governor's econ. dev. markeing 7 15-15 final master slides
TRANSCRIPT
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Governor’s Economic Development Marketing
Team July 15, 2015
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LEARNING OBJECTIVES
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EARLVILLE, IL CIRCA 2013
WHAT YOU DO MATTERS!
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EARLVILLE, IL POP. 1,500
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MARATHON ELECTRIC CO.
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SAVED BY READING
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IT’S ABOUT PEOPLE
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WHERE ARE YOU GOING?
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Commuting Patterns Slide
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Source: US Census, Angeles Ortega
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Source: US Census, Angeles Ortega
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FOUR FORCES DRIVING TRENDS
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TRENDS - WHAT DO YOU THINK?
1-3 years | 3-5 years | 5+ years
Social
Technological
Economic
Environmental
Political
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THE FUTURE
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SOCIAL TRENDS• Aging population• Increasing health concerns• Increasing fear of technology• Decreased trust in our institutions• Increasing concern regarding climate change
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TECHNOLOGY• Exponential increase in power; decreasing cost • Digital everything – IoT (Internet of Things)• Connected –9 Billion people; 24x7
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EXPONENTIAL RATE OF CHANGE
Source: Kahn Academy
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THE GAP
Source: The Second Machine Age
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WORKING for a NON-HUMAN?
• Dr. Watson I presume?• AI – now and in the future• HAL 9000 • Robot caregivers
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ECONOMIC• Bifurcation of Society – knows & know-nots• Benefit of increase productivity goes to capital not
labor• Income inequality increases• Globalization expands
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ENVIRONMENTAL• Climate change acknowledged as threat• Extreme weather increases• Natural gas replaces coal • Water becomes a global issue
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POLITICAL • Tea Party Wins – US Capital moves to Wichita • Political power goes to 1% • Mistrust of government grows• Local government shrinks• Self-government expands
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TEN TRENDS IMPACTING ECONOMIC DEVELOPMENT
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WORK
More complex requiring high skill level
Fewer workers same output
30%of work done in home office
Work moves to the people
Meaningful work done globally competitively
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TALENT
Talent drive location
Live first, work second
Zero-sum talent pool
Enormous demand for talent
Business demands education reinvention
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EDUCATION/TRAINING
Knowledge vs. skills
Value of degree questioned
Those with degrees go back to school to learn skill
Education moves online
Collaborative learning
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COMMUNICATION
Social Media used for personal communication
Discussion groups and email used for professional connections
Letter writing makes a comeback
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TRANSPORTATIONConsumers shift to buy it local
Internet retailing creates demand for distribution centers - same day delivery
Electric vehicles off to a slow start but gaining
Self-driving vehicles on the horizon
Sharing economy gains traction
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ENERGYInexpensive abundant natural gas shift location of chemical production
Increase concern for water resources
Electric generation shift from coal to gas
U.S. becomes exporter
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FINANCE
Bank alternatives grow - Paypal, micro-loans, etc.
U.S. devalues its currency by 20%, China bails out Europe
Banks, re-capitalized, can now afford to foreclose on non-performing loans
Investment banks continue to block crowd funding of start-ups
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TECHNOLOGY
Cloud computer and storage become the norm
Ubiquitous mobile computing
Cyberwar become a growing concern
Bio engineering grows
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ENTERTAINMENT
Social Media max out limited by our discretionary time
Professional and amateur sporting events grow in demand
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OTHERCulture influence shift from the U.S. to China and India
Relevance advertising becomes increasingly frightening
We become homogeneous in our thinking due to the information bubble
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Possible Probable
2020
2025
2030
Preferred
THE CONE OF POSSIBILITIES
Now
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CHANGEAdapt
• Linear
• Rearview Mirror
• Where we’ve been
• Dinosaur approach
• Victim of Change
Anticipate
• Exponential Rate of Change
• Trend Focused
• Skate where the puck is going
• Becoming Future Smart
• Choosing a future
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THANK YOU!
Dean Whittaker
Whittaker Associates, Inc.
616-786-2500
www.whittakerassociates.com