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Stakeholders

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°  Who are LED stakeholders?

°  Why are LED stakeholders important?

°  How do the LED stakeholders function?

 

Who are LED stakeholders?

The World Bank (Swinburn, 2006) gives a quick reference guide of typical LED stakeholders:

 

Typical LED Stakeholders

Public/Government

Private (business)

Non-Governmental and Civil Society

 

    • Elected officials.
    • Local government, including all operational departments.
    • District/regional and national government departments and agencies, especially those charged with specific responsibility for economic development planning and implementation.
    • Other government authorities and agencies, such as regulatory bodies.
    • Universities, colleges and institutions of research and higher learning.

 

    • Large corporations and enterprises.
    • Small, medium and micro-scale enterprises including individual entrepreneurs.
    • Industrial, commercial and residential land/real estate developers.
    • Banks, credit unions and other financial institutions.
    • Business development and support agencies, councils and intermediaries, including but not limited to business centres and development authorities, sector specific agencies and authorities (e.g. tourism, high-tech, clusters/associations).
    • Chambers of commerce and other business associations.

 

    • Neighbourhood and community service organizations.
    • Local schools and clubs.
    • Organizations and associations representing special community interests such as youth, minorities, the disabled and other disadvantaged or marginalized citizens.
    • Organizations or associations focused on specific LED issues (e.g. environmental sustainability, gender equality, etc.).
    • Trade unions and other professional associations.

 

1 Local Economic Development – LED Quick Reference; Gwen Swinburn, the Urban Development Unit; The World Bank, Washington, D.C., January 2006

 
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Why are stakeholders important?

The Federation of Canadian Municipalities describes Local Economic Development as “a participatory and inclusive process that involves the participation of a range of stakeholder interests.”

 

Stakeholders are important because LED is based on stakeholder engagement/participation. Stakeholders represent the diverse interests and views of the entire population: male-female; advantaged/disadvantaged; franchised and disenfranchised2.

 

2Extracted from Building Community Prosperity Through Local Economic Development: An Introduction to LED Principles and Practices – Federation of Canadian Municipalities International – Ukraine Municipal Local Economic Development Program, February 2014

 
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How do the LED stakeholders function?

Communities can successful implement LED using a LED strategic plan and LED institutional structures. To develop a LED strategic plan, the community must conduct a stakeholder analysis.

 

Stakeholder analysis identifies all stakeholders that will either support or prohibit changes in the community. A stakeholder analysis is a helpful tool to determine who are the various parties that are impacted by local economic development and how best to secure cooperation and support to lay the social foundation for success from the beginning. The stakeholders need to be involved throughout the LED process to continue to ensure ownership and buy-in (CARILED, 2014).

 

Communities can also create institutional structures and form LED support groups that represent the views of members of the community. This can take the form of LED Partnership Advisory Committee (LEDPAC), made up of a broad multi-stakeholder grouping that acts as a reference group for all LED initiatives (such as training, business development, etc.).

 
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