OLDS — Don’t just jump at the first company that shows interest in your community; make sure it is really likely to stay, a local economic development officer says.
Sandra Blyth gave that advice during an approximately 45-minute presentation to Olds council late this past year.
Blyth became the town’s new economic developer this past July. She’s been in the profession for about 23 years, serving governments and municipalities. Most recently, she did economic development in Medicine Hat.
Blyth said it may look attractive to lure giant corporations to set up shop in Olds, but there’s no guarantee they’ll stay if they think they can get a better deal elsewhere.
“Investment attraction often is done like a mosquito in a nudist camp. ‘Let’s just go after whatever is out there and we’ll bring ‘em in,’” she said.
“Well, whatever is out there, is that going to create a specialized economy for you? Is that ‘whatever’ going to add value to your economy? They may come, but are they going to stay? So that’s it.”
She cited the example of Aurora Cannabis and a big blockchain cryptocurrency company that that set up shop in Medicine Hat.
Blyth said the cryptocurrency company does use lots of power, so the city made money via its locally-owned power company.
However, she said, “everything they do is global. It’s got nothing to do with us. They could operate – well they do – operate in isolation. They’ve got no tie to the community.”
“The reality is, with global companies, we’re a number on a spreadsheet. The shareholders don’t care (they just want to maximize their return),” she said.
