Update: A version of this post was published here as an opinion editorial, and another version was featured here on Brazen Careerist.
The pull Madison has is inexplicable, but powerful. It is this magic that sleeps in the winter, and then explodes in the spring like confetti on your twenty-first birthday, that makes me love the city. Even the winters become part of the voodoo that creates the vibrant mix of people and food and ideas and lakes.
Madison defines who I am. My career, friendships, and relationships are delivered to me from the city stork, like they were birthed directly from this intoxicating energy.
My affair with the city is an epic romance. But the city doesn’t know it.
Madison isn’t alone. Despite consistently placing in the top of every list imaginable – from Playboy to Forbes – Madison, like many other cities, is ignoring one of its most competitive advantages. That is, young people.
See, as cash cows go, Gen Y is a big one, and cities are ignoring us – the young leaders, entrepreneurs, professionals and creatives – in their plans for economic development.
Partnering with Gen Y should be of the utmost priority for cities since we are uniquely positioned to stimulate economic development. For example:
1. Good jobs come from good people. Economic development starts with human capital. The war for talent is one of the most interesting and challenging issues that cities face today. Young people actively promote and contribute to the high quality of life in cities, and need to be able to connect to both people and ideas. We are the quality workforce that is indispensable to basic sector job growth. Without a strong cadre of young talent, employers will be unable to expand.
2. Competitive advantage starts with entrepreneurship. More than any other generation, young people today are entrepreneurs. To meet the small business owners, the tenants of research parks, and other key entrepreneurs in cities is to meet an under forty demographic. There is ample opportunity to provide dynamic support for young entrepreneurs and the talent coming out of universities. Young entrepreneurs are a powerful determinant of a city’s future economy. They cannot be an afterthought.
3. To new customers, cities have no legacy. Gen Y knows little about the negative perceptions that have been prevalent within the business community. We don’t know the history or the mistakes. This is an opportunity for cities to build positive goodwill through superior customer service for this new generation. Young people can help cities to think innovatively. Cities can then borrow that energy and willingness to change to jump-start a perception shift in the existing business community.
4. Spiky should be funded. Place is extremely important to Gen Y and largely determines our destiny in today’s spiky world, to borrow a term from Richard Florida. To become a taller spike in the world’s economy – to compete – cities needs to attract young talent. In turn, young people will develop businesses and new markets. Cities should allocate money to young talent groups that promote and build upon the city’s strengths and spikiness to create the competitive advantage that allows us to expand business.
Cities must proactively reach out to Gen Y. Young people represent growth, and must be engaged in a city’s future development. We are a natural partner and ally in stimulating economic development.