WIRED principles present a basic process for transforming regional economies. This process is NOT linear - the steps may occur and reoccur depending on regional circumstances.
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WIRED 6 Step Method
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Identify the Regional Economy - Ignore political boundaries and identify surrounding areas that share the same economic structure. Form one regional economy around the assets of several contiguous communities.
- Form Core Leadership Group - Form a senior executive team responsible for implementing growth strategies and guiding the transformation effort.
- SWOT Analysis - Conduct a comprehensive analysis of the Strengths, Weaknesses, Opportunities, and Threats in a region that feeds directly into strategy development.
- Create a Shared Regional Identity and Vision for the Regional Economy - Develop a regional identity and vision for regional economic growth.
- Devise Strategies - Create "SMART" strategies (Specific, Measurable, Achievable, Realistic, and with a timeline).
- Leverage Resources and Implement - Leverage regional resources from private, non-profit, and government sources to implement a transformational strategy.
