Ventura County must focus on long-term growth and market its strongest assets to survive the recession, said two leading economic experts from California Lutheran University and California State University Channel Islands.

Somnath Basu, a finance professor and director of the California Institute of Finance at CLU, and Ashish Vaidya, an economics professor and dean of faculty at Channel Islands, spoke about the ongoing crisis at a joint annual meeting of the Economic Development CollaborativeVentura County (EDC-VC) and the Ventura County Economic Development Association (VCEDA) at the Spanish Hills Country Club last Thursday.

Basu said Ventura County must focus on its strengths, including tourism, agriculture, the entertainment industry and biotechnology. But instead of focusing entirely on infrastructure, the U.S. should be a leader in the world of innovative ideas.

"These are the shapes of the future," Basu said. "Businesses will have to adapt and change."

Many in the audience of 200 people—which included education, political and business leaders—listened attentively to Basu and Vaidya.

"They were thoughtful and down-to-earth but very smart and direct without using fancy academic language," said Bruce Stenslie, president of the EDCVC. "They gave smart and thoughtful answers."

The EDCVC is a private nonprofit organization that promotes businesses and economic vitality in the county. VCEDA advocates policies, legislation and programs that stimulate business.

Camarillo Mayor Don Waunch, who attended the joint meeting, said Camarillo has been able to make money in this economic quagmire through a conservative approach to spending and recent project bids coming to council under budget. However, the mayor expects there will come a time when the city will have to tighten its purse strings.

"Right now we're okay, but we don't know what the state's going to do to us," Waunch said.

Vaidya echoed Basu's thoughts on what the county should do to survive the rough period. Vaidya said Ventura County's diverse economic base is its biggest strength, and rethinking ways to market those strengths, including tourism and its coastline, is essential.

"That will get us out of this malaise," the CSUCI professor said.

Vaidya also said the county can benefit from President Barack Obama's stimulus package if it includes infrastructure and green technology elements. The professor also said the worst thing companies and businesses can do is panic.

"The last thing you want to do is get rid of your good employees," Vaidya said.

Instead of criticizing the economic model of capitalism, Basu said the recession occurred because of people. And it's people who will get the world out of its current mess.

"There's nothing wrong with the market," Basu said. "The social infrastructure is the problem. . . . But how do you regulate people? I don't know. We have to find a way to regulate behavior."

Education must also remain a priority, Basu said. Colleges and universities must adapt to the changing economy by changing priorities in the classroom.

Three points of emphasis stuck with Stenslie during the question-and-answer segment with the economic experts: The professors said that the world is more connected and complicated than it was just a few years ago and that businesses need to provide services for a global market; the economic crisis is exacerbated by consumers being more careful with how they spend money; and that the housing crisis existed because people owned homes when they couldn't afford mortgages.

Stenslie hoped the interactive session would provide a spark for educators, businesspeople and civic leaders.

"We've been in a recession for months. People have heard all the same stories," Stenslie said. "We wanted to avoid just another lecture. We wanted to get people involved, sitting and listening. . . . It's about how you survive in this economy and how do you prepare for the other end of it."