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 engagement
Focus beyond just selling land - create comprehensive support systems
Build strong introduction networks for new businesses
Maintain detailed knowledge of available sites and inventory
Create strategic approaches for modern site selection needs
Implement business retention and expansion programs
Develop clear online resources while maintaining personal connections
Focus on long-term business success rather than just initial attraction
Create systems to support projects of all sizes, not just large ones
Establish clear communication channels for business support needs
Five 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."
