Essential components for a successful local development policy

As the starting point for a discussion in the "Local knowledge economy development in towns and their regions" LinkedIn Group, I'd like to suggest which are the essential components of any local economy development policy. I would propose 5 of them:

1. the infrastructures at every level. From roads, trains and telecommunications to science and industry parcs or university and research centres.
2. the promotion of entrepreneurship 
3. the support to business creation
4. the support to existing industries
5. an active city marketing and communication action 

Do you agree on these points? Is there any other left? Do you think  some of those are much less important than the others?
Please share your thoughts on the above mentioned LinkedIn Group.