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_ 1 • Increased technology advancements. Along with improvements in communication, other technological 2 advancements continue to benefit Pequot Lakes businesses. The ability to attract and retain an educated 3 workforce, the ability to collaborate with partners across the globe and the options for researching new, 4 innovative approaches are all enhanced by continued improvements in technology. It is clear that the next 5 era, however it manifests itself,will be led by those able to best utilize new advancements in technology. 6 It is likely that the future of Pequot Lakes will be oriented primarily toward businesses that sell goods and services 7 to the local market and businesses that utilize technology to create and/or distribute goods and services beyond 8 the area. To a lesser extent, tourism and tourism-support industries will continue to play a role. Notably absent 9 from this list are the industries of growth (land development, real estate, title closing, surveying and engineering, 10 etc..) which, while important to a functioning local economy, are unlikely to be the dominant industries they were 11 over the past two decades. 12 EXPORTS AND IMPORT-REPLACEMENT 13 For the Pequot Lakes economy to prosper in the coming years, it is important that community leaders understand 14 the relationship between export industries (businesses that"export" goods and services outside of the community 15 and, in exchange, "import" capital to the community) and import-replacement industries (those that serve the 16 local market). 17 It is easy to understand exports and import-replacement on a national scale. We export computer chips made in 18 the United States to Europe. In this instance the chip is an export that brings outside capital into the county. We 19 import strawberries from Peru. When we provide strawberries domestically instead of importing them from Peru, 20 locally-grown strawberries become an import-replacement. American money now goes to American producers 21 instead of being sent to Peru. 22 The same thing happens at the local level. When someone from Pequot Lakes drives to Brainerd to buy furniture, 23 Brainerd is exporting the furniture to us. Our money goes to Brainerd's market and the furniture comes to Pequot 24 (imported). When that resident opts instead to purchase the furniture built in Pequot Lakes, then the furniture is 25 an import-replacement. Instead of buying it from someplace in Brainerd, the furniture was bought and 26 manufactured locally and the money stays in the community. 27 The following table shows how this relationship has worked throughout the history of Pequot Lakes. Export Industries Import-Replacement Industries Early Logging Era Raw wood and lightly Services and goods for lumberjacks and processed wood materials those in support of the forestry industry(eg. shoe repair,clothing sales,bars and restaurants) Agriculture/Tourism Agriculture,Tourism Services and goods for agriculture,tourists Era service,fishing experience and support services for the tourism and—to a lesser degree- industry(eg.fishing guides,bait stores, fish tourist retail shops) Rapid Development Land as well as land Services and goods for new residents and Era development and support services for land development construction-related activities (eg.title companies,real estate 13 1 P a g e