2022 BC Economic Development Award Winner
Strategy: Provide coordinated leadership to entrepreneurs and community partners in developing market-based solutions through economies of scale.
The North Kootenay Lake community economic development strategy is about supporting incremental economic growth that enhances quality of life by empowering local residents, businesses and organizations to shape the local economy. The mission is to Coordinate local and regional organizations around shared economic priorities and catalyze business solutions to community challenges and opportunities. Economies of scale refers to cost advantages achieved when production becomes most efficient. Organizations achieve economies of scale by increasing production and lowering costs.
The strategic process to achieving these functions includes 5 key steps:
- Engage the community to identify challenges
- Mobilize partners around shared priorities
- Study markets to identify the economies of scale
- Deliver study results directly to businesses and organizations
- Support businesses and organizations in implementing solutions
The development of the NKL Strategy was the cornerstone of a broader Rural Revitalization Program intended to build the capacity of the community so that it can choose its own future. To accomplish this, the strategy development process was designed to be action oriented featuring opportunities for local leaders to gain hands-on experience implementing economic development tactics.
The COVID-19 lockdowns began days after volunteers had conducted a door-to-door business visitation survey. The professional team leading the strategy quickly led a community-wide Immediate Economic Response Plan, and hired a local outreach coordinator to conduct targeted business outreach, coordinate with regional and local partners, and provide one-on-one technical support to businesses and organizations. This rapid adaptation of the strategy development process and customized deployment of professional resources allow the community to continue developing its long term strategy, while responding to the pressing needs of residents, businesses and organizations.
Additionally, a custom website was developed to leverage partnerships and opportunities. This website includes an e-commerce platform and virtual downtown that promotes local businesses and products. The website showcases over 40 local restaurants, grocers, retailers, 40+ local services providers, and locally made products. The cumulative impacts include increased capacity of economic development, the ability of businesses to further expand in local, regional, and international markets, and heightened local spending.
The end result has been a truly unique strategy led by a vibrant, decentralized network of community partners working independently within a coordinated ecosystem. Partners now have the training and experience to lead bold projects that respond to local market challenges and opportunities, including supply chains, e-commerce, agriculture, workforce development and shop local.
The key lesson to be learned, shared and applied from this project is that villages and surrounding rural communities can pursue economic development with the limited resources they have available by coordinating leadership and activating the private sector.