospecting.
Our innovative response to this challenge is Velociti, a prospecting platform that is tailored for identifying those companies which exhibit dynamic signs of marketability. Using machine learning and a unique algorithm, Velociti fuses historic market and sector data across international trade and investment to predict the highest potential investors and customers for businesses. The platform utilizes a powerful user interface, reporting functions, and extensive company profiling to respond to the challenge of matching companies with economic destinations.
Ultimately, the challenge is to all make a technological and innovative shift in economic development, to align with our customers’ needs, and to bring them unprecedented insight and value. At OCO we are directing our internal innovation towards helping all economic development organizations capitalize on their unique economic identity, thus helping win the race for Talent, Innovation, and Place.
Stop by booth 517 at IEDC 2019 to meet with the OCO Global team!