Giving Compass' Take:

• The "Platform Effect" is a decentralized strategy that taps local community leaders to spur economic growth in small communities.

• How can donors get involved in supporting local leadership? 

• Read about the role of philanthropy in regional economic development. 

Driving meaningful job and wealth creation has been at the forefront of communities around the world. With many new employment and economic opportunities coming from scalable tech startups, regional governments and economic development stakeholders have sought effective and creative methods to support these young companies and build ecosystems that provide them with the right programs, services and resources they need to scale quickly and sustainably.

Over the past 15 years, I’ve seen significant growth in the creation of innovation centers and incubators in communities both big and small around the world. While they may differ in structure, services and operating models, most share the common goal of supporting the creation and growth of scalable tech ventures to drive sustained prosperity for their regions.

However, while many communities have embraced the importance of building vibrant innovation hubs, it has become increasingly apparent there is no one-size-fits-all strategy or operating model for such centers. Communities vary greatly in their political and legal systems, anchor industries, entrepreneurial affinity, civic leadership and demographics, among other variables, that collectively influence the best strategy to drive economic prosperity within a region.

This context is what led us to develop and pilot the “Platform Effect,” a strategy heavily rooted in a decentralized operating model that engages community champions to help spur and expedite economic growth.

Through the development, testing and deployment of this model, it became increasingly apparent that the many unique, and sometimes ambiguous, nuances of rural and small- to medium-sized communities need to be leveraged and exploited to truly foster any startup tech ecosystem.

Read the full article about driving sustainable economic growth by Don Duval at Forbes.