The urgency I wrote about in my last post of new leadership approaches needed to address AI-technology advancement and climate change brings a surprising new reality: these challenges represent an opportunity to create a competitive advantage when applied to economic investment and wealth-building in underdeveloped areas, aligning perfectly with Velo’s mission.
This is the third article in our series on the evolving leadership needed in today’s fast-changing world, and it brings good news.
Community Leadership Guiding Economic Development
How New Leadership Pillars Offer Competitive Advantages in Underinvested Communities
1. Digital Proficiency
Today’s AI technology is already proving to help underrepresented minority users level the playing field in its use. While not completely without bias, AI provides mainstream language, ideas and norms that help users overcome barriers in communication, education, experience – essentially in every aspect of where AI aids in productivity.
In underdeveloped areas, investments driven by digitally proficient leaders can introduce advanced technological solutions that bridge the digital divide, enhance connectivity, and create new opportunities for local businesses and education.
Implementing digital infrastructure can attract further investment by showcasing the area's potential for growth and modernization.
What can be done?
Digital Proficiency Education: Offer or sponsor training sessions on digital skills and using AI for a competitive advantage for local residents.
Support Local Startups: Invest in or mentor digital startups and small businesses, helping them leverage technology to grow and compete in all neighborhoods.
Implement Workforce Training in Technology-Driven Innovations: Bring new programs to underinvested areas intentionally.
2. Sustainability and Green Energy
New technologies in economic development can leap frog old approaches to create sustainable living conditions in communities. Focusing on green investment is crucial to ensure that growth in underdeveloped areas does not come at the expense of the environment or social welfare.
What can be done?
Community Projects: Initiate or participate in local sustainability projects, such as community gardens, recycling programs, or clean energy initiatives.
Advocacy for Environmental and Economic Justice: Advocate for sustainable policies and practices within local government and businesses to ensure that development considers long-term environmental impacts.
New Build Requirements: Inspire developers and planners to pursue green and net zero design and construction practices in all neighborhoods.
3. Inclusive Leadership
Economic investments in underdeveloped areas must feature strategies that ensure benefits are widely distributed, making economic empowerment a reality.
This requires changing who is at the table in economic development in neighborhoods.
Inclusive leadership involves community engagement in planning and decision-making, ensuring that development projects address the actual needs of the population and include opportunities for everyone, particularly marginalized groups, to have ownership.
What can be done?
Community Leadership in Developments Affecting Their Neighborhoods: Engage in community planning and development meetings to give voice to diverse perspectives, especially those typically underrepresented.
Support Diverse Initiatives: Fund or volunteer in programs dedicated to empowering marginalized groups within the community, such as women, minorities, and the disabled.
4. Resilience and Mental Health Focus
Investments that prioritize resilience can help underdeveloped areas withstand economic shocks and environmental challenges. Building resilient infrastructure and investing in health equity, including healthcare and mental health services, can enhance community resilience, making the area more attractive for further investment.
What can be done?
Community Support Networks: Create or support networks that provide social and psychological support to community members, especially during crises.
Resilience Building: Foster community workshops and seminars on building personal and community resilience.
The Time to Act is Now
The rapid pace of technological advances and climate change means the window of opportunity for new, more equitable wealthbuilding for communities will not be open for long.
We’re developing plans to ensure we do not miss this moment, and we’ll continue to share them to hear your thoughts and contributions. More to come as we and our partners put new leadership principles into practice.
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