Attracting new industry to cities – acting beyond the obvious
I was at a meeting in London yesterday with visiting Chinese national policymakers and was asked what was needed to attract a new industry to a city.
This is an important question not only in China but in any country where cities are trying to encourage new business growth. In answer I suggested that there were three important factors that needed to be in place:
1. Distinctiveness – the USP of the city – what makes the place special; its climate and its culture. Each city needs to be able to tell its own story.
2. Universities and other educational resources – to act as partners to industry to drive innovation and provide a skilled labour pool.
3. Great streets and public spaces – after all cities are about human beings needing to move around efficiently and also to enjoy being in the place where they work.
Of course other factors are important: a reliable supply of energy and other services; sites that are ready for development and effective legal processes. But these are the obvious consistencies.
Cities also need to focus on their story, their academic partnerships and the quality of their public realm: factors that can be neglected in the push to attract new business.