The Secret Behind Implementation
- Abby Brady, Chris Worley, and Jerry Paytas, PhD
- Jun 26
- 4 min read
Updated: Jun 30
At Fourth Economy, we specialize in empowering communities and organizations across a diverse range of markets. Whether addressing complex challenges or fostering new opportunities, we bring tailored, data-driven strategies to make a lasting impact.
In this blog, we peel back the curtain on the next step–Implementation. Learn how our clients from a variety of sectors and industries are moving from plans to realized action and impact in their communities.
The innovation economy has a significant impact on job creation, driving economic growth and reshaping employment opportunities. Fourth Economy helps communities understand the strengths and gaps of their innovation ecosystems and delivers regionally relevant strategies for enhancing competitiveness.
Fourth Economy partnered with Regional Economic Development, Inc. (REDI) in Columbia, Missouri, to facilitate a strategic plan for economic growth in Columbia and Boone County. Boone County boasts a vibrant entrepreneurial spirit, with high rates of new business creation and significant small business financing. However, this prosperity hasn't been evenly distributed. Many minority-owned businesses are disconnected from the ecosystem of support resources, and minority business ownership lags significantly. In fact, our quantitative analysis revealed a stark disparity: white-owned firms outnumber non-white firms by 6.8 times.
This strategic planning process was comprehensive, involving in-depth economic and demographic data analysis, a review of past planning initiatives, and interviews with nearly 30 key community stakeholders. We also conducted four build sessions engaging over 30 practitioners and partners to brainstorm regional economic development strategies, alongside working meetings with crucial implementation partners.
The insights from our data analysis, particularly the significant disparity in business ownership, directly informed REDI's strategic entrepreneurship goals. A key objective became clear: increase the number of minority-owned firms in Boone County and boost investment in these enterprises.
This commitment led to the launch of a new minority business incubator. In February 2025, The Shops at Sharp End celebrated their one-year anniversary with vendors having sold almost $25,000 worth of merchandise.
Programs such as the EDA’s Tech Hubs and the Department of Commerce’s CHIPS Act are projected to drive the growth of specialized, high-tech emerging industries across the United States for years to come. Fourth Economy excels at working with communities that are focused on emerging or intersectional economic sectors including advanced manufacturing and Tech Hubs.
In 2018, Fourth Economy helped Conexus redefine its strategic direction under a new leader. The goal was to better support advanced manufacturing and logistics (AML) through technology adoption initiatives and ongoing industry engagement. The resulting plan called for a complete pivot of the organization, focusing Conexus on manufacturers' readiness for Industry 4.0 and championing the adoption of new technologies within the AML sector.
This strategic shift attracted substantial state and philanthropic support to expand programming, including the Manufacturing Readiness Grants program.
As of 2025, an $80 million investment in this program has leveraged $1.1 billion in private investments across 772 technology adoption projects.
Prioritizing business district growth is often the first step for community revitalization. Fourth Economy excels at working with communities that are focused on emerging or intersectional economic sectors.
In 2023, Fourth Economy collaborated with the Pittsburgh Downtown Partnership (PDP) to develop innovative financing strategies for capital projects in Downtown Pittsburgh. The goal was to blend public and private funding to revitalize the area, which faced new challenges from post-COVID work patterns.
Building on this, in 2024, the PDP and the Allegheny Conference on Community Development engaged us to explore establishing a Downtown Pittsburgh Investment Zone. Our analysis pinpointed and quantified potential revenue streams to support this zone, directly addressing economic hurdles like rising vacancy rates. We delivered actionable recommendations and financial tools, including a curated list of strategies, a deadline tracker, and a recommendation memo.
These efforts have already yielded significant results. In October 2024, Governor Shapiro announced a state commitment of $62.6 million for Downtown Pittsburgh, part of a larger $600 million package for shovel-ready projects slated for completion by the end of 2028.
In 2020, Fourth Economy partnered with the Hazelwood Initiative and the Greater Hazelwood Community Collaborative (GHCC) to develop a comprehensive, actionable strategy for the community's future. This plan included six detailed housing strategies, outlining unit types, locations, and funding, alongside six strategies for revitalizing the business district, encompassing both site-specific and broader placemaking initiatives.
Engaging Residents Through Innovative Tools
A key element of our approach was the use of Market Cards, a gamified tool designed to engage Hazelwood residents in co-creating their community's future. Based on research and experience, these Monopoly-style cards presented complex market data on sales, spending, and business categories in an accessible format. This tactile tool facilitated meaningful discussions with residents about market forces and helped them articulate their vision for the community. By incorporating user personas and the Market Cards, we ensured the development plan was human-centered and deeply influenced by community input, rather than solely dictated by market trends. This process clearly identified the steps needed to achieve their objectives and build the community they desired.
Tangible Impact and Continued Progress
Since our work concluded in 2020, Hazelwood has seen significant progress. In 2024, the Hazelwood Initiative began redeveloping the former Gladstone School into 53 rental units (44 permanently affordable) and preserved another 63 affordable rental units in the community. They also secured a $245,000 grant to build three affordable for-sale houses for low-income residents on Flowers Street, as part of a larger Pittsburgh Land Bank initiative. Furthermore, work commenced on a 50-unit apartment complex at Hazelwood Green (half affordable with preference for Hazelwood residents and units for single parents), with an expected completion in early 2027.
Are you ready to move beyond planning and unlock the full potential of your community or organization? Partner with Fourth Economy to turn your strategic goals into realized action and measurable impact. Reach out today.
