Opportunities and threats are ever present and always shifting. Change is constant. So models of economic development are changing. In sum, the shift in approach to economic development in the New Economy mirrors changes in the economy itself, with a premium on creativity, flexibility , and speed . At core, the new approach is innovation-based , innovation in technology development and application, in institutional development, in relationships.
Strategic planning is the means for region to decide where it wants to go and how to get there.
Traditionally, strategic planning results in a large, detailed documents prepared by outside consultants for a small group of community leaders. And often, the document is not implemented as originally envisioned, if at all. More than ever, strategic planning is critical to success. A variety of new, exciting models are emerging. In doing so, it provides the context that must be addressed by economic development practice in general, and strategic planning in particular.