Laserfiche WebLink
What Amazon's HQ2 Wish List Signals About the Future of Cities https://hbr.org/2017/09/what-amazons-hq2-wish-list-signals-about-the... <br />city it locates in. The city that lands this historic deal will see its economic and physical landscape transformed, albeit <br />for a hefty price tag in the form of tax breaks. <br />Thus far, public attention has largely focused on two aspects of Amazon's announcement: Speculation about which <br />of the 50 eligible North American metropolitan areas are most likely to be chosen for HQ2, and how much public <br />subsidy the winning city will offer the world's 4th -largest corporation to seal the deal. <br />But this announcement carries far more profound implications for regional and local economic developers, Amazon <br />HQ2 hopefuls or not. Amazon's selection criteria, as described in the company's request for proposal, sets out a <br />compelling list of the attributes cities must have if they aspire to be a serious part of the America's growing digital <br />economy. <br />As our research has shown, the vibrant metros of the future will be those that are home to high-tech advanced <br />industries. That's because those industries spur the collision of digital technologies and cutting-edge business <br />development, also brought about by tech -savvy workers and R&D investments, and generate jobs and good wages in <br />a period of sluggish economic growth. Digital industries are a main driver of growth within these high-value <br />industries. Yet for all their benefits and buzz, digital jobs continue to geographically concentrate in established high- <br />tech meccas at a time when our nation needs more metro areas, especially in the heartland, to gain a competitive <br />foothold in the digital future. <br />So how can cities garner a bigger share of high-tech growth? The answer is not to just polish up branding and <br />marketing materials and wait for the next Amazon -scale business attraction opportunity. Nor is it to concentrate <br />entirely on traditional economic development strategies of bundling available plots of land for prospective businesses <br />and offering generous subsidies (though admittedly, Amazon seems to want a bit of that, too). Rather, cities need to <br />look closely at the criteria in Amazon's RFP and ask whether they've done enough to build up the fundamental assets <br />prized by innovative firms and industries. <br />Amazon's wish list is an unusually public confirmation from one of the most recognized corporations in the world of <br />the factors that make a local ecosystem relevant in today's innovation economy. Among these factors are: <br />Capacity to produce skilled, technical talent. The importance of talent pervades the Amazon RFP, with <br />special mention of a "strong" university system, computer science programming in the K-12 education system, <br />2 of 4 9/13/2017, 1:17 PM <br />