A Place to Get Started, Now
In 2015, the National Association of Counties (NACo), with support from the WealthWorks community, conducted five County Prosperity Summits across the U.S., working in partnership with county government agencies. The response from the summits was positive and a follow-up workshop was conducted at the NACo national conference in the summer of 2015.
During each one-day summit, WealthWorks practitioners came together with local leaders in rural and mid-size counties to provide an introduction to the WealthWorks framework, build strategies to strengthen relationships among local and regional players in community and economic development, identify ways to deepen and sustain local asset-based economic development and investigate ways to infuse equitable development principles into local economic strategies. You can learn more about each of the five County Prosperity Summits—with sector information, maps, images and other media from each event—by going to the NACo County Prosperity Summity website.
This guide was written to help you—county and municipal leaders and others engaged in economic development—understand the principles behind the WealthWorks framework and better access the tools and resources on the WealthWorks website so that you can bring this new way of doing economic development to your communities and regions. Using this guide, you can convene your own prosperity summit.
In the U.S., economic development is primarily a local responsibility. Local leaders—and all residents—assume responsibility for a community’s current and future prosperity. We know that takes hard work and a long-term commitment. And, we know that many leaders in communities large and small are looking for new ways of doing economic development that generate stronger, more equitable outcomes—more broadly shared and sustainable prosperity. WealthWorks is an approach to economic development that connects a region’s assets to market demand in ways that build wealth rooted in local people, places and firms. It is an asset-based approach to community economic development with a goal of building wealth that “sticks” in the community or region. WealthWorks focuses on building an economic sector, such as housing, local food, or energy, rather than individual and unrelated businesses. And, since this kind of economic development takes many partners, the approach applies tools that bring together a range of public, private and non-profit organizations that have an interest in the outcomes of development and openness to discovering mutual or collective interests.
WealthWorks is defined by a number of principles or design elements:
- Focus on creating wealth, broadly defined, and aspire to do no harm to one form of wealth while building others.
- Build lasting livelihoods by intentionally including economically-marginalized residents.
- Root wealth in local people, places and firms through local ownership and influence.
- Use a systems approach—WealthWorks Value Chains—to build value in existing and emerging sectors.
To better understand WealthWorks—and the potential value it might have when applied to economic development in your community or region—we suggest starting with a number of resources on www.wealthworks.org.
If these materials have gotten you excited about the opportunity to share the WealthWorks framework with others in your community or region, consider organizing a Prosperity Summit as one way to explore the approach with others in your community or region.
The goal of the Prosperity Summits, organized by NACo in 2015, was to introduce a wealth building approach to economic development to key stakeholders in each rural county. This one-day convening provided an opportunity to introduce key WealthWorks concepts and tools, both in theory and in practice. Each Summit was led by a facilitator—someone familiar with WealthWorks who presented the concepts and small group explorations—and a storyteller—a practitioner who was actively engaged in applying the WealthWorks framework in her own community or region. The storyteller’s role was to bring the application of these principles and tools alive—to share the journey of doing economic development differently.
The NACo Prosperity Summits generated energy and interest among the participating counties. This type of convening is a good first step for any community that is interested in exploring WealthWorks. So, how can you organize a Prosperity Summit in your community or region? Here are some tips and resources to help you get started.
- Find a facilitator and storyteller. If you have successfully explored the materials in the What is WealthWorks section of this guide, you may feel ready to facilitate a Prosperity Summit. With the understanding you gain from this exploration—and the resources described in the next section—you have the tools you need. To identify a storyteller, we suggest visiting Connect on the WealthWorks website. Here you can search for WealthWorks Hubs, by geography and sector, to identify practitioners who are actively applying the WealthWorks framework. All of the Hub organizations are committed to sharing their practice with others and can be a resource for you. If you are looking for help with facilitation, the Hubs are a good place to start as well.
- Get prepared for a Summit. To help the county leadership teams get ready for their summits, we put together some guidelines for Organizing a Prosperity Summit. These guidelines will help you create a leadership team, identify an economic sector to focus on during the Summit, and get the right people to the Summit. We also share some logistical information to help with your planning.
- Set the agenda. Here is a Prosperity Summit Agenda, tested during the NACo Summits, along with a Prosperity Summit Facilitator’s Agenda to guide the planning and preparation for your Summit.
These resources will help you set the stage for a Summit—finding the right leadership team, identifying the resource people for your Summit, and making sure you get the right people in the room, focused on the right economic sector. Now it’s time to focus in on the content—exploring WealthWorks in your community.
