A LEDO is a local economic development organization.
You may wonder “why do we need a local economic development organization?” When a community forms a local economic development organization, as our local Chamber and leaders did in 1986, they are indicating that they want to hire a professional to spend every day paying attention to activities that will help create prosperity in the community. Local elected officials are generally busy with managing employees and city and county activities and need a designee to direct development of the local economy.
It is important that there is a good working relationship between local government and the LEDO and that they communicate often to determine and maintain direction. It is the job of the LEDO to maintain and nurture that relationship.
Attracting new investment, business and jobs is a long-term and multi-faceted process for communities. All communities are different, and you must distinguish your locality from others if you are going to be successful. Local assets, like our great local water capacity and lower cost of living are a couple of examples.
Someone needs to oversee developing and marketing these assets to businesses and investors. A LEDO must serve as a conduit between their community and the marketplace. Listening to local employers and business owners is most important. Once the needs are understood it is the LEDO’s job to collaborate with local leaders to solve problems and fill the gaps. Some of these gaps in today’s environment are daycare, workforce development and job training and livability.
A LEDO works with local utility companies to make sure the infrastructure has the capacity to serve the growing needs of the community. Having an abundance of ready sites for business expansion that has ample utility capacity is important too.
Workforce development is one of the most important LEDO jobs. Coordinating with local schools, job trainers like Ivy Tech and Eastern Indiana Works reduces overlap and redundancy in the job training world to further stretch resources for the good of all needing the services.
Our Fayette County Economic Development Department is working to build a task force or roundtable to discuss these issues monthly with employers.
Building partnerships with people outside the community is a particularly important job for the LEDO. The Indiana Department of Economic Development or IEDC is a great resource to the community. They have great outreach to communities to be taken advantage of.
There is also a regional group that meets monthly in the area where all the LEDO directors have roundtable discussions that are highly informative.
Conferences and organization meetings provide other resources for a LEDO to meet people that can help the local community. I can say in my time so far in the LEDO capacity I have already met 100 people that can bring a resource to our community in one form or another.
Overall, a LEDO is required to be a leader in the community and to be present for discussions about issues important to community prosperity. Feel free to contact me with any questions or to meet about economic development in our area. My email address is bcolter@edgconnersville.com.
Brad Colter is CEO/president of the Economic Development Group of Fayette County.