Prioritizing Assistance – Session 4

This is part 4 of a 5-part, self-guided series on cluster identification.

Prioritizing Assistance

Session 4 | Choosing among clusters to target economic development resources

View the embedded slides or use the link below to download them as a pdf.

“But For” Principle – Public funds are best spent when creating desirable public benefits that would not exist “but for” the public expense. In other words: to create worthwhile benefits that would not happen anyway. The principle protects taxpayer dollars in the short run but also secures support for cluster and economic development in the long run.
Capacity for Success – Before investing resources in supporting a cluster, it is useful for stakeholders consider if they have the ability, resources, and time to achieve the results they are seeking. If not, then the region may need to decide whether to invest in a different priority, or if there is value in making an attempt while deliberating seeking momentum/leverage. Capacity for success is a greater consideration for cluster initiatives than prioritization, but because many cluster development strategies are built around initial needs, we discuss it here.
Quality of Impacts – Cluster development strategies should strive to achieve the most useful outcomes, like well-paying jobs or building sectors likely to support other regional businesses.

Session 5 covers Beyond Identification: