03422nas a2200133   4500008004100000022001400041245005200055210004900107260004200156520301900198100001803217700001703235856003603252       2010                        eng d  a1913-610200aEditorial: Economic Development (November 2010)0 aEditorial Economic Development November 2010  aOttawabTalent First Networkc11/20103 aEconomic development: these two simple words are excessively used and often misused in many contexts, including municipal government. In this issue of the OSBR, we offer a mainly municipal perspective under which we discuss what economic development means and what it can deliver.

Economic development acts as a headlight that can guide a city like Ottawa through a fog of national and international competition and uncertain economic realities. It is an overarching role that nudges the local government towards smart decisions around long-term investments such as infrastructure.

Achieving sustainable economic development for Ottawa means investment in the creation of a toolkit that consists of tourism development, community and social economic development, transportation access, entrepreneurship support, investment attraction, workforce development and academia, export development, and performance measurement. Such a toolkit is what encourages partnerships between stakeholders and facilitates the environment for healthy economic development conditions.

This last element, performance measurement, deserves honest attention but is often found missing in an economic development plan. Just like a private sector firm that must always have its eyes on its bottom line and profitability, a city must constantly measure its economic development execution and adapt to changing circumstances. This can be achieved through a comprehensive scorecard or dashboard that analyzes trends over time, as well as compares Ottawa's performance versus its competitors.

Economic development is no different than the business development unit of a firm that not only has the responsibility of creating market opportunities for its company's products, but also the crucial task of conveying back-market intelligence. From the City of Ottawa's perspective, the product we should be selling to both local residents and international community is the city brand, including business, tourism, and academia, as well as gathering competitive intelligence to continuously tweak our offering.

Similar to cities whose future is dependent and linked to natural resources, Ottawa's economic future is tied to a rare resource as well. However, it is not found under the earth but between the ears of the knowledge-based workers that drive innovation in Ottawa. In today's environment, where both the knowledge-based work force and investment capital are highly fluid, the economic development challenge is to relentlessly retain and grow this knowledge resource.

Economic development is the type of investment that will help Ottawa earn its way to be one of the world's leading centres for business, tourism, and academia. Conversely, lack of economic development vision and investment will undoubtedly leave the city's fortunes to luck.

In this issue, the authors provide diverse perspectives and insights that will help all of us address the challenges of economic development and the knowledge-based economy.
1 aMcPhee, Chris1 aBashir, Saad  uhttp://timreview.ca/article/390