The NADO Research Foundation is pleased to offer a 7-month EDD Wealth Creation Learning Cohort program offered through the Economic Development District Community of Practice (EDD CoP).

This program is for EDD staff interested in integrating wealth creation into their regions. Wealth creation is an approach to economic development that recognizes regions’ varied assets and connects those assets with market demand. Wealth creation can be used in a variety of ways, from integrating it into the Comprehensive Economic Development Strategy (CEDS), supporting economic sector collaboration, and building opportunities through value chain development.

How It Works

This cohort will work through the key elements of a wealth creation approach, with assignments and check-ins between meetings to integrate the learned concepts into your work.

Program Details:

Two virtual calls will be held each month. The first call each month will include training on a key element of wealth creation and introduction of a brief assignment. The second call will be a check-in call meant to report back on the assignment, network and strategize with peers, and troubleshoot together.   

Wealth creation is a team sport. Participants are encouraged to have a partner from their region engaged with them in this work. The partner could be from the same organization or from any of a variety of other potential partner organizations (a local government, a business owner, a community foundation or other funder, a downtown or other nonprofit organization, etc.). The partner would be expected to join for the initial call but not necessarily for all of the remaining calls.

Program Schedule:

1. Month 1: Intro to Wealth Creation/Understanding Wealth – These sessions will introduce the key principles of wealth creation including understanding the forms of wealth, keeping wealth local and building livelihoods for those on the margins.
2. Month 2: Wealth Creation and the CEDS – These sessions will walk through all the ways that wealth creation can be used as a frame for your CEDS, through SWOT, strategic direction and evaluation.
3. Month 3: Sector Collaboration – These sessions will consider economic sectors in your region that would benefit from increased collaboration for mutual benefit, or coopetition.
4. Month 4: Understanding Demand and Identifying a Market Opportunity – These sessions will discuss how to understand demand in your region, whether through a chosen sector or more broadly in considering a variety of sectors, as well as ways of identifying potential value chains and/or market opportunities.
5. Month 5: Mapping a Value Chain – These sessions will introduce the concept of mapping a value chain, including demand partners, transactional partners, support partners, investors, and value chain coordinator.
6. Month 6: Identifying Gaps, Bottlenecks and Underutilized Assets – These sessions will discuss the next step after mapping your value chain, which is identifying gaps, bottlenecks and underutilized assets and discovering solutions to fill them.
7. Final Call: What’s next? –  Come together one last time to discuss what’s next and how NADO can support you moving forward.

For more information, contact Melissa Levy, Wealth Creation Specialist, at [email protected].