5 steps to ... setting up economic development companies

1. Define a clear role. EDCs can cover activities such as marketing, improving skills, attracting investment, developing enterprise, promoting innovation and boosting tourism. It is vital to identify the areas where intervention is most needed and focus on those. "Be clear on what you're trying to achieve and whether this is the right vehicle," advises Jim Gill, chief executive of the Liverpool Vision EDC.

by Stuart Watson

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