The Iowa Lakes Corridor Development Corporation (formerly the Great Lakes Corridor of Opportunity) was organized in 1992 to foster, encourage, promote, assist or otherwise aid economic growth and development in the Iowa counties of Clay and Dickinson. In late 2005, Emmet County became a part of the region and in January 2006, Buena Vista County joined the region.

The Corridor is a past recipient of the Silver Shovel Award from the Iowa Area Development Group. The Silver Shovel Award, in honor of the IADGs 25th silver anniversary, is an award based on merit.

The organization is a 501(c)6, non-profit organization in the State of Iowa. The Iowa Lakes Corridor is governed by a 16-member board of directors who set policy and direction for the organization. The board of directors is responsible for the hire of the President and CEO of the Iowa Lakes Corridor. The Corridor currently receives funding from the public and private sector. The total annual budget is approximately $700,000. The Iowa Lakes Corridor has four full-time and one part-time, professional staff members with a central office located in Spencer.