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EDI Strategy 2 Course Slides

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EDI Strategy 2 Course December 2007

EDI Strategy 2 Course December 2007

Published in: Business, Economy & Finance

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  • 1. Advanced Strategic Planning 2 Ed Morrison Economic Development Institute December, 2007
  • 2. Outline of the Course • Overview • Defining a Region • Telling a Story • Understanding Your Toolbox • Finding Data • Drawing Charts • Developing a Basic Story Line
  • 3. Forget Vision, Find Coherence
  • 4. Overview Economic development in a nutshell 4
  • 5. Overview Why telling stories makes a difference 5
  • 6. Overview Prosperous stories create a “buzz” 6
  • 7. Overview Negative stories become self-fulfilling 7
  • 8. Defining a Region Setting the Stage: Defining Your Region • Purpose: Why? What’s the purpose? • Media markets • Commuting Patterns • Cluster Anchor Linkages • Affinities: Mind Share
  • 9. Defining a Region Exercise: What’s the Bluegrass?
  • 10. Defining a Region The Lexington-Fayette, KY Metropolitan Statistical Area is the 109th largest Metropolitan Statistical Area (MSA) in the United States. It was originally formed by the United States Census Bureau in 1950 and consisted solely of Fayette County until 1980 when surrounding counties saw increases in their population densities and the number of their residents employed within Lexington- Fayette, which led to them meeting Census criteria to be added to the MSA. MSA counties include Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford. The Lexington-Fayette, KY MSA is the primary MSA of the Lexington-Fayette- Frankfort-Richmond, KY Combined Statistical Area which includes the Micropolitan Statistical Areas of Frankfort, KY (Franklin and Anderson counties), Mount Sterling, KY (Montgomery, Bath, and Menifee counties), and Richmond, KY (Madison and Rockcastle counties). The Lexington- Fayette-Frankfort-Richmond, KY Combined Statistical Area has a July 1, 2005 Census Bureau estimated population of 635,642.
  • 11. Telling a Story Using Data to Tell a Story • Analog: Quantitative: People, Businesses and Places • Digital: Qualitative: Surveys, Interviews, Focus Groups • Think about the structure of the story from Day 1
  • 12. Telling a Story Study what others are doing
  • 13. Telling a Story Santa Fe 13
  • 14. London, UK 14
  • 15. Telling a Story Some Big Picture Themes • Is our population growing: | Population • Are we producing jobs? | Employment • Are we generating income? | Income This story, although helpful, only sets the stage
  • 16. Telling a Story Drawing a clear picture Tactic 1: Use benchmark communities to measure progress 2000 per capita income Colorado Springs $28,804 Lexington $28,597 Columbia $27,741 Savannah $27,289 Chattanooga $26,781 Charleston-N Charleston $24,458 Augusta Aiken $23,816 Mobile $22,677 $0 $10,000 $20,000 $30,000 16
  • 17. Telling a Story Drawing a clear picture Tactic 2: Use growth rates in wage and salaried employment CAGR wage and salaried employment, 1990-2000 Colorado Springs 3.7% Lexington 2.6% Mobile 2.5% Chattanooga 1.9% Savannah 1.7% Columbia 1.3% Charleston-N Charleston 0.9% Augusta Aiken 0.6% 0 0.1 17
  • 18. Telling a Story Drawing a clear picture Tactic 3: Use index to compare employment growth 18
  • 19. Telling a Story Charleston forms a regional alliance Navy base closes 19
  • 20. Telling a Story The story of Oklahoma City in 1 slide Nominal PCI growth (1969=100) 1400 United States Oklahoma City, OK (MSA) 1200 1000 Baseball MAPS passes stadium 800 opens Forward OKC Oil Bust launched 600 Norrick Elected 400 200 0 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003
  • 21. Telling a Story Drawing a clear picture Tactic 4: Mapping Your Assets (on maps) • Brainpower • Education and training • Research • Innovation • Entrepreneurship and business development networks • Physical infrastructure • Connectivity • Attractions 21
  • 22. Telling a Story
  • 23. Your Tools Analytic Tools You Can Use • Traded business (economic base) analysis | Cluster analysis • Local business analysis: Retail capture and leakage • Location quotients • Shift share • SWOT • Social Network Analysis • Regional Asset Mapping 23
