Innovation Strategy and Impact

Series of 3 images. Image 1: Main Street USA. Image 2: Business people meeting. Image 3: Downtown USA.

The Innovation Strategy and Impact team, a division of Economic Development Labs, fosters local economic development and drives innovation within communities. The team works with communities and regions so that they are better able to develop and implement:

  • Fiscally-grounded and technology-led problem-solving strategies.
  • Innovation-driven economic development for businesses and people in the community, achieved through best practice research, strategic planning, and sustainable development strategies.
  • Ideas that serve as catalysts for community and regional transformation.

Every community is unique, but many share common goals that seek to enhance economic competitiveness and quality of life for their residents. The team can help communities meet those goals through services that include:

  •  Economic and Fiscal Impact Analysis – generating state economic and community fiscal impact analyses, utilizing forecasting tools and techniques, business process modeling, and economic leading indicators to help your community understand a project’s impact on state and local taxes, revenue, jobs, and services.
  • Strategic Planning and Organizational Development – helping your community engage in a strategic planning process that fits your needs and vision for growth. Team members can also assist with forming an Economic Development Organization (EDO).
  • Labor Market and Workforce Analysis – defining your labor market to determine characteristics, consistencies, and differences within your community’s labor force, such as occupations and ages that are important to economic development efforts.
  • Best Practices in Economic Development – identifying the best approaches to your community’s unique economic development needs using customized research.  Whether your community is interested in developing a new LEED-standard industrial park, building the infrastructure to support an entrepreneurial network, or is working to attract foreign direct investment, the team can tailor the solutions to fit your community or region.

Who Innovation Strategy and Impact Serve

Innovation Strategy and Impact team members work with local elected officials, economic developers, policymakers, and community and state leaders – as well as organizations within a community – including state agencies and non-profits – that seek new methods of marketing their communities in order to increase their communities’ local advantage and the quality of life for their residents by attracting, maintaining, and growing business and industry within their areas.

The Innovation Strategy and Impact Difference

The team is a group of experienced practitioners who specialize in economic and fiscal analysis, strategic planning, and best practices in economic development.

Innovation Strategy and Impact Economic Influence

Recently, Innovation Strategy and Impact team members:

  • Built a model for Invest Atlanta to measure their fiscal and economic impact.
  • Researched the extent and impact of the “Essential Economy” on Georgia – both in terms of job creation as well as economic impact – using county-level employment data from the Department of Labor (GDOL).
  • Developed a set of best practices for the Economic Development Administration (EDA) on attracting foreign direct investment (FDI) and expanding exports based on regional industry clusters.
  • Prepared an economic development strategic plan for a metro Atlanta county that has not had a cohesive economic strategy among all of its jurisdictions in more than a decade.
  • Helped a Georgia county market and promote the community’s first LEED-standard industrial park.

The Innovation Strategy and Impact group is part of the Enterprise Innovation Institute (EI2) at Georgia Tech, which helps enterprises improve their competitiveness to significantly impact the economy.

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