Best practices for economic development organizations

Abstract

In the past few years there has been a resurgence and emphasis on ‘Best Practices’ in commerce. The business section in any bookstore is loaded with volumes extolling us to seek even higher levels of sophistication and excellence in our business functions. As economic developers, we are challenged to respond to the demands of socioeconomic shifts driven by technology, globalization and governance. This paper is, in part, an account of how one economic development organization, the Leduc/Nisku Economic Development Authority (EDA), responded to these shifts and how ‘Best Practices’ were employed to accomplish the results targeted.  In the process it will describe how a paradigm shift took place, as ‘Best Practices’ became the actual program rather than the means of enhancing existing programs.  The examples will show the process, what can be achieved and the importance of working with the will and spirit of a community.

Keywords: best practice, corporate culture, Leduc/Nisku Economic Development Authority (EDA)