The agenda designed for a Prosperity Summit provides one way to explore the principles and tools of WealthWorks in your community or region. If you visit the NACO Prosperity Summit Website, you will find sample PowerPoint slide decks from the five NACo Summits as examples. The Summit also introduces a number of exercises and tools to help participants more deeply explore WealthWorks. These tools can be used during a Summit, as described in the agenda and PowerPoint, or they can be used as stand-alone resources to help you explore WealthWorks with others in your community.
Each of the topics below reflects a principle, characteristic or tool associated with the WealthWorks approach. We have identified a set of print and video resources for you to use in a variety of settings in your community or region. You might want to use the WealthWorks for Economic Development overview video in an introductory meeting with a set of community or regional stakeholders. If you hold a Prosperity Summit, one next step might be to bring together some key stakeholders in your economic sector to explore the Value Chains video or to work through the resources under Connecting with Demand.
The goal of WealthWorks is to create wealth, broadly defined to include eight forms of capital. Helping stakeholders in your community understand that wealth is more than money is an important first step in understanding the value of a wealth building approach to development. These tools and resources can help create a common language around “wealth” that will benefit your economic development efforts.
It is not enough to build wealth for a few; the goal of a wealth building approach to economic development is to create lasting livelihoods for everyone in a community or region. When we talk about lasting livelihoods, we are talking about low-income residents, in particular, doing better today, with improved skills to qualify for higher-paying jobs. We want to create opportunities for residents to earn more and build careers, enabling them to put something aside for the future, e.g., building assets, so they are more resilient. When everyone in a community has better future prospects, they have the capacity to give back with their time, talent, and even treasure to the community. The goal of lasting livelihoods is important to creating development that is sustainable over time.
Local Ownership and Control
Think about what happens to a boat that is not anchored—it slowly drifts away. The same thing can happen to wealth that is not owned and controlled locally or regionally. Local ownership is the anchor that makes wealth “stick” in the place where it was built. And, without this local ownership, wealth is not rooted. The goal of WealthWorks is to make wealth “stick” through a variety of local ownership structures—from locally owned businesses to cooperatives to an endowment at the community foundation.
One way to tie wealth to a place and connect assets across a region is to construct a wealth-building value chain. In the WealthWorks framework, a value chain connects local production to regional demand in a way that brings new resources into the community. The value chain is defined as a network of people, businesses, institutions, and non-profits that collaborate to meet market demand for specific products or services—each advancing their individual interest while together creating greater local community wealth. Value chains are built in a particular economic sector such as local foods, biofuels, energy efficiency, and housing—one reason why the Prosperity Summit is organized around an economic sector.
Remember the saying from the movie, Field of Dreams? “If you build it, they will come.” Constructing a wealth building value chain runs contrary to that statement. Every value chain should start with a deep and thorough understanding of demand. What do your demand partners seek in a product or service? How can you combine or connect your community’s assets to meet that demand? You want to achieve “fit”: Where the interests/needs of demand meet the value/benefits you are creating in your
product or services.
The answers to these and other questions will help you connect with demand and ultimately make your value chain function more effectively.
The Role of the Coordinator
Wealth building value chains are not self-organizing. It takes some type of coordinating entity to manage such a collaborative network of diverse partners. This entity is also responsible for keeping their eye on the wealth building goals—creating wealth broadly defined; making sure that everyone, including low income residents, participates and benefits; and keeping the wealth rooted in place by paying attention to who owns and controls the wealth.
Understanding Your Starting Point
Introducing new ideas, like the WealthWorks framework, can be difficult in many communities. It is useful to start where people are and relate these new ideas to the kind of work already being done to create a more prosperous community. We have developed a set of tools, tested as part of a workshop sponsored by the National Association of Development Organizations (www.nado.org), that apply some of the wealth building principles to a familiar development tool—the SWOT analysis.
Other WealthWorks Resources
Whether you choose to organize a Prosperity Summit or simply introduce the principles and tools associated with WealthWorks to key stakeholders in other ways, the best source of resources is the WealthWorks community’s website—www.wealthworks.org. In addition to the resources suggested above, we also recommend the following.
- Doing Economic Development Differently: The Design Principles
- Carolina Textile District
- Food Systems, Hubs and the Kitchen Sink: ACENet and Rural Action
- From Farm to Fuel: Communities Unlimited
- Banding Together: Forging Networks to Grow Opportunity
- The Real Trick: Turning a State Economic Development Culture Around
If you have worked your way through this guide, and the resources on this website, you may be wondering what’s next. If you want to explore WealthWorks more deeply in your community—and are looking for guidance and support—there are people within the WealthWorks community who can help. To find coaching support from someone within this community, contact one of the WealthWorks Hubs or send a request to firstname.lastname@example.org.