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ft„ <br />EDWARD Lt7WE FOUNDATION <br />Economic <br />Gardening <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 -cast labor and tax <br />irncentis•es 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 gr 'v& <br />'Wm living in a period of <br />exponential economic change, <br />wvluoh means ee€sitotiic. dcvelopus <br />and community leaders must serve <br />buaizeesses differently,' says Mark <br />Lange, executive director of die Edward <br />Lowe Foundation in Cassopolis, Mkli. <br />`°Thalls where economic gardening <br />comes in — and'. by 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 lob <br />creation). Sometimes referred to as a <br />"homegrown" or "inside -ore strategy, <br />economic gardening focuses on helping <br />exis:iL)ggrowth-oriented companies <br />become Larger, <br />"\ fe're not saying chit attracriorr <br />and rccrultment activities should <br />be discontinued, but they've been <br />overemphasized, clue partly to <br />competitive and political pressures," <br />Lange says. ".` balanced approach is die <br />key to building effective programs and <br />strategies." <br />Economic gardening helps establish <br />an entrepreneurial culture within <br />camrnmrities and sets itself apart from <br />other economic -development strategies <br />by itG taxget audience, tools and tuning <br />of services. <br />For example, traditional econorrtic- <br />development programs offer tax <br />incentives, Workforce development <br />services and infrastructure <br />impsovemet t4 tO attract and retail) <br />companies that may be consLdeting <br />relocation — strategies that emphasize <br />movement rattier than growth. <br />At the other end of the spectrum, <br />there are a variety of small-business- <br />