3 key to economic development

3 Keys to Economic DevelopmentStan Chung, PhDVP Academic and Applied Research

ECONOMIC DEVELOPMENT IS A FUNCTION OF HUMAN WELL-BEING.

IMPROVEMENTS IN WELL-BEING REQUIRE NEW FORMS OF LEADERSHIP.

“It took me twenty years to realize that I wasn’t in mining: I was in communitydevelopment.” Senior Mining Executive

KEY 1: COLLABORATION IS THE NEW COMPETITION

4

Collaborative Leadership Competencies

Bronze: personal collaboration

(relational skills)

Gold: community

collaboration (cultural

humility skills)

Silver: team collaboration (intercultural

skills)

KEY 2: TEACH COLLABORATIVE LEADERSHIP

KEY 3: Beyond Comfort Zone: Innovation as Leadership

Innovation Drives Fun

• Innovation creates discomfort and excitement.

• Status quo thinking can mean a quiet personal tragedy.

• New markets, new technology, and new relationships create discomfort and fun.

7

Innovation Metrics

bronze

% growth in agreements signed with former competitors or allied organizations.

silver

% of annual budget of r/d investments in technology that drive business model transformation.

gold

% new revenue as a product of innovation through technology.

8

• Best place to do business

• Best place to walk downtown

• Best services for seniors

• Best housing affordability

• Best place to age in place

Place-Based TARGETS for Innovation

COLLABORATIVE LEADERSHIP +

INTERCULTURAL EDUCATION+

INNOVATION LEADERSHIP =

SOCIAL AND ECONOMIC WELL-BEING

Thank you!

schung@cotr.bc.castanchung@gmail .com

• Questions?