Business Improvement Area 2.0: Place-Based Industrial Strategy
Business Improvement Areas (BIAs) empower local business people, commercial property owners, and professionals in a specific geographic area to collaborate with the support of a local municipality in organizing, financing, and carrying out physical improvements and marketing of their districts. The key to its resilience over the years was the innovation of ‘compulsory BIA membership and levy payments’ which overcame the perennial free-rider problem intrinsic to voluntary business associations of the past. It is generally acknowledged that the BIA model, through this ability to harness business funds and reinvest them directly back into the local business area, has been a success internationally, in terms of enhanced economic, social, and community development outcomes.