Presentation is loading. Please wait.

Presentation is loading. Please wait.

Best Practices Impacting Economic Vitality: The 2007-2009 Recession as a Catalyst for New Directions Mohammed Khayum College of Business University of.

Similar presentations


Presentation on theme: "Best Practices Impacting Economic Vitality: The 2007-2009 Recession as a Catalyst for New Directions Mohammed Khayum College of Business University of."— Presentation transcript:

1 Best Practices Impacting Economic Vitality: The Recession as a Catalyst for New Directions Mohammed Khayum College of Business University of Southern Indiana Economic Impact Workshop Carter Hall, University of Southern Indiana July 19, 2011

2 Outline  Best Practices Evolution and Current Focus Information gaps Toolkits for analysis and strategic thinking Platforms and networks  Aftermath of Recession  Disruption and Reconfiguration of Frameworks

3  SHIFT FROM LOCAL TO REGIONAL FOCUS Acting regionally to compete globally  SUCCESS LINKED TO TAKING ADVANTAGE OF UNIQUE QUALITIES Strategic Directions, Collaboration, Innovative Practice  MORE TOOLS AVAILABLE (www.statsamerica.org/innovation)www.statsamerica.org/innovation Industry Clusters Occupation Clusters Innovation Index Regional Innovation Strategy

4 For the frameworks we use what gets more attention? Rear View Mirror or Windshield Perspectives? Industrial recruiting financial incentives to attract factories, focused on investments in physical infrastructure to move inputs to factories and finished goods to markets. 1950s Cost competition focus on creating a business and regulatory climate that encouraged private investment by reducing costs. 1980s Regional competition Identifying each region’s competitive advantages, blurring of lines between economic and workforce development, innovation emerges as a key element around which economic development strategies are organizing. 1990s

5

6 Aftermath of the Recession: Change in U.S. Employment

7 Aftermath of the Recession: Change in Indiana Employment

8 Metropolitan Areas Return-to-Peak Employment U.S. Metro Economies: Employment and GMP Forecast, IHS Global Insight, 2010

9 The Changing Shape of Unemployment

10

11

12

13

14 The recession had a severe impact on the U.S. labor market During the recession, more than 89 million employees lost their jobs, while fewer than 82 million were hired The slow labor market recovery has prompted a growing list of suggested structural explanations in addition to the standard cyclical explanations Structural factors considered:  Mismatch between job openings and job seekers  Extended hiring time  Sectoral shifts  Uncertainty

15

16

17

18

19

20 MARKET/INDIVIDUAL Mason Jar Tesla Coil Gatlin Gun Nylon Vulcanized Rubber Programmable Computer Revolver Dynamite AC Motor Air-Conditioning Transistor MARKET/NETWORKED Airplane Light bulb Steel AutomobileInduction Motor Radio Contact Lenses Welding Machine Laser Locomotive Vacuum CleanerVCR RefrigeratorCalculator BicycleTelephone ElevatorHelicopter TelevisionTape Recorder Typewriter NON-MARKET/INDIVIDUAL Bunsen BurnerCT ScanX-Rays SpectroscopeWorld Wide Web SuperconductorsStethoscope Double HelixNitroglycerine HormonesAtomic Theory NON-MARKET/NETWORKED BraillePeriodic TableRNA Slicing Aspirin EKG Chloroform Cosmic Microwave Background Radiation Cell Division MRI Enzymes Cell Differentiation DNA Forensics Radioactivity Atomic Reactor Cosmic Rays Modern Computer Penicillin RadarGPS Anesthesia Internet Quantum Mechanics Infant Incubator Vitamins Artificial Pacemaker Endorphins Radiocarbon Dating NeurotransmittersRadiography Graphic Interface Innovation 1800 to present Source: Where Good Ideas Come From- The Natural History of Innovation by Steven Johnson (2010), p. 229.

21 Integrating Capitals Portfolio of Investments

22 New Directions  Greater understanding of the service sector How input-output analysis can help  Fostering the shift from protecting ideas to connecting ideas Innovation processes  Don’t blame your culture ……start building on it

23

24 LIVING IN A CONNECTED WORLD Information flows more quickly than ever before Information is being recycled put to new uses transformed in a diverse network e.g. you write a tweet about what you had for lunch and layers of stacked platforms are activated – the Twitter API and underlying database - SMS communications protocol, cell towers and satellites - Open RSS platform - GPS - HTTP and TCP/IP protocols When you don’t have to ask permission innovation thrives Networks densely populated plastic – capable of adopting new configurations

25 Culture – set of deeply embedded, self-reinforcing behavior, beliefs, and mindsets that determine ‘how we do things.’ Deeply embedded cultural influences change far more slowly than marketplace factors Initiate, accelerate, sustain change by learning to work with and within our culture


Download ppt "Best Practices Impacting Economic Vitality: The 2007-2009 Recession as a Catalyst for New Directions Mohammed Khayum College of Business University of."

Similar presentations


Ads by Google