Providence has undergone an amazing evolution in the last decade. The proof is found not just in the millions of dollars invested in Capital Center, impressive and important as those towers are. We are also beginning to appreciate the entrepreneurial spark created by groups like the Providence Geeks and the Business Innovation Factory. But more is needed to capitalize on that spark and excel in the globally competitive 21st century.
A consortium of the state’s leading businesses, hospitals and educational institutions has agreed to do just that, and in doing so will help launch the next phase of the transformation of the state capital, and position Providence as a global competitor in niche markets where entrepreneurialism and innovation are key.
This next phase of the Providence transformation must focus on creating high-wage jobs, incubating new 21st-century businesses, and expanding the tax base of the capital. State and local budget deficits and low projected rates of job growth in the near term are a few of the very real challenges facing us.
The good news is that Providence has a tremendous inventory of assets to build upon, including world-class educational, medical and cultural institutions. Recognizing these strengths, a group of business, civic, public sector and educational leaders began serious discussions early in 2007 to discuss ways to leverage our assets.
What emerged from that gathering was an agreement to collaborate among a group of key partners in the “knowledge-based economy,” including the Greater Providence Chamber of Commerce, The Providence Foundation, Lifespan, Care New England, Brown University, the University of Rhode Island, the Rhode Island School of Design, Providence College, Johnson & Wales University, the R.I. Science and Technology Advisory Council, the Rhode Island Economic Policy Council, The Rhode Island Foundation, CB Richard Ellis, Nortek, the Hospital Association of Rhode Island, the Rhode Island Independent Higher Education Association and others.
Our consortium of local leaders has enlisted the aid of New Economy Strategies LLC (NES), a nationally renowned economic consulting firm, to help Providence connect the dots between our institutional assets and create an entrepreneurial network that stimulates new jobs in the knowledge economy. (
READ MORE.)At the end of the process, we will have a road map to our best bets for developing knowledge-based business niches.
NES will identify a small number of primary target areas for our economic development focus. The targets will be in business sectors in which we can have a competitive advantage and differentiate the city and state from other regions. Key to that differentiation is the ability to assemble a critical mass of intellectual assets in very specific business sectors, a result that will create greater opportunities for turning research into commercial applications and, ultimately, high-wage jobs.
Why focus on the “knowledge-based economy?” Simply put, it’s where the best action will be in the coming years and it’s where our strengths lie.
We aren’t creating another report to sit on a shelf to gather dust. NES will help us to develop a three-to five-year business plan with a limited number of specific action items, along with the associated tactics, time frames and responsibilities to see those action items through to completion.
We will succeed also because we recognize that this is a community-wide effort. Academia, the medical community, state and local government, civic groups and businesses, large and small, all will play vital roles.
Providence never has undertaken this kind of collaboration before – but other cities have, including San Diego, Philadelphia, Detroit and Houston. Working together, it can work here as well.
You can participate in this effort today. Please take a few moments to take our “Knowledge-Based Economy Survey” at
www.ProvidenceChamber.com and become a part of the next phase of the Providence transformation. •
Laurie White is the president of the Greater Providence Chamber of Commerce. Dan Baudouin is the executive director of The Providence Foundation.
