(Editor’s Note: We are happy to bring you our second column about business in the NRV. Look for “Honest to Business” written by various contributors each Monday. Today we present Aric Bopp’s column.)

Sometimes you become so immersed in something that you begin to lose touch with what is known by the average bystander.  Take me for instance. 

Eight years ago before moving to the New River Valley I really had little to no concept of “economic development” and what all transpires behind the scenes in trying to grow an economy.  So it is unfair of me, eight years later, having worked in economic development every day of my life since then to have any greater expectation of those that do not claim “economic development” as their profession.

 So I thought it might be helpful to provide an introductory overview of economic development and what it means to me as a professional.  Let me start by pointing out that “economic development” seems to mean something a little different to everyone. Those various subcategories of economic development seem to fall in to six categories. They are:

• Business/Industrial/Hi-tech Recruitment
• Existing Industry
• Tourism
• Downtown Revitalization
• Commercial/Retail Development
• Research and Development/Entrepreneurs

Each category listed above plays a significant role in any local or regional economy but it seems to vary from community to community by what degree each category impacts each economy and what level of focus/attention any community provides to each category. 

There are some standards, however, that generally exist when reflecting on these six categories of economic development. For instance, it is widely accepted that 60 percent to 80 percent of all new jobs created and new capital investment will come from existing industry, small business, and entrepreneurs. Unfortunately the work that is done to promote and assist existing industry, small business, and entrepreneurs all too often is overshadowed by big announcements of a new industry moving into an area. 

Don’t get me wrong, the successful recruitment of a new business or industry can have a huge impact on a local/regional economy but those successes are generally much fewer and further in between then the small business adding a couple of new jobs each year. 

For the most part it appears to me that the communities in the New River Valley have adopted a fair and balanced approach to meet their economic development needs. Local economic development professionals work on a daily basis to meet the needs of existing industry and small businesses. They often work for or with small business development centers such as VT KnowledgeWorks, the RU Small Business Development Center, and the New River Valley Competitiveness Center. 

Tourism is gaining momentum and the Chambers of Commerce are doing an outstanding job promoting the wonderful tourism opportunities found throughout the region.  Organizations such as the Blacksburg Partnership and Radford Bridges are making great strides with downtown revitalization and commercial/retail development. 

The Virginia Tech Corporate Research Center is setting the “gold” standard in Virginia and the United States for research and development and entrepreneurial growth. And the New River Valley Economic Development Alliance continues to promote and market the region to attract new business/industrial/hi-tech opportunities for the New River Valley. 

The bottom line is that all of these entities are part of the complex issue of economic development. Getting involved with such groups can help your understanding of economic development in our region.

Aric Bopp is the Executive Director of the New River Valley Economic Development Alliance.