In President Obama's inauguration speech, he made a statement that should resonate with many local policymakers and civic leaders in cities and counties across the country seeking to make proactive change in their own communities: "The time for standing pat has passed."

The time for standing pat with regard to economic development has also passed. Numerous studies and reports issued by credible organizations in the U.S. and abroad point to business innovation as the leading contributor to jobs and wealth creation, community prosperity, and economic competitiveness. Based on these reports, policymakers and civic leaders across the country, in metropolitan areas and small towns alike, are anxious to implement innovation-driven economic development initiatives to accelerate local economic recovery and growth.

Three statements you may hear at the beginning of your efforts to make change should serve as red flags. The first statement is: "Let's schedule a meeting with all of the nonprofit partner organizations in the community who deal with economic development." The second red flag is: "This sounds like a good idea, let's hire a consultant and do a feasibility study." The third red flag is: "Let's include your project during the next cycle of potential funding applications the city (or county) could consider submitting for a grant later this year or next year." If you go down one of these paths, the process is likely to take a minimum of 6 months, at best, to cycle through. Can you afford to wait that long? Don’t wait for that cycle to conclude to get a head start on the effort to improve your local economy.

I asked a number of highly successful, highly experienced business leaders from throughout California for their thoughts on what can be done to drive innovation forward in communities. Venture capitalist and angel investor Roger Akers of Akers Capital suggests: "I would first call on successful entrepreneurs and CEOs, and all of the regional lawyers, investment professionals, senior University leadership, venture capital companies, angel group leaders, appropriate non-profits and economic development leaders to attend a two-day workshop to be educated in the current and needed capabilities of the region relative to new business formation and development and why it is so important." A single focus group with 8-12 private sector leaders in the innovation sector can get you the information you need to move forward in 2 weeks, at most.

Below are nine activities policymakers and civic leaders can use to start fostering innovation-based economic development in the community:

1. Recruit a blue-ribbon committee of innovation leaders to immediately give your effort credibility, generate fresh ideas and identify a private sector champion
2. Engage local media in your efforts to generate visibility
3. Re-direct staff time and energy from lower value activities to your new high priority strategy
4. Use your influence to recruit community-based organizations to go to work in support of your initiative
5. Educate your elected colleagues and other civic leaders about the idea of innovation as an economic driver
6. Launch a series of informal network events that occur onsite at your successful innovation-based businesses or other venues in the community as a means to highlight their current (and potential) impact on your local economy
7. Begin a speaker circuit, making presentations about innovation economic development at service club and civic group meetings and local schools
8. Initiate a brown bag lunch outreach campaign: visit with the CEOs of as many innovation-based businesses in your community as possible and find out how you can help these companies
9. Create a Mentor's Roundtable from your most successful CEOs

Peter Gardner, a partner in the Venture Capital fund Wavepoint Ventures, offers a few suggestions: (1) identify a low-cost office space in the City to provide incubation and shared services for local early-stage companies; (2) organize a local angel investment group that can provide capital and mentoring to local entrepreneurs; (3) initiate a monthly breakfast meeting with local entrepreneurs, business leaders, select city employees and professional service providers to discuss challenges to growth, and potential solutions, and then incorporate this market feedback directly into City policymaking.

Bill Reichert, Managing Director of Garage Technology Ventures says: "Initiate the 'Ourtown Innovation Challenge' calling on all businesses, organizations, and citizens to contribute their ideas and recommendations regarding ways to stimulate innovation and entrepreneurship, ranging from ways to streamline government to ways to attract more resources to the community. Start the planning for an Innovation and Entrepreneurship event to be held in one year to celebrate the individuals and the organizations that have done the most to help innovation and entrepreneurship in the area, and provide a showcase for entrepreneurs seeking to launch their own innovative companies or non-profit organizations.

In combination, these initial efforts will create a string of PR opportunities for the ongoing initiative. By enhancing the visibility of the initiative locally (and getting visibility statewide), I would hope to bring a combination of public and private resources into the community to participate in some way - at a minimum, sponsoring the annual event."

Get things moving! Worst case, you will have dramatically elevated awareness of innovation as the true economic driver in your community that sets the stage for many good things to emerge. Best case you will have a fully functioning, sustainable innovation program in place that fosters business formation and growth from your entrepreneurs. Don't let yourself get bogged down in the minutiae!

-Jon Gregory, Golden Capital Network