Business Facilities - February 2008 - (Page 16)

Austin, Portland, and Seattle, but we’re fortunate to be in a city where the population has consistently voted to support public and creative entities, like the museum and the opera house and those kinds of institutions. Also, because of its size, our creative community, and the visual arts community in particular, is pretty active and engaged, and that always helps. It makes us a more vibrant place.” DIFFERENT PATHS TO SUCCESS There is no blueprint for success in this age, as every city and region is different, says Steven Pedigo, who provides analysis of economic and consumer trends for the Creative Class Group. Leadership is a key both in government and in the business community for cities that are struggling economically in the new age, and the focus has to be on building upon strengths and “rebranding” in ways that will attract creative class workers. “Everyone wants to be Austin or San Francisco, but you can’t use the The Hattiloo Theatre is a new “edgy and trendy” theatre that is committed to deepening multicultural understanding and delivering a high-quality artistic product to the Memphis, TN community. same formula or approach, because every place is unique,” Pedigo says. Detroit, for example, ranks low on the Creativity Index, but has the potential to become an automotive design center. Pittsburgh is trying to rebrand itself and, while becoming a center for technology and biotechnology, is rebuilding community neighborhoods to improve quality of life. Memphis is looking to make the city more attractive to young people, and stop the trend of young professionals leaving town after getting two or three years of experience at local companies. Mpact Memphis, formed six years ago, fosters increased social, civic, and cultural involvement among young professionals. It also markets the town as much more than Elvis and Beale Street. “We needed [young professionals] to see that this is a safe, fun, vibrant, funky, edgy town,” says Allen, of Mpact Memphis. The group shows off the diversity of the city’s music scene and entertainment, and tries to match young professionals with areas where “ Economic development out and attracting the company, and pulling used to be about going together incentive packages to land the company there, and there is some of that still going on. But that’s not where economic development is going in the future. —Steven Pedigo Analyst, Creative Class Group ” they might want to live and amenities they would enjoy. The nonpolitical group hopes to help the city do battle for the nation’s best and brightest. Florida’s research shows that any city that wants to improve its economy and compete in the Creative Age should look at how it stands with the three T’s of economic development—technology, talent, and tolerance. In today’s world, all are necessary conditions for attracting creative people, generating innovation, and stimulating economic growth, according to Florida. “The three T’s explain why cities like Baltimore, St. Louis, and Pittsburgh fail to grow despite their deep reservoirs of technology and worldclass universities,” Florida writes. “They have not been sufficiently tolerant and open to attract and retain top creative talent. The interdependence of the three T’s also explains why cities like Miami and New Orleans do not make the grade even 16 FEBRUARY 2008 PHOTO CREDIT: MPACT MEMPHIS

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Business Facilites - February 2008 Contents First Word Snapshots Corporate Moves: Texas Capturing the Creative Class Green with Energy Automotive Opportunities in a Green Economy Corporate Moves: Wyoming Metro Spotlight: Overland Park, KS Metro Spotlight: Long Island, NY Get Ahead in Alabama Indiana: Sending Tech Messages How to Successfully Negotiate a Lease in Today's Real Estate Environment Legislation Spurring Innovation in Kentucky New Center will Propel Ontario's Automotive Future Virginia's Vital Signs Eating Well in the North of France Advertiser Index Ask the Expert

Business Facilities - February 2008

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