Appalachia: Turning Assets Into OpportunitiesSection III: Appalachia: Poised for PotentialARC has invested the past 40 years in building the region's foundation for growth and prosperity. This infrastructure now provides a platform for residents to link these essential elements with existing natural, cultural and structural assets to build a strong economic future. Many communities have jumpstarted growth through redevelopment, entrepreneur initiatives and diversified industries. Focusing on local natural, cultural and structural assets makes Appalachia competitive and poised for advancement. Nationally, a paradigm shift is occurring as technology permits numerous professions to be accessible from anywhere. Technology has enabled many opportunities that were closed off to rural areas as recently as a decade ago. People don't have to move to urban areas to have access to the world. Conversely, as urban centers become less safe and more crowded, migration increases to smaller communities and places offering scenic beauty. Moving to a desirable place is a major lifestyle decision for many professionals today. Highly rated schools, diverse cultural activities, retail amenities and medical services are often important factors for companies and individuals exploring relocation options. "Quality of life" indicators become a key for attracting the new "wealth" market, creative economy and entrepreneur. Not a PanaceaAsset-based economic development is not a quick fix nor is it a panacea for Appalachia. As with any development strategy, a strong foundation must exist before focusing on asset enhancements. Some places in Appalachia must first build and strengthen their physical, human and financial infrastructure before developing assets. Others may not have enough assets to establish a development strategy independently, yet can partner with neighbors or other regional interests to provide the critical mass (of leaders, funding and infrastructure) required to sustain and grow an economic strategy. External forces can also work against success or impede growth. Tourism is a prime example of an industry that depends on positive external drivers. People must be willing to explore and seek out new experiences for tourism to grow. Visitation is also impacted by weather, economic prosperity and safety concerns. The departure of traditional industries has left many Appalachian communities struggling to replace jobs and tax revenues. However, focusing on a short-term fix can ultimately end up perpetuating the cycle of decline rather than alleviating it. Asset-based economic development should be considered as a long-term strategy that provides incremental growth with appropriate, non-invasive management practices. Asset-based economic development is not the complete answer for all communities, but it can be a part of the solution for sustaining the region's economic vitality. Getting StartedAs demonstrated by the examples in this booklet, asset-based economic development begins with a resource and an idea. Communities and companies can begin determining their potential for asset-based economic growth by conducting an inventory of human, financial and physical resources. Appalachia has leaders poised to direct asset-based economic development – they just need to be identified and cultivated. Technical assistance and entrepreneurship development programs, available through ARC, community colleges and other educational institutions across the region, can help build the human capacity and skilled workforce necessary to transition into these new economies. Major universities and national organizations aid in recognizing trends and audience potential by providing market research. Venture capital and other private financing are available through regional and national foundations. To help individuals and communities move forward and investigate opportunities in asset-based economic development, a list of resources and recommended reading follows. "The key to … regeneration, then, is to locate all the available local assets, to begin connecting them with one another in ways that multiply their power and effectiveness, and to begin harnessing those local institutions that are not yet available for local development purposes."
RESOURCESSeveral regional, national and federal entities provide fiscal resources and technical assistance for individuals, communities and companies to launch and manage asset-based economic development programs. Government AgenciesNational Endowment for the Arts US Forest Service,
National OrganizationsABCD Institute American Hiking Society Americans for the Arts Conservation Fund National Geographic Society National Trust for Historic Preservation Financial InstitutionsMary Reynolds Babcock Foundation Claude Worthington Benedum Foundation Suggestions for Further ReadingAppreciative Inquiry: Changing the Spread of Imagination, by Jane Magueder, Watkins, Bernard J. Mohr Balancing Nature and Commerce in Gateway Communities by Howe, McMahon and Propst, Island Press, Washington DC (1997) Building Communities from the Inside Out: A Path Toward Finding and Mobilizing a Community's Assets, by Northwestern University for Policy Research (1993) Creating Successful Communities: A Guidebook to Growth Management Strategies, by Mantell, Harper, Propst, Island Press, Washington DC (1989) Evaluation of The Appalachian Regional Commission's Community Capacity Building Projects study, conducted by Westat, for ARC (July 2004) Economic Value of the Natural World, by David Pearce, MIT Press (August 1993) Economic rationale for conserving the environment based on results from detailed case studies and analyses. Rise of the Creative Class and How it's Transforming Work, Leisure, Community and Everyday Life, by Richard Florida (2002) Rural Sustainable Development in America, by Ivonne Audirac, J. Wiley & Sons (1997) Where We Live: A Citizen's Guide to Conducting a Community Environmental Inventory by Harker and Natter, Island Press, Washington, DC (1995) "The greatest thing a man can do in this world is to make the most possible out of the stuff that has been given him. This is success, and there is no other."
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