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Introduction to Venture-Based Economic Development
According to the author, economic developers can organize a venture-development infrastructure and process that is designed to continuously launch new ventures. The venture-development process is significantly more difficult, and time consuming, than recruiting industry. But the results can be longer-lasting since the process is designed to develop an infrastructure involving multiple parties in a variety of industries to encourage entrepreneurship and constantly develop new ventures.
Link
http://www.hhh.umn.edu/centers/slp/clusters_entrepreneurship/rao_venturebased_economic_dvlp.pdf