Time for CEOs to step up?

The state relies too heavily on its government in matters of economic development and would benefit from a higher level of CEO collaboration and engagement on such issues, according to a recent Brookings Institution report.

“Rhode Island Innovates: A Competitive Guide for the Ocean State” details areas where the state’s public, private, educational and civic leaders could focus more toward creating a robust economy.

The study, conducted at the invitation of Gov. Gina M. Raimondo, claimed “Rhode Island possesses many public-spirited top executives, but in recent years has seen less engagement of top large-company executives in economic development.”

Bruce J. Katz, centennial scholar at Brookings, told Providence Business News, “There’s been sort of a lack of trust between government, mega corporations and others within this state for quite some time. I think that needs to be corrected.”

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Peter Andruszkiewicz, president and CEO of Blue Cross & Blue Shield of Rhode Island, says there’s some truth to the critique, though recently he’s noticed more of a willingness to collaborate among Rhode Island’s top executives.

“The difference is having a governor who’s committed and understands how to drive change,” he said. “If you don’t have that, there’s no way that disparate parties can collaborate together to try and achieve something.”

Laurie White, president and CEO of the Greater Providence Chamber of Commerce, largely agrees with Andruszkiewicz. She sees a lot of energy right now in the business community, fueled by a feeling that “we’re on the cusp of actually breaking through the [economic] clutter.

“Unfortunately, Rhode Island missed a generation in terms of economic-development planning, and this is a way to make up for lost time,” White said.

The optimism could be attributable to the governor’s focus on economic development and job creation.

“When we call on people to participate in this [economic] comeback, they’re more inclined to because they see how bad it’s been and this is an opportunity to really help us climb out of it,” Raimondo told PBN. “I think people have been waiting for a plan, something they can believe in.”

Raimondo says she’s likely to include much of the Brookings’ recommendations in her upcoming fiscal 2017 budget. Among the proposals, which Raimondo as of last week had not committed to, is a “Partnership for Rhode Island,” a CEO- and university-president-led leadership and investment circle.

“Maybe this is a way to flush out new people, new finances and new ideas [to] push economic development forward,” White said of the idea. “I think it’s a good thing.” •

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