Essential criteria to build an effective local development policy

On another post I suggested a discussion for the "Local knowledge economy development in towns and their regions" LinkedIn Group, on the essential components of any local economy development policy.

As a sister discussion to that, I'd like to suggest another one on which are the essential criteria to build an effective local development policy. And I would propose 5 of them:

1. building the town future on the assets the town has historically (either some industry or nature, heritage, knowledge, science, city brand, culture or any possible other)
2. boosting innovation in all sectors of society
3. promoting entrepreneurs and entrepreneurship as a main asset of society
4. promoting collaboration between local stakeholders
5. increase exchange relations with partner towns and territories

 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 comments on the Linkedin Group