mohammed khayum
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Best Practices Impacting Economic Vitality: The 2007-2009 Recession as a Catalyst for New Directions
Mohammed Khayum
College of Business University of Southern Indiana
Economic Impact WorkshopCarter Hall, University of Southern
IndianaJuly 19, 2011
Outline
Best Practices Evolution and Current Focus
Information gapsToolkits for analysis and strategic thinkingPlatforms and networks
Aftermath of 2007-2009 Recession
Disruption and Reconfiguration of Frameworks
SHIFT FROM LOCAL TO REGIONAL FOCUSActing regionally to compete globally
SUCCESS LINKED TO TAKING ADVANTAGE OF UNIQUE QUALITIESStrategic Directions, Collaboration, Innovative Practice
MORE TOOLS AVAILABLE (www.statsamerica.org/innovation)
Industry ClustersOccupation ClustersInnovation IndexRegional Innovation Strategy
For the frameworks we use what gets more attention? Rear View
Mirror or Windshield Perspectives?
• Industrial recruiting• financial incentives to attract factories, focused on investments in
physical infrastructure to move inputs to factories and finished goods to markets.
1950s
• Cost competition• focus on creating a business and regulatory climate that encouraged
private investment by reducing costs.1980s
• Regional competition• Identifying each region’s competitive advantages, blurring
of lines between economic and workforce development, innovation emerges as a key element around which economic development strategies are organizing.
1990s
Aftermath of the 2007-2009 Recession: Change in U.S. Employment
Aftermath of the 2007-2009 Recession: Change in Indiana Employment
Metropolitan Areas Return-to-Peak Employment
U.S. Metro Economies: Employment and GMP Forecast, IHS Global Insight, 2010
The Changing Shape of Unemployment
The 2007-09 recession had a severe impact on the U.S. labor marketDuring the recession, more than 89 million employees lost their
jobs, while fewer than 82 million were hired
The slow labor market recovery has prompted a growing list of suggested structural explanations in addition to the standard cyclical explanations
Structural factors considered:
Mismatch between job openings and job seekers Extended hiring time
Sectoral shifts Uncertainty
NON-MARKET/NETWORKED
Braille
Periodic Table
RNA Slicing Aspirin EKG
Chloroform
Cosmic Microwave Background Radiation Cell Division
MRI
Enzymes
Cell Differentiation DNA ForensicsRadioactivity Atomic Reactor Cosmic Rays Modern Computer
Penicillin Radar
GPS Anesthesia Internet Quantum Mechanics Infant Incubator Vitamins Artificial Pacemaker
Endorphins
Radiocarbon Dating Neurotransmitters
Radiography
Graphic Interface
Innovation 1800 to present
Source: Where Good Ideas Come From- The Natural History of Innovation by Steven Johnson (2010), p. 229.
Integrating CapitalsPortfolio of Investments
New Directions
Greater understanding of the service sectorHow input-output analysis can help
Fostering the shift from protecting ideas to connecting ideasInnovation processes
Don’t blame your culture ……start building on it
1960s
1970s
1980s
1990s
2000-2007
2000-2010
12.2
16.1
17.7
18.7
8.2
4.9
Service Producing Employment(million)
LIVING IN A CONNECTED WORLD
Information flows more quickly than ever before
Information is being recycled put to new usestransformed in a diverse network e.g. you write a tweet about what you had for lunch and layers of stacked
platforms are activated – the Twitter API and underlying database- SMS communications protocol, cell towers and satellites- Open RSS platform- GPS- HTTP and TCP/IP protocols
When you don’t have to ask permission innovation thrives
Networksdensely populatedplastic – capable of adopting new configurations
Culture – set of deeply embedded, self-reinforcing behavior, beliefs, and mindsets that determine ‘how we do things.’
Deeply embedded cultural influences change far more slowly than marketplace factors
Initiate, accelerate, sustain change by learning to work with and within our culture
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