Page 4 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

7.4 Chapter 7

DRAFT 12.02.15

Guiding Principles Guiding Principle 4: Nuanced, Place-based
Strategies are more effective than off-the-shelf
Guiding Principle 1: Good Planning = Good Economic “Best Practices.” Cities are often temped to copy the
Development. Attract companies by attracting programs and strategies of other cities whose success
talent. Attract talent by managing land development, they hope to emulate. Marketing and branding
maintaining great schools, and making strategic activities are frequently done in a strategic vacuum
investments in quality public services and amenities. and are sold as (or mistaken for) real economic
planning. While there are indeed some universal
Guiding Principle 2: Engage with, and Leverage
the entire Regional Asset-base. For most cities the programs and activities that most cities should adopt
region is the geographic unit that has the greatest simply to stay apace of the competition, these alone
impact on local prosperity. Regions represent larger will not yield remarkable results unless paired with a
markets and collections of resources (and have a more unique, place-based strategy.
drawing power) that most cities, by themselves, Murfreesboro’s key competitive advantages reside
cannot command. For this reason, Murfreesboro’s in Middle Tennessee State University (MTSU), a
economic development programs should be well-defined cluster of medical institutions and an
conceived in a regional context while also being interesting assortment of tourism and sports-related
responsive to local circumstances and opportunities. facilities. A truly strategic economic approach
therefore will attempt to leverage and maximize
Guiding Principle 3: Economic Development is a
Team Sport. Partnering with allied organizations one or all of these assets by creating programs and
to bring new companies into the region needs to special infrastructure to optimize and accelerate
be a key tenet of the city’s economic development their growth.
mindset. Guiding Principle 5: Maximize Indigenous Growth.
Although most economic development budgets are
Utilize prudent allocation of local, regional, state and
federal resources to support economic development spent on trying to recruit new companies, most job
and environmental sustainability. Currently the City growth is the result of the expansion of existing local
has very little existing capacity of its own to do this companies and new start-up activity. Because of this,
work. It will need to build this capacity from the the city needs to be in regular contact with its larger
ground up. employers regarding expansion opportunities, and
make programs and resources available to would-be
entrepreneurs as its main economic priorities. The
city should also be persistent in its efforts to fully