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Future Ready Preparing for Tomorrow’s Economy

Dr. Gareth Potts presents on future thinking, technology, economy, funding, governance, demographics, environment, talent, and skills at the 2019 EDCO Annual Conference in Toronto. Discover how communities can adapt and prepare for emerging trends.

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Future Ready Preparing for Tomorrow’s Economy

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  1. Future ReadyPreparing for Tomorrow’s Economy Presentation to the 2019 EDCO Annual Conference in Toronto, Ontario Thursday January 31st Dr. Gareth Potts Senior Economic Development Associate International Economic Development Council

  2. Introduction

  3. Future thinking Are ED’s thinking about the future?

  4. Future thinking

  5. 1: Technology The ‘Jargon Economy’

  6. 1: Technology Uptake of technology in ED

  7. 2: Economy Retail “A quarter of malls will close between 2017 & 2022” (Credit Suisse)

  8. 2: Economy Repurposing

  9. 3: Funding Future of Funding • Federal support? • State support? • Foundations? • How to make the case for ED?

  10. 4: Governance Future of Governance • State/regional approaches to ED? • Working with universities?

  11. 5: Demographics Future Demographic Change • By 2031 Govt. projections suggest that: • Canada’s foreign-born population will rise by as much as 28%, four times faster than the rest of the population • about one-third of Canada’s population will be a visible minority.

  12. 6: Environment The Circular Economy

  13. 6: Environment

  14. 6: Environment Recyclable and biodegradable

  15. 6: Environment Extreme weather July 2013 Record storm and flash flooding that hit the GTA. May 2017 Toronto Islands heavily flooded

  16. 6: Environment Recovery and Resiliency 1 2 • Response • messaging about problem, • accurate information, • banking • food • power • Preparedness • checking insurance coverage, • data back-up 3 4 • Rebuilding • rebuilding by local companies and workers • (even though these groups may have been hard-hit) • Mitigation (build back better) • business opportunities • redesigning premises; • relocating premises; • improved urban design; • micro-grids

  17. 7: Talent and Skills Low-tech jobs likely to grow most

  18. 7: Talent and Skills The ‘Gig Economy’

  19. 7: Talent and Skills Skills and Credentials

  20. 7: Talent and Skills Technology may hit jobs

  21. 7: Talent and Skills Trucking

  22. 7: Talent and Skills Retail…

  23. 7: Talent and Skills Food delivery

  24. 7: Talent and Skills Technology may also create jobs

  25. GARETH POTTS Senior Economic Development Associate, International Economic Development Council Washington D.C. gpotts@iedconline.org @newbarnraising

  26. Graphic Recording Image source: www.sizzix.co.uk

  27. What trends/changes/challenges do you see impacting your community in the next 5-10 years?

  28. How can your community, or the community of those at your table, change or adapt to prepare for these emerging trends?

  29. THANK YOU

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