  • 24. Your Tools Traded businesses and clusters • Identification: Secondary data and location quotients • Identification: Interviews and focus groups Tip: Institute for Strategy and Competitiveness: Competitiveness Data ($) http://www.isc.hbs.edu/ 24
  • 25. Your Tools Local businesses • Trade area potential • Retail leakage • Transformation to a traded cluster: tourism connection Tip: Plugging the Leaks: http://www.pluggingtheleaks.org/ 25
  • 26. Your Tools Cluster Maps from Institute for Strategy and Competitiveness http://www.isc.hbs.edu/ 26
  • 27. Your Tools Unlocking Rural Competitiveness Tip: Unlocking Rural Competitiveness http://www.ibrc.indiana.edu/innovation/data.html
  • 28. Your Tools Location quotients measure concentration • A measure of concentration or specialization: A simple ratio • A location quotient is simply a ratio comparing the local percentage of employment in a sector to the national average percentage of employment in that sector. • Location quotient > 1 Your region is more specialized than the nation as a whole Suggests a regional advantage 28
  • 29. Your Tools Shift Share: Breaks down growth into components Source: Georgia Tech Tip: Georgia Tech Course on Economic Development Analysis: http://cherry.iac.gatech.edu/6602/xschedule.htm 29
  • 30. Your Tools Shift Share: Breaks down growth into components Source: Georgia Tech Tip: Georgia Tech Course on Economic Development Analysis: http://cherry.iac.gatech.edu/6602/xschedule.htm 30
  • 31. Your Tools SWOT: An Organizing Framework Source: Angelou Economics
  • 32. Your Tools
  • 33. Your Tools
  • 34. Your Tools Exercise: SWOT to Story
  • 35. Your Tools Social network analysis helps you understand connections Tip: The Tipping Point 35
  • 36. Your Tools Which region is stronger? Social Network Map of the Southwest Regional Leadership Forum University of Evansville March 17, 2006 Presented by the Indiana Humaniteis Council
  • 37. Your Tools Successful communities will understand the power of networks Knowledge Person; Hub Boundary Spanner Information Broker Knowledge Person Knowledge Person; Hub; Influencer Peripheral Person
  • 38. Your Tools Mapping your networks Hub Boundary Spanner Peripheral Tip: www.inspiration.com
  • 39. Your Tools Tip: Council on Competitiveness Guidebook available on http://edi-strategy.net
  • 40. Telling a Story
  • 41. Tip: Business Week: “Mapping the Crowd”, November, 15, 2007
  • 42. Finding Data Finding Data: Start here.... Start at: http://www.econdata.net
  • 43. Finding Data Finding Data: And here.... http://quickfacts.census.gov/qfd Courtesy: Ed Morrison & Tim Chase
  • 44. Drawing Charts Use Each Chart to Tell a Part of Your Story • Step 1: Define your message • Step 2: Be clear on the comparison • Step 3: Choose a chart type
  • 45. Drawing Charts Defining the Message • Be clear and concise about the message • Focus on the aspect of the data you want to emphasize • Put the message at the top of the graph
  • 46. Drawing Charts What’s the message? Company A Company B North (13%) West (25%) West (28%) North (39%) South (35%) East (27%) East (27%) South (6%) Company A 13% North 39% Company B 35% South 6% 27% East 27% 25% West 28% 0% 5% 10% 15% 20% 25% 30% 35% 40%
  • 47. Drawing Charts Types of Comparisons • Component comparisons: (%) • Item comparisons: (rank) • Time series comparisons: (change over time) • Frequency distribution comparisons (distributions) • Correlation comparisons (relationships)
  • 48. Drawing Charts Component Comparisons (%) • We are interested in showing the size of a component relative to the whole • Your message includes the words: share, percentage of total, accounted for X percent • Use pie and stacked bar charts 100% West 90% 25% East 28% Company A Company B 80% South North 70% North (13%) 27% West (25%) 60% West (28%) 27% North (39%) 50% 6% South (35%) 40% East (27%) East (27%) South (6%) 35% 30% 20% 39% 10% 13% 0% Company A Company B
