Below is a list of terms that are commonly used or referenced in the Pathways to Prosperity work we are doing in Wyoming. This list is intended to help provide a consistent language around the work and add additional understanding. Please reach out to our team for more information or with any questions.
A concentration of people or critical mass. Urban agglomeration occurs in locations where cost savings can naturally arise. The costs and benefits of agglomerating increase the larger the agglomerated urban cluster becomes (i.e. when Casper grows, it helps surrounding area with new markets/opportunities). We can leverage things that have already been built/exist to take the risk out of an investment.
Obstacles or root causes of problems/challenges that limit the economic progress of communities, regions, states, nations, etc.
A complex challenge requires an individualized, circumstantial, and dynamic approach. Failure in experimenting with solutions is common and accepted. Complicated challenges require the orchestration of many organizations, agencies, or businesses but is more readily achievable with a relatively known outcome.
Outflow of well-educated people over preceding years and decades. For example, Wyomingites who leave the state for perceived opportunities.
The process of spreading investments across different asset classes, industries, and geographic regions to increase the overall resilience of an economy.
Diversification in a nutshell; creating more opportunities rather than putting all your “eggs in one basket”.
Preparing communities for growth and the policies, mechanisms, and programs that help build local resiliency and capacity.
A toolkit or replicable process to address complex problems that involves breaking down problem solving into small, actionable steps. It’s one of the ways we can address complex problems through continuous testing and adjusting.
Steps in the Flywheel:
An improvement is about honoring what you have and building upon it. Change is an act or process through which something becomes different.
Create new markets and explore current and creative approaches to diversify the economy.
To identify and use a community or organization’s strengths for its highest and best purpose.
Activity driven by local stakeholders (individuals, organizations, business, etc.) that takes into consideration and/or leverages their unique identity or characteristics.
A collection of intrinsic knowledge, skills, expertise, and experience that demonstrates proficiency; Applicable knowledge.
The means of achieving a specified result; a course of action; a collaborative process.
Targets the specific circumstances of a place and engages the community and a broad range of local organizations as active participants in their development and implementation.
Programs and systems; does not necessarily refer to legislation specifically.
Understanding and interpreting problems or challenges and staying focused on improving the root cause of the problem, not merely treating symptoms.
The result of achieving sustainable, long-term economic confidence and a sense of security and individual identity for all communities.
The capacity to withstand or recover quickly from difficulties often associated with the contraction and expansion of the economy (i.e. boom-bust cycle).
A working group with shared goals and authority to problem solve and think critically.
In a state the size of Wyoming, our urbanization isn’t about growth in numbers or area size, rather it is focused on infill and leveraging existing community assets to gain economic stability.
Building upon existing assets and knowhow of established industries to develop additional or adjacent industries.