Tier 2 & 3 communities (smaller regional economies) in search of a new economic lifeblood must scrupulously assess how/where their economic development efforts, energy, and resources are channeled.  It's time to consider new approaches.

If over 99% of startups never see a first term sheet from a venture capital (VC) firm, then why do economic development leaders in "transitional" Tier 2 and 3 communities—regional economies struggling to reconfigure and revitalize economic identities--allocate precious time and resources to courting VC investment and committing capital to so-called innovation funds? Many regional leaders flaunt soft-core track-records of driving scalable change in any capacity.  Peel away this pasty approach to economic development; find communities partaking in hot 'n heavy burlesque shows to lure large companies to town with subsidized club entrance fees and private dances of financial incentives.  Motorboat approaches (that is, venture capital and Company Town strategies) to economic vitality are severely flawed...