CALED selects Sustainametrics to help develop a sustainable economic development corporation (EDC) business model

The project focuses on profitable strategies and best practices for small to mid-range rural economic development organizations to improve efficiencies, impacts and profits.

San Rafael, CA, March 26, 2010: The California Association for Local Economic Development (CALED) has engaged the consulting firm Sustainametrics to create a sustainable business model for economic development corporations in rural California communities. Funded with a grant by the US Department of Agriculture-Rural Development (USDA), the study will include research from interviews and group sessions with leading EDC’s across California, online surveys across a wide cross section of economic development entities, and research on best practices and sustainable models nationally that are appropriate for California. The primary goal of the research is to identify the critical issues with respect to rural EDC’s needs, best practices for economic sustainability, exemplary operating models, revenue enhancement, and partnering as well as shared service opportunities. This project will be completed by June 30, 2010 with a published report and presentations to CALED, its members, the California Office of the USDA and other economic development groups.

“There are well known challenges to California EDC’s, including infrastructure needs, broadband availability, capital access, regulations and permit process, and workforce development,” says Chris Yalonis, Sustainametrics Partner on the consulting team. “But, we do know of highly effective EDC’s around the state who are self-supporting, thriving and able to inform us on best practices and support needed to make an even larger group more successful. We are pleased to be working with CALED and leveraging their leadership to identify different models around the state that are successful, and identify performance metrics and reporting mechanisms, like online dashboards, that can be used by EDC’s and their stakeholders to track their efforts and successes.”

Wayne Schell, President and CEO of CALED, also noted, “With the experience and enthusiasm of the Sustainametrics team and the knowledge network of CALED, our members, and partners, we believe this will be a great partnership resulting in a viable sustainability plan for Rural EDCs.”