Not all Economic Developers
Created Equal

Until now, an economic developer was an economic developer.

Then came the Economic Developer Triad theory.

In his upcoming book, Building Communities: 25 Strategies to Advance America, author and economic development practitioner Brian Cole presents the Economic Developer Triad theory.

Cole’s theory asserts that there are three primary types of economic development professionals based upon their core passion and motivation.

The three types of economic development professionals are business recruiters, business assisters, and community developers.

Business Recruiters are economic development professionals that have a primary passion around bringing new businesses to the community. Business Recruiters believe that the other aspects of economic development set the stage for successful business recruitment. From the perspective of a Business Recruiter, Business Assisters keep local businesses content while Community Developers present a positive image for prospective new businesses.

Business Assisters believe that the core of economic development is working with the existing business community to ensure their success. Furthermore, Business Assisters believe that the majority of economic development opportunity exists by fostering the success of existing local companies.

Business Assisters believe that business recruitment is a long-shot, high-stakes game, and that community development, while important, only forms the backdrop for successful economic development.

Community Developers believe that their efforts not only make their community more desirable for the population that already lives there, but their efforts also form the foundation for future business development success.

Community Developers are focused upon the quality of life aspects of economic development. After all, if the community does not have a high quality of life, what existing or prospective new business would desire to operate there anyway?

The Economic Developer Triad theory recognizes that economic development professionals frequently have responsibilities in all three aspects of economic development. Nonetheless, the theory stipulates that individuals involved in economic development have a core passion, and this core passion yields the success—or lack thereof—of the economic development professional in all three aspects of economic development.

As the theory indicates, ideally a community has multiple economic development practitioners (an executive director of an economic development corporation, chamber executive, port manager, etc.) that, combined, encompass all three core passions and competencies.

As civic leaders design and implement economic development strategic plans, viewing the backdrop of the passion and competencies of their economic development team can be very helpful. The Economic Developer Triad theory is but one of three theories in the upcoming book, Building Communities, that explain this foundation for success.