In step with other organizations, the Greater Phoenix Economic Council (the Valley’s regional public-private economic development organization) published a comprehensive 10-year economic development strategy that codified its change in direction to quality economic development in aerospace, bio-industry, advanced business and financial services, technology, and software. In early 2004, the Governor’s Council on Innovation and Technology issued Building Arizona’s Knowledge-Based Economy with scores of recommendations on venture capital, higher education, collaboration, workforce development, and other topics. Separately, each of these items would have been notable. Taken together, they demonstrate a strong commitment to the growth of a knowledge economy and to the multifaceted approaches needed to develop it.

What do we mean by "shoes waiting to drop?" We mean the trends that are already well under way — but that we can't quite see yet. These trends could overwhelm us if we don't spot them now and aggressively use our knowledge to plot our course for the future. The five "shoes" highlighted in the report are: A Talent Shake Up; Latino Education Dilemma; A Fuzzy Economic Identity; Lost Stewardship; and The Revenue Sieve.