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SPOTL I GHT : INNOVAT ION D ISTR ICTS

With greater access to knowledge, information, global supply chains, and less expensive forms of marketing (like web- based platforms) sound ideas can raise capital and be converted into economic catalysts faster than ever before. This has placed greater emphasis on idea- generation itself, which often requires cross-disciplinary interaction, ultimately placing greater emphasis on idea-sharing. As a result, the assembly of talented, innovative people in places that foster formal and informal interaction has never been more important to economic growth. When taking these elements together, it underscores the need for alignment of interest and talent. The Creativity and Innovation District, planned by Virginia Tech, represents the principal opportunity to foster these interactions and alignments in Blacksburg, and for the community to participate in the potential growth resulting from these shifts in the economy. Public, private, and institutional sectors can partner in new ways that benefit everyone, when properly aligned.

Research and Education Institutions such as research hospitals and universities generate a multitude of ideas through research and development. Increasingly, they need to work with cities to create authentic places to help attract and retain talented researchers, as well as entrepreneurs who can help them vet, monetize, commercialize, and otherwise fund ideas that generate returns. Entrepreneurs Investment-minded business professionals seek to translate innovative ideas into commercializable products, and secure or provide financing. As members of the real estate development community, they also can contribute to the physical development of a town in ways that attract talent. Towns The public sector can facilitate institutional and entrepreneurial growth by partnering on infrastructure development, economic and land development policy, and catalytic projects—all in an effort to derive greater economic value than could be achieved through private or institutional finance alone.

A second component of promoting a dynamic and resilient local economy is attracting and retaining the workforce that local firms need. Virginia Tech graduates represent a major and easily-accessible source of this workforce. However, getting students to stay in town after graduation requires more than providing them with a good job. They will also look for quality housing that they can afford, close to desirable restaurant, retail, and recreational amenities. If Blacksburg cannot provide those elements, graduates will look for work in places that can. Downtown has the potential to be that attractive place for professionals, particularly those who are younger and may not have families yet. Yet, as discussed in strategy two, the area lacks housing that is both appropriate and affordable for this demographic. Further, many of the existing bars, restaurants, and shops Downtown are more geared towards students and tourists, not professionals. The efforts discussed in strategies two and six to promote varied housing, retail, and dining development can therefore do more than make Downtown more accessible, vibrant, and desirable for residents. They can also play a major role in the success of the town’s local business community and the diversification of its economy. Attract and Retain Talent with In-Demand Housing and Retail

 Promote complementary development opportunities adjacent to Virginia Tech's Creativity and Innovation District  Promote investments that can foster a stronger start-up/ innovation community and grow Blacksburg's knowledge economy jobs  Promote needed investments will help attract and retain employees STRATEGY 5 OBJECT I VES

Chapter 2 - Analysis: A Framework for Downtown

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