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Understanding Economic Development For #EconDevWeek 2023

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Understanding Economic Development For #EconDevWeek 2023

Posted: May 12 2023
Understanding Economic Development For #EconDevWeek 2023
May 8 - 12, 2023 marked #EconDevWeek across North Dakota and much of the nation. To observe the occasion, we shared a number of stories to summarize what the Minot Area Chamber EDC does to accomplish its mission of growing and diversifying our local economy.
 

What is Economic Development?

"Economic development is what we do to improve the quality of life in our community," said Mark Lyman, Economic Development Specialist for the Minot Area Chamber EDC. "We work to bring new business to the Minot area — to create jobs, increase income, diversify the economy, and foster a climate that encourages businesses to call Minot home. The result is an improved quality of life for all of us."
 

The Logistics Park of North Dakota

One of the key ways in which we work to attract new businesses to the Minot area is by promoting the Logistics Park of North Dakota.

It's an 800-acre area in east Minot that is full of active and potential economic activity: shovel-ready and closely tied to the Intermodal Facility that gets goods from North Dakota to the rest of the world.

It's where you'll find our anchor tenant, AGT Foods — a company that has grown and thrived for about a decade.

And it's a piece of the Magic City that we're proud of. We're constantly visiting with employers in value-added ag, manufacturing, and more key industries that could call the Logistics Park — and Minot — their next home.
 



What is Intermodal?

The Intermodal Facility at the Logistics Park of North Dakota is a place in our state where that process goes from truck to train.

Intermodal allows producers, processors, miners, and shippers to move their products to ports on the west coast, then to the rest of the world — while preserving the identity of their product (that is, not mixing their materials in with everyone else's).

By offering this option, we can better focus on attracting, retaining, and expanding businesses in the primary sector!
 


 

Retaining & Expanding Business

When it comes to economic development, three letters (and one symbol) are incredibly important: BR&E.

That stands for Business Retention & Expansion — and it's one way we keep our finger on the pulse of the Minot area's business community.

Each year, we conduct dozens of BR&E meetings with key employers in the region. At these meetings, we listen and we learn. What's working and what's not when it comes to living and working in Minot? How can the business climate improve? What sort of quality-of-life improvements would businesses like to see?

Then, twice a year, we share that "intel" with local leaders — so the business community always has a voice in our local government.

It's a service we provide to primary sector businesses at no cost. Why? Because our mission is to advocate for business activity in the Minot area, so that we can all enjoy a better quality of life.

 

Start Up Minot

Helping entrepreneurs achieve their dreams is a big part of Economic Development. That's what we aim to do with Start Up Minot.

This program is designed to invigorate, encourage, and entire entrepreneurs in and around Minot to execute their bright ideas. We do this in two ways!

1) Each month we host a free networking event to showcase local entrepreneurs' stories. We bring the coffee and donuts — you bring the desire to be inspired.

2) Twice per year we host a cohort-based 10-week class: Start Up Minot Academy powered by CO.STARTERS. It's designed to give budding entrepreneurs the tools, insights, and relationships they need to turn their ideas into a reality.

Our small businesses are a huge part of our community's identity. We're proud of the work we do to support them!

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