What if the key to economic success isn’t just supporting entrepreneurs but thinking like one?
Communities focus on attracting high-growth companies, but the real advantage comes when they adopt the same mindset as the innovators they seek to attract.
Legendary basketball coach John Wooden wisely noted, “Don’t mistake activity for achievement.” Entrepreneurs embody this principle. They don’t measure success by how many meetings they attend or how many pitches they make. Instead, they define bold visions, set clear milestones and track tangible progress. When something isn’t working, they adjust. Their success depends not on effort alone but on measurable results.
Economic development organizations and the communities they serve should adopt a similar approach. Often, there’s a focus on reporting past activities like companies recruited, jobs promised and capital invested without setting long-term outcome goals or assessing whether these efforts are the best way to strengthen the local economy. Key questions to consider include: Is household wealth increasing? How does our economy compare to peer communities? Are we positioned for future economic success? These are the real measures of economic health.
Venture capitalist John Doerr advocates for objectives and key results, a framework employed by leading innovative companies around the world. The concept is straightforward: set ambitious, measurable goals and adjust based on outcomes, not activities. Entrepreneurs thrive using this model and communities can, too.
Embracing this mindset is essential. Economic development must be as agile as the businesses it supports. By setting clear goals, tracking progress, and adjusting as needed, communities can move from activity to real achievement. Those that think like entrepreneurs won’t just attract innovators — they’ll become centers of innovation themselves.
John Moore is a principal with Momenteum Strategies, an Upstate-based consulting firm specializing in helping communities and their economic development organizations build thriving, impactful innovation ecosystems.
