EDA looking for regional innovators

As a former mayor of Bloomington, Ind., John Fernandez knows something about downtown revitalization. Now, as the administrator of the U.S. Department of Commerce's Economic Development Administration (EDA), he leads the federal economic development agenda. The focus is on promoting and developing innovation and competitiveness - especially on a regional basis - for success in the global economy.

That message of regionalism should resonate in our Corridor - and challenge us to collaborate more effectively.

Fernandez was in Cedar Rapids on Monday, addressing the Rotary Club and marking the EDA's largest-ever single discretionary grant: $35 million toward the $67 million Event Center project and upgrade of the U.S. Cellular Center arena. He called the project a major “generator of commerce” in the downtown. The EDA also approved a $3 million grant to help the Cedar Rapids Area Chamber of Commerce build a regional commerce center and business incubator.

But these grants and projects should do more than help downtown recover from the 2008 flood, Fernandez said. They should spur our community and the region to “reposition” for success on a global playing field.

Much of the Corridor's economic engine already competes on the international stage - our bioprocessing/food industry giants such as Cargill, General Foods, Quaker and ADM; smaller firms like Diamond V Mills and Genencor International; engineering stalwart Rockwell Collins; and financial services leader AEGON USA, among others. We have one of the nation's top research universities in Iowa City. New wind power companies. And the list goes on.

Still, Fernandez urged more emphasis on regionalization - more focus on building networks, seed capital and collaboration, tying them all into a cohesive strategy. The EDA and several other federal agencies are looking for innovators.

That message validates and also should inspire our own regionalization initiatives.

The Corridor Business Alliance, little more than a year old, aims to transform the Cedar Rapids-Iowa City Corridor - with its many connections - into a united regional economic force. Progress is being made but there are some turf issues yet to overcome.

We welcome the EDA's financial assistance and attention. We also urge Corridor leaders to embrace the challenge Fernandez outlined on Monday. Working effectively as a region is vital to our long-term, collective economic health.