MADC Attends IEDC’s Tech-Led Economic Development Course

Posted: Apr 10 2017
Stephanie Hoffart, MADC President/CEO, attended the International Economic Development Council (IEDC) Technology-led Economic Development training course on Apr. 6 – 7, 2017 in Washington, D.C.
The course focused on the importance of economic developers building an innovation ecosystem, the legal and financial framework for bringing innovation to market, how to partner with government, industry, higher education, and the private sector to create a highly integrated network, etc. Course highlights include:
  • Forming strategic alliances and technology clustersIEDCLogo.JPG
  • Building partnerships with higher education and technology councils
  • Understanding technology transfer and commercialization
  • Reviewing patent, copyright, trademark, and licensing terms
  • Developing incubators, accelerators, and research parks
  • Developing multiple financing mechanisms for technology businesses
  • Debt vs. equity financing options for entrepreneurs and small businesses
  • Rural technology-led economic development strategies
The training course confirmed how the technology industry has high growth potential, high wage jobs, and is considered an economic multiplier that generates new wealth. For economic developers to pursue tech-businesses, an ecosystem is critical. Other key elements for success include: a quality management team, identifying proper staffing needs, internships to help keep cost down during ramp up stages, partnerships with local university and high school, mentoring entrepreneurs, networking, providing access to market, providing access to capital, providing education and skills, supporting innovation, and the ability to attract and retain skilled workforce.
“Attending this course verified that MADC is in the right direction for growing Minot’s economy. MADC’s newest achievement of securing SkySkopes, a leading drone service provider, which falls within the growing tech-led industry. Not only has MADC secured a business in a growing industry that provides high wage jobs and generates new wealth; but MADC has also identified and supported SkySkopes with the key elements for success through the MAGIC Sky Initiative. Attending this course was a great learning experience and it was exciting to attend an international course that MADC is currently implementing in Minot, North Dakota,” explained Hoffart.