A groundbreaking panel discussion at IEDC’s Annual Conference shed light on the transformative potential of artificial intelligence (AI) in economic development. The Unleashing Your AI Superpower: Why EDOs Need To Embrace Artificial Intelligence session brought together industry experts to explore how AI is reshaping the economic development landscape. 

Jared Smith, CEcD, MBA, director of economic development and tourism for the City of Henderson (Nev.), emphasized the urgency of adopting AI in economic development. 

"If you're not using AI as your copilot, then you're behind," Smith said, highlighting how AI can level the playing field for smaller communities. This sentiment was echoed by John Snow, a partner at Emergent Method, who stressed that embracing AI is not just an opportunity but an imperative for EDOs to remain competitive. 

The panel showcased various ways AI is enhancing economic development strategies:

• Strategic planning: AI tools are being used to analyze complex data sets, providing deeper insights for decision-making. 

• Marketing efficiency: Smith demonstrated how AI, specifically ChatGPT, helped jumpstart Henderson's marketing plan during their AEDO accreditation process. 

• Resource optimization: For EDOs with limited resources, AI offers powerful capabilities to compete more effectively with larger organizations. 

While the potential of AI is vast, the panelists also addressed potential pitfalls: 

• Data integrity: Concerns were raised about the potential for misuse, such as feeding AI systems inaccurate information about competing communities. 

• Adoption hurdles: The panel discussed strategies for overcoming resistance and fear associated with new technologies. 

A highlight of the session was a live demonstration of ChatGPT, showcasing its practical applications for economic developers. The audience learned how to: 

• Frame questions effectively to get desired outputs 

• Integrate AI into daily workflows 

• Utilize AI for tasks such as drafting reports, analyzing trends, and generating creative ideas 

As AI continues to evolve, its role in economic development is set to expand. The panelists urged attendees to be proactive in adopting and experimenting with AI tools. 

"The economic development field is ripe for integrating new technologies," Snow said, emphasizing the need for EDOs to stay ahead of the curve. 

For economic developers considering AI adoption, the panel's advice was clear: start now, start small, and scale up. By embracing AI as a powerful ally, EDOs can enhance their capabilities, make data-driven decisions, and ultimately drive more robust economic growth in their communities. 

The session served as a wake-up call for the industry, highlighting that AI is not just a futuristic concept, but a present-day tool that is already reshaping the practice of economic development.