#2BFayetteville

A message from our Chamber President Many of us are familiar with the saying "everything old is new again." However, many of us have prob- ably never considered the origin of the phrase or whether it remains relevant. The oldest source I could find for the phrase is in the Bible. Ecclesiastes 1:9 says, "The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun." This edition of #2B Fayetteville deals with cooperation, regionalism, globalism and most importantly "coopetition" and the role they all play in facilitating change. This edition also discusses the value of coop- erative models in promoting change and economic development. Doug McMillan, Walmart CEO, commented in Walmart's 2019 annual report about what he had learned in the 5 years since he became CEO. He said when he visits with associates around the world and asks, "other than our purpose and values what else is constant at Walmart?" Their replies were all the same: "Change!" He wisely noted: Change is powerful mindset and our people have it .... There is no growth without change, and there is no mean- ingful change without risk. So, get comfortable with an intelligent level of risk. Otherwise, the law of diminishing re- turns sets in as always doing the same things the same way takes over .... We are playing the long game. Our priority is to position our company for long-term success ... History has shown us that companies that focused too much on the short term were doomed to fail .. .. [O]our most important strategic decisions are made in light of what we want our company to become for the next generation. 1 This edition of #2BFayetteville addresses the long-game approach to economic development for Fayetteville and our region. This edition focuses on how one "old" model, often overlooked in our 21st century, is one of the most successful—a cooperative one, like our own Ozarks Electric Co-op. In 1940, when only 112,050 people out of our state's population of 1.95 million had electricity, co-ops stepped in to provide it to over sixty percent {60%} of our state's population. Now they are using the same model to substantially increase the number of Arkansans with broadband access. Co-ops adhere to seven principles of operation. They are voluntary and open, meaning open to all without regard to gender, social, racial, political, or religious identity. They are democratically controlled by their members. Members contribute equitably and retain a part of their capital as common property. They are an autonomous, self-help organization controlled by their members. If they enter into agreements with other organizations, including governments or entities providing capital or opportunities, they ensure their members have control and autonomy. They provide education and training, and further serve their membership by working coop- eratively with local, national, regional and international organizations Finally, co-ops work for sustainable development They are playing the long game. Co-ops work hard for their communities because they are an integral part of the communities they serve. Coopetition is business relationship for the 21st century. Coopetition is a business model that our Fayetteville Chamber is using to expand our economic base of opportunity and maintain our community's relevance in this changing 21st century world. While it pres- ents as a new model, it is founded on principles of cooperation within competitive business systems that have proven success. So perhaps everything old is new again! Please read this edition and give us your feedback. We want you to be a part of our effort in coopetition, to utilize your experiences to assist our Chamber in facilitating change, using a familiar model that may just be new again, to improve the economic opportunities for all in our city, region, and state. Steve Clark, IOM President & CEO is new again everything old 1 Available at https:/ /corporate.walmart.com/doug-mcmillon-what-ive-learned-since-becoming-ceo 6

• Cover