Economic development is all about crafting a favorable environment where residents can realize their aspirations. For instance, in the USA, the aim is to help citizens achieve their version of the "American Dream." But each country has its ethos, and the dream varies. At its heart, according to Jeff Finkle, economic development seeks to create places where people eagerly invest, work, and live. It’s about forging connections between individuals, businesses, institutions, and communities.

Taking this from theory to practice, how is it achieved?

Ed Burghard, an expert in the field, breaks it down. He suggests that the main role of economic developers is to guide strategic choices related to infrastructure, investment, and policies. Think of it as building a brand for a place, solidified in a strategic plan. While the responsibility of forming this strategic plan lies with a location's public and private sector leaders, economic developers ensure that the process is robust, well-funded, and effectively executed.

Given the digital age's rapid shifts, economic development organizations (EDOs) are at a crucial juncture. As business operations increasingly move online, these organizations must redefine their roles or risk irrelevance. EDOs must facilitate the design and deployment of strategic plans. They should aid community leaders in understanding local opportunities and setting a clear direction. To ensure their continued relevance, they need to ensure everyone's alignment with the strategic plan and monitor progress.