Have you ever tried to sit on a two-legged stool? I can't say I have but we all know the result would likely be a tumble onto the floor. All of us, in fact, would have the sense not to sit on the stool in the first place, if we saw only two legs on it. Yet, when I hear some people talk about economic development strategy, I get the feeling that they either underestimate or totally ignore the fundamental third leg: business attraction and marketing.

I have always advocated a balanced, "three-legged stool" approach when discussing economic development strategy: existing business retention/expansion; entrepreneurial growth/start- ups; and, business and investment attraction. In simple terms: "keeping what you have" and helping it thrive; "growing your own" and providing help to do so; and, "bringing in new investment" to supplement the economy and also reload from your losses.

I must admit that the three-legged stool analogy is a common one when discussing economic development or any other number of topics. Still, I believe it is worth remembering and talking about on a regular basis to remind ourselves that economic development is a "big picture", ongoing issue and it requires continual attention, resources and direction in order for us to be successful.

Business retention/expansion has and will continue to be the number one priority of any economic development strategy because 80 percent or more of the jobs created will come from the companies that currently call Wisconsin home. We need to continue to take actions to partner with businesses so they can increase productivity, adopt new technology and incorporate innovation into their products and processes, as well as their labor force. In addition, entrepreneurial business growth is a very effective job creation model as well and one that definitely needs to be encouraged. Inventors, risk takers, entrepreneurs, scientists and researchers are present throughout Wisconsin and we must have an ongoing commitment to support their ideas, concepts and start-up businesses.

Finally, though, Wisconsin’s economic development strategy cannot end at the state border. While 90 percent or more of the jobs created in the state will come from current businesses and organic growth, we need to attract new business, intellectual capital and investment to the state to help support and build upon what is already here. In essence, business marketing and attraction acts as the pipeline to bring these vital components to Wisconsin's economy. Considering the relatively small investment made to market and promote Wisconsin, the payoffs can be huge! Let's keep the third leg on the stool and pursue a balanced economic development strategy.

Thank you for your support and stay cool this August!

Several Wisconsin economic development professionals rode a barge last month named the Betsey Northrup, powered by Ugh the Tug, with the goal of promoting the state to Midwest site selection consultants and corporate real estate executives. The ride departed from Harriet Island Regional Park in St. Paul, Minnesota on July 14 as part of CoreNet Global's Midwest Chapter mid-summer meeting.

CoreNet Global is the world's premier association of site selection consultants and corporate real estate professionals - individuals that have a direct impact on business-location decisions - and the organization has regional chapters throughout the country. The Midwest Chapter holds its July meeting every year on the water and Wisconsin representatives have participated in the event for several years to continue relationships with key members.

The program included a presentation by Alex Lam, a global consultant that helps organizations transform their businesses to meet the new operatives of harmonizing technology and humans. His speech topic was "Stress, Motivation, and Performance!"

Wisconsin was represented at the meeting by:

• Jan Alf & Scott Reigstad, Forward Wisconsin
• Louise Bentley, Chippewa County EDC
• Tara Bergeson, Stout Technology Park
• Bob Bossany, Dunn County EDC
• Brian Doudna, Eau Claire EDC
• Diane Pavelski, Chippewa Valley Technical College
• Mike Schatz & Tiffany Richter, City of Eau Claire

When you have the "world's greatest aviation celebration" in your state, and also realize that many high-level business executives list aviation as one of their hobbies, it only makes sense to talk to them about the great things going on in Wisconsin. Forward Wisconsin President Pepi Randolph did just that at EAA AirVenture Oshkosh 2006 - the annual EAA event that took place from July 24-30 at Wittman Regional Airport.

While he was not directly on the flight line at Wittman, Pepi did roll out of bed very early on the morning of Friday, July 28 and spoke at the 6:00 a.m. Mayor's Breakfast at the Oshkosh Convention Center. Governor Doyle was also on the agenda and made remarks to the attendees.

The Mayor's Breakfast guest list included corporate executives that were attending the fly-in and it provided an excellent opportunity to promote the Oshkosh area and Wisconsin to business leaders from outside the state.

You've more than likely heard the popular song called "I've Been Everywhere" with the lyrics that list dozens of U.S. cities in a rapid fire vocal style. Well, here's the list of communities Forward Wisconsin's Abby Hall and Scott Reigstad could "sing" after they visited Clark County on July 27. "We've been to Greenwood, Neillsville, Loyal, Colby, Abbotsford, Dorchester, Curtiss, Owen, Withee, Thorp and Stanley. We've Been Everywhere . . . in Clark County."

Thanks to Sheila Nyberg, the Executive Director of the Clark County Economic Development Corporation, and her office manager, Denise Lindner - and a list of mayors, bankers, county board members, administrators, developers, clerks and reporters that could literally cover a few pages of this newsletter, Abby and Scott had the ultimate "Clark County Experience" - a day-long guided familiarization bus tour to nearly all the county's communities.

Abby and Scott saw industrial parks, a gorgeous veteran's memorial park, downtowns, the four-lane Highway 29, the new Chippewa Valley Tech location, many of the larger businesses in the county, expansion projects and more. Along the way, they also met some very dedicated and forward-looking local leaders that are very proud of their communities and everything they have to offer businesses and people.