  • 49. Drawing Charts Item Comparisons • We want to compare how things rank: Are they about the same? Is one more (or less) than another? • Message words: larger than, smaller than, equal to CAGR wage and salaried employment, 1990-2000 Colorado Springs 3.7% • Use horizontal bar chart Lexington 2.6% Mobile 2.5% Chattanooga 1.9% Savannah 1.7% Columbia 1.3% Charleston-N Charleston 0.9% Augusta Aiken 0.6% 0 0.1
  • 50. Drawing Charts Time Series • We want to see how something changes over time • Message words: increase, decrease, change, grow, decline • Use charts: column or line
  • 51. Drawing Charts Correlation Comparisons • Show a pattern between two variables • Message: related to, increases with, changes with State per capita income $40,000 • Use scatter plot $35,000 $30,000 $25,000 $20,000 $15,000 15% 20% 25% 30% 35% 40% 45% Percent of adults with 4 years of college or more
  • 52. Drawing Charts Exercise: Defining Your Messages Clearly
  • 53. What’s the message? Drawing Charts
  • 54. What’s the message? Drawing Charts
  • 55. What’s the message? Drawing Charts
  • 56. What’s the message? Drawing Charts
  • 57. What’s the message? Drawing Charts
  • 58. A Basic Story Line The Basic Story Line: A Template • We need to start with brains powered by 21st Century Skills. • We convert our brainpower into wealth with innovation and entrepreneurship.
  • 59. A Basic Story Line The Basic Story Line: PART 2 • We need to attract people by developing quality, connected places. • We need to brand ourselves with compelling stories. • We need collaboration to keep us aligned and focused.
  • 60. A Basic Story Line A Framework for Strategic Stories Source: Ed Morrison
  • 61. A Basic Story Line Here is the simple story line... Regions will prosper on the Second Innovative Businesses Curve with balanced strategies that... 1. Build world class brainpower Healthy Entrepreneur Brainpower and and 2. Translate brainpower into wealth World Class Innovation Skills Networks through innovation and Healthy, Creative Civic entrepreneurship networks Dynamic People Collaboration Clusters Infrastructure 3. Create quality, connected places for Quality, Insightful Stories Connected and Effective where “hot spots” can develop Places Branding 4. Create a buzz with a brand Healthy, Creative Places 5. Continuously strengthen habits of civic collaboration
  • 62. A Basic Story Line Chapters of the Story
  • 63. A Basic Story Line Brainpower: Talent Development | Our People How well are we doing developing brainpower with 21st Century Skills? • High school graduation rates • College attainment • High school drop outs • College continuation rates • STEM metrics (Science, Technology, Engineering, Math)
  • 64. A Basic Story Line Innovation: Entrepreneurship: Clusters: Business Development | Our Businesses How well are we converting brainpower into wealth through innovation and entrepreneurship? • Research and technology base: Research $, SBIRs, patents • New business starts • 2d Stage entrepreneurs: (EE 9-99) -- Lowe Foundation coming 1Q 2008 • Cluster development
  • 65. A Basic Story Line Quality Connected Places: Physical Development | Our Places How well are we developing a “sticky” place for people and business? • Broadband • Commercial, industrial inventory • Roads • Water • Other “quality of life” indicators • Housing
  • 66. A Basic Story Line Branding | Our Story How well are we telling our story to ourselves, our children, and outsiders? • Stories and testimonials • Awareness research
  • 67. A Basic Story Line
  • 68. A Basic Story Line Collaboration and Leadership: Skills and Attitudes | Our Leadership How well are we aligning, linking and leveraging our resources through collaboration? • Community forums | Connections, Attendance • Civility | Public attitudes and behaviors • Mapping Actors in the Story • Social network mapping
  • 69. Converting analog to digital Neil Reid, Ph.D., and Michael C. Carroll, Ph.D., quot;Structuring a Successful Greenhouse Cluster in Northwest Ohioquot;, The IEDC Economic Development Journal, Fall, 2006
  • 70. A Basic Story Line Converting analog to digital Fostering and Nurturing Entrepreneurship in Northeast Ohio, A report of NorTech's Entrepreneurship Task Force, 2003
  • 71. Exercise: Developing a Story from a Mass of Data