Q&A talks redevelopment strategies with Rebecca Nolan, business development manager with the MetroHartford Alliance.
Q: You recently became a graduate of the University of Oklahoma’s Economic Development Institute and were awarded your EDP designation (economic development professional) by NEDA (Northeast Economic Development Association). What does it all mean in terms of your role as business development manager of the MetroHartford Alliance?
A: To provide some context, as a professional economic developer, I believe that the general public in the Northeast underestimates the value of a solid economic development program. Far too many public officials believe they understand economic development and most elected officials run on a “jobs” or economic development platform, yet they do not have the educational background nor tend to hire those who are credentialed. NEDA developed the EDP professional designation to raise the capacity to support economic development in the Northeast. I am now one of only 15 EDPs in the state of CT. As the business developer manager working with a fully credentialed economic development team, I believe we can better contribute toward competing in the global market place. We focus on creating jobs, adding new capital investment and attracting and growing talent to support our businesses. Also, as a member of CEDAS (Connecticut Economic Development Association), we are fortunate to have this collective expertise that I believe is underutilized.
Q: Your classes focused on three major core areas: business retention/expansion, real estate, and finance as well as areas of concentration in marketing, strategic planning, and managing economic development organizations. Which core area would you say is most important to Hartford right now?
A: Clearly, business retention and expansion. We take notice of the larger employers but there are over 24 million small businesses in the U.S. and they represent almost 90 percent of all employers. They pay for approximately 40 percent of the total U.S. private payrolls and typically generate 60-80 percent of net new jobs annually. Small businesses are the innovators, they have ties to their communities and are flexible and can rapidly change to market conditions.
Q: Currently, the MetroHartford Alliance is the only fully credentialed Economic Development Organization in the state. Why is that accreditation important?
A: While we hope to grow the numbers of credentialed economic developers in the state, I am pleased that the MetroHartford Alliance recognizes the value of formal education and how achieving this accreditation would strengthen our organization. The University of Oklahoma’s Economic Development Institute has trained more than 3,000 professionals over the last 35 years. NEDA recognized the need to elevate the profession in the Northeast and promote such education. This fall will be the first time that OU/EDI will be bringing programming to the Northeast, thanks to Northeast Utilities’ Community Builders’ Institute.
Looking at other competitive regions, our state also needs to be recognized as a formidable competitor. Currently there are only three individuals that hold the International Economic Development Council’s (IEDC) Certified Economic Developer (CEcD). In CT these three represent one utility company, one town economic developer and one consultant who lives in the state. Other states such as Michigan have 18 or Texas with 80; we compete for business with these states.
Q: What is the future of economic development in Greater Hartford? What have you brought back from the course work that will help you?
A: I believe our future is in healthcare. My course work in economic development strategic planning has helped me understand the significance of our regional assets. Healthcare is the top employer in the region, state and nationally and it is currently the top growth sector. With the key health care assets we already have in place, the Greater Hartford area is well positioned to grow this sector and achieve recognition as a center of excellence in certain specialties. We have a wonderful network of hospitals, insurers and an educational system that when strengthened, can bring national recognition to Greater Hartford. The Alliance is working on collaborative initiatives to do just that.
Q: When it comes to economic development, what’s better for Greater Hartford: 20 businesses with 20 jobs each or one business with 400 jobs and why?
A: The 20 businesses with 20 jobs. As I mentioned before, those 20 businesses have the greatest potential for growth. Additionally it would provide for a more diversified economy, which is actually one of Metro Hartford’s regional advantages.
Q: On a personal level, what does certification like this mean for your future career? Do designations like these mean professional advancement opportunities open up?
A: As any professional designation, it helps to open up job opportunities, however in my field, unfortunately, it means more in other parts of the country.
