TQ Takes: LVGEA’s Changing Strategy
2022 was a year of transition for the Las Vegas Global Economic Alliance (LVGEA), and we expect 2023 to be a year of transformation.
One of our top priorities in 2023 is to be more transparent with the community about who the LVGEA is, the work we’re doing, and the value our efforts bring to the Greater Vegas region.
One way we’ll accomplish this is with the launch of this new monthly column, TQ Takes, where I’ll dig deeper into the inner workings of our organization, highlight business attraction efforts, and spotlight how our partnerships are creating a high quality of life for all Southern Nevadans.
What is the LVGEA?
Let’s start with who we are and what we do. The LVGEA is the economic development organization serving Greater Vegas. It is one of eight regional development authorities designated by the Nevada Governor’s Office of Economic Development yet operates as its own 501(c)(6) non-profit organization.
Since LVGEA’s inception in 2012, our mission has been to strengthen the region’s economy through business attraction, expansion, and connectivity. Over the past decade, the LVGEA has assisted in the creation of more than 32,000 jobs in our community. This is a number worth celebrating.
LVGEA’s Changing Strategy
However, LVGEA’s standard approach to economic development has largely been opportunistic. We allowed companies to come to us, and we welcomed any company who was interested in relocating. That is changing.
As the region faces land, water, and talent challenges, LVGEA is taking a more intentional and strategic approach to economic development moving forward. We now recognize not all companies may be a good fit for our region, and we will only target those companies whose operations and missions compliment the resources available in Southern Nevada.
Here’s how we’re changing our business attraction strategy in 2023:
- Instead of casting a wide net, we will be spear-fishing for the good-fit companies that bring value to our region.
- We will no longer wait for leads to come to us, but instead utilize data driven analysis and AI to identify companies looking to grow.
- Instead of focusing on the number of jobs created, we will be focusing on the quality of those jobs, targeting high-paying, high-skilled careers.
Additionally, LVGEA will focus on leveraging the region’s collective assets and the value our community brings to the southwest region. Gaming and entertainment will always be our core industry, so why not leverage our world-renowned brand to attract adjacent industries?
To borrow an analogy from Dr. Bo Bernhard with UNLV’s Blackfire Innovation Hub, think of it as the ‘six degrees of diversification.’ For example, an NFL arena opens near the Las Vegas strip. In turn, that brings the need for sports medicine professionals, which leads to the need for medical robotics, and so on.
Focus on Community Partnerships
LVGEA by no means works in a vacuum. It’s important to note that our efforts are made possible through partnerships and investors who have given their time, expertise, and dollars to create the region’s economic development success.
We recognize that historically there has at times been a lack of transparency and appreciation to acknowledge LVGEA’s partnership publicly, and we intend to remedy that in 2023. Economic development is a team sport, and we are looking forward to a championship season this year.
The LVGEA of the Future
LVGEA’s vision is to create a strong and sustainable economy that generates innate competitiveness, ensures access to high quality jobs, and enhances our collective quality of life. We envision an organization that convenes our regional partners – public and private alike – to establish and execute a regional vision.
Our recruitment strategy will move beyond the transactional approach to a proactive consultative framework. We’ll be laser focused on our core mission of attracting new diverse and good-fit companies to the region. And we’ll be transparent about how we’re delivering value to the community.
LVGEA has big goals for 2023, and we look forward to sharing the region’s successes with you throughout the year.