Janang Buseco

Janang, Mark Neil P.
BUSECO 1-A
Final Exams Part 2
November 28, 2023
Case: HEILTSUK ECONOMIC DEVELOPMENT CORPORATION: BALANCING

POLITICS, BUSINESS, and CULTURE
1. Identifying issues: What are the problems facing the HEDC?
The Heiltsuk Economic Development Corporation (HEDC) is a non-profit

organization based in the Heiltsuk Nation in British Columbia, Canada. The HEDC
works to revitalize the Heiltsuk economy and create opportunities for local communities,
businesses and entrepreneurs. Despite the potential of the HEDC to bring economic
development to the Heiltsuk Nation, its success has been hampered by a number of
problems.
The first Issue is a lack of resources; the Heiltsuk Nation’s population is small
and does not offer the same resources as larger communities. This means that the
HEDC has limited access to capital and funding, making it difficult to implement new
economic programs. In addition, the Heiltsuk Nation does not have a unified economic
development strategy or policy, making it difficult for the HEDC to gain support from the
local government and the Heiltsuk people. Another issue is the lack of skilled workers
and professionals. The HEDC’s success depends on having the right people in the right
positions; however, the Heiltsuk Nation is not able to compete with major cities and
other areas in terms of salary and benefits, making it difficult to attract the right
professionals.
Finally, the HEDC has to deal with environmental challenges. Being a coastal
area, the Heiltsuk Nation is particularly vulnerable to climate change and other
environmental threats, and the HEDC must be able to deal with these issues in order to
ensure the sustainability of economic projects. In addition, some of the resources the
HEDC relies on, such as fish and forestry, are under threat due to over-harvesting and
pollution. Due to these issues, the HEDC is faced with significant obstacles when it
comes to promoting economic development in the Heiltsuk Nation. In order for the
HEDC to be successful, it needs to address these challenges and find solutions that are
in the best interests of the Heiltsuk people.
2. Identifying potential causes: What are the main issues contributing to the
problems within the HEDC?
The Heiltsuk Economic Development Corporation (HEDC) confronts significant

challenges impeding its mission of fostering sustainable economic development for the
Heiltsuk Nation. These challenges, rooted in a complex interplay of financial, investor,
market access, and resource dependency issues, jeopardize the organization’s
effectiveness in supporting the isolated indigenous community.
Financial Resource Constraints:
The foremost challenge lies in a pronounced lack of financial resources. HEDC

faces hurdles in securing adequate funding from government bodies, private investors,
and other financing sources. This scarcity restricts the organization’s capacity to support
its activities and projects, thereby limiting its overall effectiveness in promoting
economic development within the Heiltsuk Nation.
Investor Engagement and Understanding:
A second critical issue pertains to the difficulty in attracting new investors for
sustainable economic development projects. This difficulty arises from a combination of
factors. The region faces a scarcity of economic opportunities, and marketing its assets
poses a considerable challenge. Moreover, potential investors often lack the necessary
understanding and experience required to engage in sustainable economic
development initiatives within the Heiltsuk Nation. This knowledge gap complicates the
recruitment of investors, hampering the realization of vital projects.
Limited Access to New Markets:
The third challenge is the constrained access to new markets. This limitation
curtails HEDC’s ability to fully explore and capitalize on potential economic opportunities
in the region. The lack of market access not only hinders economic exploration but also
diminishes the organization’s potential for generating additional revenue. Consequently,
this financial constraint makes it more challenging for HEDC to sustain its operations
and fund initiatives essential for the Heiltsuk Nation’s economic growth.
Dependency on Non-renewable Resources:
The final major issue stems from the Heiltsuk Nation’s heavy reliance on non-
renewable resources, such as fishing and logging. This dependence exposes the
community to economic shocks resulting from environmental changes, regulatory shifts,
or damage to natural resources caused by industrial operations. The reliance on these
finite resources necessitates careful consideration of their impact on future financial
performance. To ensure sustainability, HEDC may need to take proactive steps to
diversify revenue sources and reduce vulnerability to external shocks.
Synthesis and Future Steps:
In summary, HEDC’s challenges are multifaceted, encompassing financial

limitations, investor recruitment obstacles, market access constraints, and resource
dependency risks. Addressing these issues is pivotal for the organization to fulfill its
mission effectively. Diversifying funding sources, enhancing investor education and
outreach, exploring strategies to access new markets, and developing initiatives for
sustainable economic practices beyond resource-dependent industries are essential
steps. By navigating these challenges strategically, HEDC can strengthen its role in
fostering sustainable economic development for the Heiltsuk Nation, contributing to the
resilience and prosperity of the indigenous community.
3. Identifying impact: Who are the main stakeholders?
The Heiltsuk Economic Development Corporation (HEDC) plays a crucial role in

promoting economic growth and resource diversification for the Heiltsuk Nation, a
community-owned business-focused organization. The impact of HEDC extends to
various stakeholders, notably the Heiltsuk Nation members and the elected Board of
Directors.
Stakeholder Engagement:
The Heiltsuk Nation members, being the primary stakeholders, actively

