In the world of community building and economic development there are dueling visions of the most effective ways to achieve that objective.
One is to build from within. Sometimes called BRIE (Business Retention, Investment and Expansion), this concentrates on organic growth, adding employees or new customers one at a time to existing businesses.
The second concept is Investment Attraction. As the name implies, this involves luring an enterprise to your community from another jurisdiction. But which is the right or most effective approach? It depends on who you talk to but one organization that has put a new twist on it is SREDA, the Saskatoon Regional Economic Development Authority.
They’ve turned investment attraction on its head and are challenging companies to compete for a spot in their city or region.