DSM USA Policy HQ - Public-Private Partnerships
Tej Dhawan, chief data officer at Principal Financial Group and local entrepreneur, and Debi Durham, director of the Iowa Economic Development Authority (IEDA) and the Iowa Finance Authority (IFA), discuss building public-private partnerships, also known as P3s, within Iowa and the Greater Des Moines (DSM) community. They also highlight the relationship between government and business in economic development, infrastructure projects and entrepreneurial efforts.
Public-Private Partnerships in Iowa
Director Durham explains when she was initially appointed, her first task was to eliminate the Iowa Department of Economic Development and create a new authority. This included setting up a private sector arm through the Iowa Innovation Corporation, a business with the ability to raise funds and amass equity. As director of IFA, Durham says it is structured to be a separate instrument of the state and is completely self-sufficient. With IEDA and IFA under the same leadership, they are truly embracing both the private and public sectors to deliver resources in a much more strategic way.
For Dhawan, who started and ran a tech business through 2010, he says he had never heard of the concept of a public private partnership. It was only after getting involved with the Greater Des Moines Partnership and IEDA in 2011 that he became familiar with the idea. He says it is not only local government partnerships with the state, but with Polk County and the City of Des Moines becoming involved along with The Partnership coming together to launch the DSM entrepreneurial community.
Government’s Role in Business
Dhawan says that every person around the country told him, in the beginning, that government had no place at the table and the advice was to remain completely private. In Iowa, things were being done differently. The state was offering venture capital items and meaningful items that helped new companies grow and local businesses are benefiting immensely. This was the Iowa way and with that spirit and under the director of Director Durham, the state continues to serve as a leader of best practices and find success from public-private partnerships.
The DSM USA Policy HQ podcast was previously produced by the Greater Des Moines Partnership. Stay in the know on the latest policy updates with The Partnership’s Government Policy Council newsletter.
Greater Des Moines Partnership
The Greater Des Moines Partnership is the economic and community development organization that serves Greater Des Moines (DSM), Iowa. Together with more than 400 Investors and an Affiliate Chamber of Commerce network of more than 6,700 Regional Business Members, The Partnership drives economic growth with one voice, one mission and as one region. Through innovation, strategic planning and global collaboration, The Partnership grows opportunity, helps create jobs and promotes DSM as the best place to build a business, a career and a future. Learn more at DSMpartnership.com.