In 2014, the Lincoln Partnership for Economic Development (LPED) hired AngelouEconomics to develop an economic development vision that would make Lincoln a truly competitive global city.
Lincoln was in prime position to pursue this ambitious aim. Since it had first commissioned AngelouEconomics in 2002 to devise an economic development plan, Lincoln’s sleepy downtown core had dramatically transformed into a bustling hive of commerce and social activity, centered around the Haymarket district with its historic brick buildings converted into bars, restaurants, hotels, loft apartments and high-tech office space.
An in-depth stakeholder engagement process that involved on-the-ground reporting, dozens of interviews with community stakeholders, and hundreds of business and resident surveys led AngelouEconomics to ascertain Lincoln’s strengths, weaknesses and assets in a globalized context. AngelouEconomics then identified target industries that would unleash Lincoln’s economic potential. Industries included Finance and Insurance; Life Sciences; Advanced Manufacturing; and IT and Business Services. Niches to pursue within these industries were identified, based on the community’s assets; as well as an analysis of where the target industries were headed so Lincoln could best position itself to capitalize on these changes.
To ensure global competitiveness, AngelouEconomics recommended that Lincoln concentrates on three overarching strategic objectives:
- Develop world class workforce/talent/infrastructure
- Nurture a globally competitive entrepreneurial ecosystem
- Strengthen collaboration among key economic assets
Specific strategies and actionable steps were provided to achieve these goals and maximize opportunities in each target industry
Market assessment, target industry analysis, action strategy and final recommendations