The case for economic development agencies
Local and regional economic development agencies are much more than just government agencies – they are companions, catalysts and a genuine source of encouragement for businesses, founders and communities as a whole. First and foremost, however, they are trusted partners. Steinbeis expert Martin Ritter explains why an effective economic development agency is a key milestone on the road to prosperity and discusses the Steinbeis Network’s role in this area.
Examples of successful clusters in Baden-Württemberg | Source: Kehl University of Applied Sciences, Drewello/Hutt
Economic development agencies open doors and create opportunities to actively shape the economy’s future. As well as helping businesses and regions to overcome current challenges, they also strengthen their competitiveness. Covering everything from starting a business and finding a suitable location to developing new ideas and identifying the right funding programs, economic development agencies offer a wide range of support to enable sustainable growth and long-term success.
Networks: stronger together
Economic development agencies understand that networking is one of the main keys to success, which is why they promote dialog and cooperation between businesses, research institutions and other important actors. They either engage actively in these networks themselves or establish the platform for facilitating dialog between the stakeholders so they can benefit from their mutual relationship. This creates valuable synergies, pooling knowledge to drive innovation. Clusters are a particularly successful model based on close cooperation between businesses, service providers and researchers in a particular industry or field. Baden-Württemberg is one region that strongly promotes the cluster model in order to bolster its economy. Studies have revealed that an increase in the number of clusters in Baden-Württemberg has been accompanied by a rise in the number of businesses and people in employment.
The value of networks and partnerships is also demonstrated by initiatives such as the Franco-German Masters degree programs in Regional Innovation and Public Management in International Cooperation run by Kehl University of Applied Sciences and the University of Strasbourg.
Individual consulting for customized solutions
In addition to their networking activities, the economic development agencies also provide individual consulting services for businesses. They are supported in this by the Steinbeis Network, whose 5,000 or so experts from a wide range of different disciplines contribute their knowledge and experience to help develop customized solutions to the challenges faced by companies. This collaboration between specialists from different fields results in innovative approaches that add real value. By supporting extensive knowledge and technology transfer for local businesses, Steinbeis helps to strengthen the development prospects of towns and cities, districts and entire regions.
A partner you can count on
Being able to draw on an economic development agency’s support is especially important during uncertain times marked by global crises and economic turbulence. The agencies provide guidance, offer assurance, and give companies something to hold onto. Personal contacts build trust and shared perspectives that help businesses make it through the hard times, too.
Economic development agencies are much more than just government agencies – they are trusted partners, catalysts of innovation and a source of encouragement in challenging times. With their support, companies can maximize their potential, take advantage of valuable networks, and achieve long-term stability and growth. In a highly uncertain world, economic development agencies are a key to success that businesses can and should make active use of.