participate in the affairs of HEDC. Their involvement includes participation in the Board
of Directors, ensuring democratic representation and decision-making power in the
governance, financial matters, operations, policies, and procedures of the organization.
This engagement fosters a sense of community ownership and ensures that the
economic initiatives align with the needs and aspirations of the Heiltsuk Nation.
Governance and Decision-Making:
The Board of Directors, composed of elected Heiltsuk Nation members, holds a

pivotal role in steering HEDC’s overall governance. They make decisions crucial to the
organization’s financial well-being, operational efficiency, and strategic direction. The
democratic election process ensures that the Board represents the diverse interests of
the Heiltsuk Nation, contributing to transparent and accountable decision-making.
Collaboration and Expertise:
HEDC’s collaboration with advisors, experts, and various external entities,

including economic development organizations, financial institutions, industry experts,
and government agencies, brings diverse perspectives and expertise. This collaborative
approach enhances the organization’s ability to navigate complex economic
landscapes, implement effective strategies, and access resources vital for sustainable
development.
Community Empowerment and Economic Opportunities:
The overarching impact of HEDC is the creation of opportunities for Heiltsuk

Nation members to own, develop, and manage resources and businesses. By
empowering community members to become successful entrepreneurs, HEDC
contributes to local employment, business opportunities, and economic diversification.
This approach aligns with the goal of fostering self-sufficiency and resilience within the
Heiltsuk Nation.
In essence, HEDC’s impact is multifaceted, encompassing democratic

governance, stakeholder engagement, collaborative expertise, and, most importantly,
the empowerment of the Heiltsuk Nation members. Through these concerted efforts,
HEDC strives to achieve its goals of economic diversification, resource management,
and the creation of a sustainable and thriving local economy.
4. Formulating recommendations: How could these issues be addressed?
The Heiltsuk Economic Development Corporation is uniquely positioned to foster

a renewed economic outlook in the community. Through their expertise and capacity-
building capabilities, they can help create opportunities for meaningful economic
development in the community. One of the most important steps in developing an
effective economic plan is to build on existing strengths and resources. Heiltsuk is well-
positioned to create a number of initiatives that can be beneficial to the community, from
creating education programs to programs for outward investment and development.
First, Heiltsuk should use its existing strengths to create economic opportunities.
This can include fostering entrepreneurship, providing job-preparation services, and
building local business capacity. By creating a supportive environment for risk-taking,
Heiltsuk can grow and develop the local economy and create new employment
opportunities.
Second, Heiltsuk should look to encourage outward investment and

development. By developing strategic partnerships with governments and private
businesses, Heiltsuk can attract much-needed capital, expertise, and resources to build
up the Heiltsuk economy. Furthermore, these partnerships can create additional job and
investment opportunities in the area.
Finally, Heiltsuk should work to strengthen local institutions and create effective
structures to ensure that the local economy is sound. This includes reforming regulatory
and tax systems, developing policies that ensure better access to capital, and creating
initiatives to provide technical assistance and other assistance to local businesses.
The Heiltsuk Economic Development Corporation can also provide a number of

recommendations to address these issues. First, the Corporation can develop an
economic plan that outlines the economic goals of the Heiltsuk community and that
provides a roadmap for reaching those goals. Additionally, the Corporation can facilitate
capacity building and training programs to educate the Heiltsuk population and to create
opportunities for meaningful economic development. Finally, the Corporation can
provide support and resources to help local businesses to be successful and to create
job and investment opportunities. By taking these steps, the Heiltsuk Economic
Development Corporation can foster renewed economic growth and development in the
community.
References:
Harrison, J., & Beninger, S. (2016). HEILTSUK ECONOMIC DEVELOPMENT

CORPORATION: BALANCING. Richard Ivey School of Business Foundation .

Janang Buseco

Uploaded by

Copyright:

Available Formats

Janang Buseco

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Janang Buseco

Uploaded by

Copyright:

Available Formats

Janang, Mark Neil P.

Final Exams Part 2

November 28, 2023

Case: HEILTSUK ECONOMIC DEVELOPMENT CORPORATION: BALANCING

1. Identifying issues: What are the problems facing the HEDC?

The Heiltsuk Economic Development Corporation (HEDC) is a non-profit

The Heiltsuk Economic Development Corporation (HEDC) confronts significant

Financial Resource Constraints:

The foremost challenge lies in a pronounced lack of financial resources. HEDC

Investor Engagement and Understanding:

Dependency on Non-renewable Resources:

Synthesis and Future Steps:

In summary, HEDC’s challenges are multifaceted, encompassing financial

The Heiltsuk Economic Development Corporation (HEDC) plays a crucial role in

The Heiltsuk Nation members, being the primary stakeholders, actively

Governance and Decision-Making:

The Board of Directors, composed of elected Heiltsuk Nation members, holds a

Collaboration and Expertise:

HEDC’s collaboration with advisors, experts, and various external entities,

Community Empowerment and Economic Opportunities:

The overarching impact of HEDC is the creation of opportunities for Heiltsuk

In essence, HEDC’s impact is multifaceted, encompassing democratic

4. Formulating recommendations: How could these issues be addressed?

The Heiltsuk Economic Development Corporation is uniquely positioned to foster

Second, Heiltsuk should look to encourage outward investment and

The Heiltsuk Economic Development Corporation can also provide a number of

Harrison, J., & Beninger, S. (2016). HEILTSUK ECONOMIC DEVELOPMENT

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.