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Economic <br />Gardening <br />EDWARD LOWE FOUNDATION <br />Economic Gardening <br />An entrepreneur -oriented approach to economic prosperity <br />t may seem ironic in today's global <br />economy, but place has become <br />more important than ever. Natural <br />resources, low-cost labor and tax <br />incentives used to be key drivers to <br />regional prosperity. Today, however, the <br />ability to support innovative companies <br />and entrepreneurs is also a critical <br />component to economic growth. <br />"We're living in a period of <br />exponential economic change, <br />which means economic developers <br />and community leaders must serve <br />businesses differently," says Mark <br />Lange, executive director of the Edward <br />Lowe Foundation in Cassopolis, Mich. <br />"That's where economic gardening <br />comes in — and why it takes a neutral <br />third party like the foundation to get <br />involved and be a catalyst for change." <br />Economic gardening takes an <br />entrepreneurial approach to job <br />creation. Sometimes referred to as a <br />"homegrown" or "inside -out" strategy, <br />economic gardening focuses on helping <br />existing growth -oriented companies <br />become larger. <br />"We're not saying that attraction <br />and recruitment activities should <br />be discontinued, but they've been <br />overemphasized, due partly to <br />competitive and political pressures," <br />Lange says. "A balanced approach is the <br />key to building effective programs and <br />strategies." <br />Economic gardening helps establish <br />an entrepreneurial culture within <br />communities and sets itself apart from <br />other economic -development strategies <br />by its target audience, tools and timing <br />of services. <br />For example, traditional economic - <br />development programs offer tax <br />incentives, workforce development <br />services and infrastructure <br />improvements to attract and retain <br />companies that may be considering <br />relocation — strategies that emphasize <br />movement rather than growth. <br />At the other end of the spectrum, <br />there are a variety of small-business- <br />