Urban 2.0: Next Generation of Jobs and Businesses

Job creation is at the forefront of all economic discussions. As headlines read “Jobs, Jobs, Jobs,” the country is looking for ways to create the next generation of jobs and jumpstart America’s economic recovery. Yet in this time of austerity, cities must look to the resources they have to generate economic opportunity.  It might be unclear how many points the stock market will rise or drop by the end of day, or what policy will bring that needed fix --- but we know our cities, we know our businesses and we know our workers.  Leaders across the nation are recognizing that urban America --- Urban 2.0 --- already holds the assets critical to fostering business growth. 

ICIC is bringing together those civic, corporate and nonprofit leaders who are experienced in their respective fields to lay their cards on the table and share the hand they’ve been working with.  The Inner City Economic Summit on October 3-4^th in Chicago will look towards the future of economic opportunity.  Urban 2.0: Next Generation of Jobs and Businesses will help leaders shade in what now seems bare so that the focus can shift from uncertainty to strategic planning.

The economy is much different from what it was five years ago or even a year ago.  Industries are evolving and opportunities for growth are resurfacing in places we are not used to.  Economic development strategies need to evolve at an equivalent pace, which cannot be done when leaders stop at every checkpoint to reinvent the wheel.  Cities and businesses have it right when it comes to one policy or another.  Let’s hear it from them and apply these best practices in our own fields.     

At the summit, speakers will share their successes, research, and expertise.  Participants will be encouraged to engage, ask questions, and yes – take notes!  The dialogue across public-private, industry, and geographic lines will help leaders determine how to best leverage those assets they already hold to achieve economic growth.   

Key Summit topics will include:

• Industrial 2.0: Rethink, Repurpose, Retrain
  In the U.S., it’s not the level of industrial activity that’s changing, it’s the mix…and Industrial 2.0 will be in the city.  Industrial manufacturing, transportation, and infrastructure account for 33 million jobs in the United States: this activity is not fading away – it’s evolving, requiring new skills and assets.  Over the next ten years 1 billion square feet of industrial space will become vacant.  At the same time growing industry will require an almost identical one billion square feet of space.  Industrial land and a retrained workforce will be assets.  With industrial activity in flux, a critical question arises – how do we rethink, repurpose, and retrain our cities for Industrial 2.0?
   
• Food 2.0: Cultivate and Nourish a Growing Industry
  U.S. consumers are demanding more local and healthy food options, spurring a food renaissance in America’s urban communities.  Comprised of 90% small businesses and 1.1 million workers, the food cluster holds the potential to spring new jobs, small business growth and local wealth.  Inner city residents with high motivation but modest formal education are a good match for food-based jobs.  With rising trends in specialty food production, urban farms and local markets, the industry is amid a revival in our cities.  How do we leverage these trends and urban assets to cultivate jobs and entrepreneurship opportunities for inner city residents?
   
• Targeting Distressed Economic Areas in the Age of Regionalism
  Economic development officials, mayors and policymakers on both sides of the aisle including the White House are focused on leveraging regional assets to grow local economies. While effective in creating jobs for a broader landscape, regional growth does not always translate into jobs for residents of distressed urban areas. Inner cities have been hit dramatically by the economic downturn, requiring focused efforts to spark opportunities. In this open town hall session, experts in regional and urban economic development will explore how the inner city and region can leverage each other’s assets and build upon each other’s strengths. In the age of regionalism, how do we support distressed cities?  
   
• Building Jobs by the ClusterHarvard Business School Professor Michael E. Porter, ICIC’s Founder and Chairman, will present his evolving work on cluster-based economic growth. Porter, a global authority on competitive strategy, will believes industry clusters – interconnected firms in a concentrated geographical area – drive economic activity and promote innovation. Porter will describe how applying cluster theory to inner city economics is a tenable strategy for urban growth.
   
•  Community-Based Capital for Small Business Financing
  Community-based financial institutions are an important driver for urban business growth and could be an important way to resolve the challenges that small businesses face in accessing capital. How have Chicago CDFIs helped to grow Chicago’s urban businesses and what can be learned about the future of community-based capital for small business growth?
   
• Case Study on Corporate Community Engagement
  Private sector engagement is critical to growing urban economies. Chicago has an especially unique model of deep partnerships between the private, public and nonprofit sectors. What lessons can be learned about how to address economic challenges and impact business growth and community vitality?

You can click HERE to learn more about the 2011 Inner City Economic Summit, including full agenda and registration information.  You can also influence topics to be discussed at the Summit by commenting below with suggestions--or via Twitter--follow us here!  This is an ongoing dialogue and we want you to join in.

BY Mary Duggan on August 15th, 2011

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