Realizing a High-Performing Economy Igniting the Transformation
What is Local Economic Development (LED)?
“The purpose of LED is to build up the economic capacity of a local area to improve its economic future and the quality of life for all. LED is a process by which public, business and non-governmental sector partners work collectively to create better conditions for economic growth and employment generation.”
- The World Bank
Who are the Economic Development Players?
The City and County of Peterborough, Peterborough Economic Development, the Province of Ontario, and the Federal Government are some of the key economic development players in the Peterborough region. As well, the many stakeholders we have directly engaged on the development of this plan are key. Finally, we see the general public as vital economic development stakeholders.
Our Role in Community Economic Development
Our strategic plan addresses both the regional economy and our organization. The focus of this plan is on developing the regional economy, which reaches well beyond our organization. This plan also focuses on our role, our resources, and improving our ability to assist the community through the development of more, and stronger, collaborations and partnerships to build the economy. The development of our economy and our organization’s role are inseparable.
Igniting the Transformation
This is a summary of Peterborough Economic Development’s five-year community economic development strategic plan for the region.
It’s a plan created to ignite Peterborough’s long-term transformation into a high performing sustainable economy, which is required to attain the goal of increased prosperity for the region.
We believe that if “it takes a village to raise a child,” it takes an entire community to develop an economy.
To obtain community input, feedback, and support, we engaged with more than 60 people from 28 different local organizations. Our Board, comprised of 14 community and stakeholder members, oversaw the year-long process and are pleased to present this plan. They come from all areas of the economy. This plan is supported by these stakeholders.
To think big and challenge the status quo
- Ignite the transformation towards a high-performing economy and outperform* Ontario’s economic growth averages over the long term.
- Work with the private sector to provide desirable job opportunities, encourage enhanced and sustainable prosperity, and quality of life within the community.
- Leverage resources and increase organizational and community economic development capacity (our ability to grow the economy).
- Enhance community collaboration and partnerships.
Our Equation for Sustainable Prosperity
1 + 1 + 5 = Long term success
1 day at a time
Economic development is a significant undertaking. The best way to mange success and stay focused is to implement our plans one day at a time.
1 year at a time
We map out the next calendar year’s priorities each fall. We will match priorities with available resources and plan our focused implementation one year at a time, over each of the next five years (see “Prioritization Opportunities” chart). We will align annual plans with the overall five-year plan.
In other words, we will develop five single-year implementation plans, one year at at time in order to achieve the five-year plan. This process allows flexibility to modify plans along the way as circumstances often change.
5 year planning cycle
Our strategic plan has a five-year horizon. The next five years will be focused on igniting the transformation towards a high-performing, sustainable economy
Long Term Success
Achieving a high-performing sustainable economy takes time; one to two generations. That’s the time it took from our last economic peak to reach today’s circumstances. This plan takes a long-term view towards transformation into a high performing sustainable economy. We expect much success along the way.
Our Five-Year Strategic Plan
Creativity, Innovation, and Entrepreneurship will lead the transformation required to achieve a high-performing economy.
Our plan has three areas of focus:
Advancing ProsperityBuilding on the 4 pillars of our economy, we remain focused on investment and employment retention, as well as expansion and attraction in the Agriculture & Rural Development, Innovation, Manufacturing & Small Business, and Tourism sectors.
Creating a Culture of Startups & EntrepreneurshipHigh-performing economic growth will be driven by startups and entrepreneurs. Transforming our community towards this culture will require significant time, development, nurturing, and support in order to realize its potential.
Telling Our StoryThe Peterborough Region has an extraordinary story to tell. We will advance a compelling narrative showcasing Peterborough’s unique advantages, carefully differentiating our region from others. We need to create both awareness of the region and what opportunities exist to successfully attract more visitors, investment, and jobs.
In order to succeed, we must tap into, engage, and harness the power of the people of our community to become active economic development champions and ambassadors.
Harnessing the Power and People of our Community
To realize Peterborough’s transformation into a high-performing economy, we need all hands on deck and the full support of our community. Within a limited-resource environment, we must leverage the reach of both community organizations and individual citizens. They can become our economic development ambassadors and champions.
We will develop the tools and means to engage and enable both our stakeholders and the public to help us build the economy.
Together, we can uncover opportunities and create leads, be they with visitors to the region or with investors and job-creators for our community.
Leading with Facilitation and Collaboration
We will play a strategic role in advising, facilitating, and building relationships with the community, various levels of government, and business. We are going to continue to strengthen our role of “connecting the dots.”
Working with key stakeholders, we will guide our community towards continuing to build the right conditions for economic growth.
Economic development is a community effort. We play a leadership role as a key community member to transform the Peterborough Region towards a high-performing sustainable economy.
To be a vibrant, innovative economy with a unique rural-urban lifestyle.
We lead Peterborough’s economic growth by attracting the talent, innovation and investments that create desirable jobs and an irresistible place to live and visit.
Five core values guide the organizational mission.
- 1. Building People Up
- 2. Working Together
- 3. Working Outside the Box
- 4. Achieving with Balance
- 5. Leading with Positivity
For a list of Peterborough Economic Development Board Members and Staff visit www.peterboroughed.ca/about