231: Speed Wins in Economic Development with Mike Swesey

In this episode of the Econ Dev Show Dane Carlson talks with Mike Swesey, president and CEO of the St. Petersburg Area Economic Development Corporation, about how St. Pete has worked to become known as a business destination as well as a place with beaches, culture, and quality of life.

Mike shares lessons from recruiting companies from markets like New York and Europe, explains why responsiveness can determine whether a community even stays on a site selector’s list, and makes the case for targeting companies that genuinely fit your workforce and community.

He also discusses using existing companies as your best salespeople, taking every project lead seriously, resisting the pressure to chase bad-fit wins, knowing your market deeply, and communicating constantly with your board so they understand the work happening before the announcements arrive.

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10 Actionable Takeaways for Economic Developers

Make responsiveness part of your competitive strategy.

Mike argues that companies are making decisions faster and communities may be shortlisted before they even know a project exists. Have your data, website, property information, and team ready so you can respond accurately within hours or days rather than scrambling after the request arrives.

Treat every legitimate-looking lead seriously until you know otherwise.

Mike tells the story of nearly dismissing what sounded like a questionable data-center inquiry that turned out to be Google. Unknown company names, informal inquiries, or unusual approaches should be investigated rather than automatically discarded.

Target companies that fit the workforce you actually have.

St. Pete focuses on industries and companies that align with its existing workforce rather than simply pursuing any company willing to listen. Build recruitment targets around the skills, occupations, graduates, and industry experience already present in your market.

Use existing companies as third-party validators.