Appalachia: Turning Assets Into Opportunities

0/5 ( ratings)

This economic development strategy is gaining prominence nationally
because of a desire to minimize impact, maximize return and compete globally. Like other strategies, asset-based economic development focuses on the positive attributes of an area or business. What makes an asset-based strategy different is a broad and creative definition of “positive”. Turning liabilities into revenue generators or developing untapped natural and cultural resources into desired products and services are two major thrusts of the asset-based economic development process.

Asset-based economic development practices have been implemented in
communities throughout Appalachia since the 1960s. Biddle and Biddle
conducted one of the first studies of community-based capacity and asset
development in 1965. Since then, individuals have demonstrated the long-term benefit of asset-based growth. Findings from the July 2004 Evaluation of The Appalachian Regional Commission’s Community Capacity Building Projects study, conducted by Westat, demonstrate some of the best practices and measurable results of asset-based development in the region. The following examples will hopefully educate and inspire others on how the development strategy can work for Appalachia.