Strategies for regional economic and workforce development should be "SMART" - Specific, Measurable, Achievable, Realistic, and with a Timeline. Additionally, a region's strategy should account for a region's: infrastructure (including roads, buildings, and technology such as broadband); investment (availability of risk capital); and available talent.
In developing strategies that spur transformation, regions should focus on:
- Building innovation (through R & D and intellectual property formation)
- Bringing innovation to market
- Identifying new industries
- Developing new markets
- Creating new initiatives for capital creation.
Tools to assist you: