Economic Growth:   Survey of Growth Communities Discussion and Presentation on the Survey Results From Fifteen Moderate an...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Moran, Stahl & Boyer Profile  (Sample of Client Base) ...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Discussion Topics <ul><li>The fifteen (15) growth comm...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Fifteen Communities Surveyed <ul><li>Community Selecti...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Key Drivers of Growth
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Target Industries for Future Growth Back Office/Shared...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Biotech and Life Sciences Chemicals Pharmaceuticals Bi...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Techniques for Reaching Out to Existing Employers One-...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Phase III Maturation & Consolidation Phase II Rapid Ma...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer The New “Work Ethic” . . . The Bar Has Been Raised <ul...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Career: Vision  >  Motivation  >  Preparation  >  Outc...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Workforce Development Strategy Elementary  >  Secondar...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Techniques for Stimulating Entrepreneurial Activity En...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Entrepreneurial Index Developed by Advanced Research T...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Effective Economic Development Marketing Tools Web sit...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer <ul><li>Web Site-Related Tools  – Key information to i...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer <ul><li>Face-to-Face Activities   </li></ul><ul><li>> ...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Reflections on Economic Growth <ul><li>Every community...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Reflections on Economic Growth “Without continual grow...
Economic Growth:  Survey of Growth Communities Moran, Stahl & Boyer Action Plan to Support Economic Growth <ul><li>Develop...
John M. Rhodes, Senior Principal 941.755.0041 [email_address] Moran, Stahl & Boyer Site selection and community economic d...
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  1. 1. Economic Growth: Survey of Growth Communities Discussion and Presentation on the Survey Results From Fifteen Moderate and High Growth Communities. Connecting Companies With Communities TM Moran, Stahl & Boyer
  2. 2. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Moran, Stahl & Boyer Profile (Sample of Client Base) <ul><li>Corporate Site Selection </li></ul><ul><li>American International Group (AIG) </li></ul><ul><li>American Fuji Seal </li></ul><ul><li>AT&T </li></ul><ul><li>Colgate-Polmolive </li></ul><ul><li>Columbia Energy Group </li></ul><ul><li>Corning Incorporated </li></ul><ul><li>Dow Chemical </li></ul><ul><li>Federal Express </li></ul><ul><li>Infineon Technologies </li></ul><ul><li>John Hancock Insurance </li></ul><ul><li>Johnson & Johnson </li></ul><ul><li>Mac Dermid Corporation </li></ul><ul><li>Merrill Lynch </li></ul><ul><li>Prudential Financial Services </li></ul><ul><li>Economic Development Consulting </li></ul><ul><li>Alberta </li></ul><ul><li>Arizona </li></ul><ul><li>British Columbia </li></ul><ul><li>Connecticut </li></ul><ul><li>Delaware </li></ul><ul><li>Florida </li></ul><ul><li>Georgia </li></ul><ul><li>Massachusetts </li></ul><ul><li>Newfoundland/Labrador </li></ul><ul><li>New Jersey </li></ul><ul><li>New York </li></ul><ul><li>Pennsylvania </li></ul><ul><li>Texas </li></ul><ul><li>Virginia </li></ul>
  3. 3. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Discussion Topics <ul><li>The fifteen (15) growth communities that participated in the survey </li></ul><ul><li>Key drivers of population growth </li></ul><ul><li>Target industries for future growth </li></ul><ul><li>Techniques for reaching out to existing companies </li></ul><ul><li>Product/company life cycles </li></ul><ul><li>The new work ethic and its impact on workforce development </li></ul><ul><li>Effective economic development marketing tools </li></ul><ul><li>Two most important things to stimulate economic growth </li></ul><ul><li>Reflections on economic growth </li></ul><ul><li>Action Plan to support economic growth </li></ul>
  4. 4. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Fifteen Communities Surveyed <ul><li>Community Selection Based on: </li></ul><ul><li>Level of growth </li></ul><ul><li>Size of population </li></ul><ul><li>Diversity of economic base </li></ul><ul><li>Geography </li></ul><ul><li>Personal experience </li></ul>
  5. 5. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Key Drivers of Growth
  6. 6. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Target Industries for Future Growth Back Office/Shared Services Life Science/Biotech Specialty/Advanced Mfg. Region/Corporate HQ’s Information Technology Logistics/Distribution Healthcare Services Electronics/Optics Aviation/Aerospace Renewable Energy Which industries have higher-paying jobs and will remain in the community into the future?
  7. 7. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Biotech and Life Sciences Chemicals Pharmaceuticals Biomaterials Pesticides Bioinformatics Medical Devices Medical Instruments Electronic Equipment
  8. 8. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Techniques for Reaching Out to Existing Employers One-on-One Meetings Newsletters Periodic Social Events Seminars/Workshops Annual Business Surveys <ul><li>Critical Questions: </li></ul><ul><li>Are they growing? </li></ul><ul><li>Any new products/services (R&D)? </li></ul><ul><li>How tough is the competition and where is it coming from? </li></ul><ul><li>What are their challenges? </li></ul><ul><li>How can the community support them? </li></ul><ul><li>Where are they in their life cycle? </li></ul>Employer interviews and plant tours are important ways to better understand your economic base.
  9. 9. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Phase III Maturation & Consolidation Phase II Rapid Market Growth Through Internal Expansion and Acquisition Phase I Business Start-up & Product Rollout Output Time Company/Product Life Cycle: Key to Understanding Opportunities Start-up Capital > Labor/Facilities/Capital > Minimize Cost > Sustained Market Phase IV Sustained Niche or “ Last One Standing” A B C D Critical Decisions Made in Phase III A: Attempt to go back to Phase II (new market expansion/product improvements) B: Consolidate with competition to grow share in a shrinking market C: Go/stay private with niche operation and proceed to Phase IV D: Continue to enhance productivity to sustain margins (production improvements/cost takeouts)
  10. 10. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer The New “Work Ethic” . . . The Bar Has Been Raised <ul><li>Punctuality . . . dependable </li></ul><ul><li>Business etiquette . . . respect/discern </li></ul><ul><li>Drive to succeed . . . focused/ethical </li></ul><ul><li>Commitment . . . hard work/time management </li></ul><ul><li>Attention to detail . . . pursuit of quality </li></ul><ul><li>No drugs . . . testing is inevitable </li></ul><ul><li>Work in teams but also independent thinker </li></ul><ul><li>Demonstrate creativity and innovation </li></ul><ul><li>Grasp critical thinking approach to problem solving </li></ul><ul><li>Quick to learn new information and concepts </li></ul><ul><li>Attitude that readily adapts to change </li></ul><ul><li>Math…integral to many industries </li></ul><ul><li>Computer…Microsoft Office platform </li></ul><ul><li>Communication … written and verbal </li></ul><ul><li>College degree . . . technical and entrepreneurial </li></ul><ul><li>Industry specific. . . jargon and concepts </li></ul><ul><li>Special certifications . . . by discipline </li></ul>Core “Soft” Competencies Core “Technical” Competencies Advanced “Soft” Competencies Advanced “Technical” Competencies Higher skills required in order for companies to quickly adapt to rapidly-evolving markets.
  11. 11. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Career: Vision > Motivation > Preparation > Outcome Vision: defining realistic opportunities and knowing how to achieve them. Motivation: personalizing options and having the ongoing support for success. Preparation: having the focus and discipline to meet requirements. Outcome: securing the best jobs and careers in the local marketplace. <ul><li>Student interest in participating in various career-related activities . . . </li></ul><ul><li>College and industry tours </li></ul><ul><li>Job shadowing </li></ul><ul><li>One-to-one contact with someone in career area </li></ul><ul><li>Internships </li></ul>
  12. 12. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Workforce Development Strategy Elementary > Secondary > College > Workforce Students, Parents, Educators, Prospective Employees, etc. On-Going Interface With Local Industry Labor Force Planning, Career Awareness/Trends, Internships, etc. Evolving Developmental Needs . . . Part of Life-Long Learning: Career Awareness, Technical Skills and “Soft” Skills <ul><li>Facilitators </li></ul><ul><li>Econ. Dev. Staff </li></ul><ul><li>WIB’s </li></ul><ul><li>Local Industry Leaders </li></ul><ul><li>Local Education Leaders </li></ul>Ultimate Goal: Having a Labor Force at the Right Size, with the Right Skills, and the Desire to Remain in the Region.
  13. 13. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Techniques for Stimulating Entrepreneurial Activity Entrepreneurship Awareness Access to Low Interest Loans/Grants Business Plan Competition to Win Start-Up Funds Courses on Preparing Business Plans Low Cost Space and Incubators for Start-Ups Business mentorship, access to angel/venture capital, and awareness of local university patent commercialization opportunities are also important.
  14. 14. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Entrepreneurial Index Developed by Advanced Research Technologies, LLC based on new company startups per 1,0000 workforce participants, change in the number of new business start-ups over a 10-year period, and percent of smaller firms experiencing high growth. Allentown-Bethlehem, PA
  15. 15. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Effective Economic Development Marketing Tools Web site Direct letters to consultants and prospects Road trips to visit consultants, brokers and prospects Industry-specific trade shows Use of PDF attachments on web site Familiarization trips for consultants, brokers, etc. Real estate-related trade conferences/trade shows E-mail updates and newsletters Hard copy mailed updates, newsletters, magazines Advertising in site selection publications Advertising in industry-specific publications Web Site-Related Tools Direct Communications Face-to-Face Activities Print Advertising
  16. 16. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer <ul><li>Web Site-Related Tools – Key information to include: </li></ul><ul><li>> Contact information for the economic development staff </li></ul><ul><li>> Community profile in PDF format that includes area resources and a list of employers with 100+ employees by industry; a discussion on target industries and resource profiles for each industry; available incentives as well as a list of updated sites and buildings with basic details noted. </li></ul><ul><li>Direct Communications </li></ul><ul><li>> Both e-mail and hard copy materials receive only casual review by the reader unless the reader has some previous relationship with the community. </li></ul><ul><li>> Communities send out hundreds of items a month and a consultant or commercial broker is typically deluged with information in this format. </li></ul>Effective Economic Development Marketing Tools
  17. 17. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer <ul><li>Face-to-Face Activities </li></ul><ul><li>> Trade shows/conferences provide an opportunity for brief encounter </li></ul><ul><li>> The road trips may provide 30 to 60 minutes of face time </li></ul><ul><li>> Special conferences allow several days of potential encounters </li></ul><ul><li>> Familiarization tours provide first-hand experience in community and multiple-days for discussions (precise planning and execution is critical to success) </li></ul><ul><li> Print Advertising </li></ul><ul><li>> Opportunity to reinforce a brand image or communicate a focused thought to a broad readership. </li></ul><ul><li>> Keep in mind that most readers may give an ad one second or less to process unless there is a compelling reason to reflect longer or act on the message. </li></ul>Effective Economic Development Marketing Tools
  18. 18. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth <ul><li>Stimulating Business Growth - Grow your own – both expansion of existing companies and new start-ups </li></ul><ul><li>- Focus recruitment on targeted industries with emerging high quality jobs </li></ul><ul><li>- Align recruiting efforts to capitalize on the unique assets of a community. </li></ul><ul><li>Development of Resources to Support Economic Growth - Build the product capacity (buildings/sites, workforce, infrastructure) to facilitate growth </li></ul><ul><li>- Train the region’s workforce for the businesses (industries) that will be growing </li></ul><ul><li>- Maintain a “speed of business” model that addresses the needs and opportunities of the region’s businesses </li></ul><ul><li>- Incentives are a strategic aspect of available resources (e.g., tax abatement/rebates, training support, other offerings) </li></ul><ul><li>- Facilitate internal discussions (among stakeholders) to garner support for the development of a competitive product (community resource development). </li></ul>Strategy
  19. 19. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth <ul><li>Other Considerations - Have a focused strategy and the resources (people and finances) necessary to carry out the strategy </li></ul><ul><li>- The regional marketing approach is a valuable asset for leveraging resources and building market awareness </li></ul><ul><li>- Conduct a comprehensive marketing and business development campaign </li></ul><ul><li>- Produce solid (accurate/timely) facts (statistics, available real estate, etc.) for prospects to make location decisions. </li></ul>
  20. 20. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Two Most Important Things to Stimulate Economic Growth <ul><li>Build strong relationships (partnerships) with existing local companies - Understand their needs and provide them and support their growth - Seek financial support from larger employers for economic development initiatives and access to HR functions for prospect/consultant interviews. </li></ul><ul><li>Sustain effective working relationships with local government agencies and assure they understand their role in the overall economic development process. </li></ul><ul><li>Educate the community (at large) on the need for economic development, the value businesses provide the local economy, and the need to stimulate and maintain a competitive business climate. </li></ul><ul><li>Host familiarization tours of the community for company prospects, consultants, brokers and other influencers as a valuable relationship-building tool. </li></ul><ul><li>Facilitate an on-going relationship between all local services and government agencies to present an effective and seamless team of resources to existing and prospective companies. </li></ul><ul><li>Develop a true regional economic development partnership and obtain buy-in from all stakeholders. </li></ul>Relationships
  21. 21. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Reflections on Economic Growth <ul><li>Every community faces a crossroads at some time – in fact multiple times. Those communities that are successful have a group of stakeholders that pull together and help the community recast a new economic strategy. </li></ul><ul><li>High growth and no growth have their own unique but separate challenges. </li></ul><ul><li>Manufacturing is still a strong underpinning to many local economies but every industry and company must deal with their evolving life cycle issues. </li></ul><ul><li>It’s OK to go “elephant” hunting for big projects but remember that many jobs are provided through smaller entrepreneurial companies. </li></ul>
  22. 22. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Reflections on Economic Growth “Without continual growth and progress, such words as improvement, achievement, and success have no meaning.” - Benjamin Franklin
  23. 23. Economic Growth: Survey of Growth Communities Moran, Stahl & Boyer Action Plan to Support Economic Growth <ul><li>Develop an objective evaluation of local resources that support economic development. </li></ul><ul><li>Determine an achievable target industry portfolio and types of operations that provide the jobs and tax base desired. </li></ul><ul><li>Complete a labor force gap analysis that positions labor resources to anticipate employer needs. </li></ul><ul><li>Develop real estate resources at the level of readiness required to support each type of operation. </li></ul><ul><li>Prepare /implement a marketing and business development strategy that targets each life stage opportunity. </li></ul>
  24. 24. John M. Rhodes, Senior Principal 941.755.0041 [email_address] Moran, Stahl & Boyer Site selection and community economic development consultants. M S B &
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