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Stepping Up To The Next Level 2010
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Stepping Up To The Next Level 2010

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Strategy for how Economic Development / Washington County is moving from a start-up organization to an entrepreneurial EDO.

Strategy for how Economic Development / Washington County is moving from a start-up organization to an entrepreneurial EDO.

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Stepping Up To The Next Level 2010 Stepping Up To The Next Level 2010 Presentation Transcript

  • Stepping Up to the Next Level
    Evolving Washington County’s
    Economic Development Mission
  • Evolution of Washington County EDC
  • 2009 Highlights
    • Provided $300,000 in gap funding to Washington County businesses via the County’s Revolving Loan Fund
    • Kesslers Diamond Center, Germantown
    • Matenaer Corporation, West Bend
    • Pouch Converting Technologies, Richfield
    • $5.4 million in new investment
    • Business mentoring & networking program
    • County-wide business retention survey of over 700 local businesses
    • 10 business opportunities & issues seminars
    • Promotional video “Business Ready, Life Ready”
  • Outcomes Since Hiring New Executive Director
    • Forged the first countywide program anywhere in the state for allocating Recovery Zone Facility Bonds to private businesses
    • Conducted 79 in-person meetings and outreach
    • Secured $100,000 in gap funding for a Germantown manufacturer
    • Finalizing $25,000 in a training grant for a Richfield company
    • Developed a “next level” solution for upgrading EDWC information technology to meet organization’s more intensive IT needs
  • 2010 Committee Activity
    Committees
    Sample 2010 Work
    Agribusiness
    Business retention & expansion
    Executive
    Marketing
    Member / Investor relations
    Healthcare
    Revolving loan fund
    Workforce
    Develop specific tactics for new 3-year strategy
    Business mentoring program
    Website revamp / upgrade
    Cap extension for RLF
    Healthcare seminar series
    Middle skills program
    Value-added agricultural opportunities
  • Fresh Observations
    Strengths
    Weaknesses
    Committee structure
    Experienced & committed leadership on Board & committees
    Solid foundations provided during start-up
    Responsive and proactive orientation
    Innovative and open-source in approach
    Goals difficult to measure…accountability
    Risk of losing purpose in trying to be “all things to all people”
    Some businesses have difficulty articulating a value proposition
    Narrow funding streams
  • Fresh Observations
    Opportunities
    Threats
    • Rich in social capital
    • Widespread support for utilizing competitive power of a county-wide approach
    • Diverse & strong business community
    • Job creation by existing businesses
    • Part of Milwaukee region
    • Workforce; UW-WC, MPTC
    • “Bullwhip Effect” (WSJ 2/27/10)
    Parochialism
    Lingering economic uncertainty
    Regulatory climate
    Pending labor shortage
    Public sector budget shortfalls and structural challenges
    Midwest identity among young workers (Richard Florida)
  • Who makes up our business community?
    Source: www.youreconomy.org
  • Who’s creating the jobs?
    Milwaukee MSA
    Washington County
    Source: www.youreconomy.org
  • Rethinking Economic Development
    Graphic thanks to Edward Lowe Foundation
  • Existing business development
    Targeted business attraction
    Qualified start-up / small business support
    Next Level Focus for EDWC
    “Delivering higher levels of meaningful results through focus on three core economic development functions”
  • Forging an Entrepreneurial Approach
  • Step 1: Develop a 3-Year Strategy
  • Step 2: ID and Exploit Select Niches
  • Step 3: Deepen our B2B Toolbox
    Single point for addressing your business development needs:
    Experienced consulting for entrepreneurs & businesses to facilitate development projects
    Liaison to government, education and NGO development and workforce solutions
    Incentive negotiation & financial packaging
    Gap financing (local, state, & federal support)
    Project management (currently special purpose)
    Public relations
  • B2B Today: Gap Financing
    Washington County revolving loan fund (RLF)
    Tax increment financing (TIF)
    State loan funds
    State tax credits
    Tax exempt bond funds (RZFB, Midwest Disaster Area, Revenue and Industrial bonds)
    SBA 7(a) / 504 guarantees, ARC, linked deposit funds
    Venture and angel equity investment
    Grants (planning, training, & special purpose)
    Federal: SBA, EDA, HUD, EPA, USDA, Export-Import Bank
    Sale leasebacks
    Tax abatements (unconstitutional in WI)
    Utility rate incentives and grant programs
  • B2B Products: Economic Gardening
    Economic Gardening
    • Economies are driven by entrepreneurs
    • Information, infrastructure, connections
    • Sophisticated corporate tools
    • Cutting edge consulting
    • Focuses on 80/20 rule: strategy, market dynamics, marketing, teams, finance
    • Innovation & open source
    • Niche-focused
  • Our Futures are Shared…
    Thank you EDWC investors. YOU are the key to our success today and tomorrow.
    Not yet an investor? Join a team of people and businesses growing Washington County’s economy. We invite you to sign up today. The next generation is counting on you!
    Economic Development / Washington County
    2151 North Main Street | West Bend, WI | 53090(262) 335-5769 | info@businessreadywi.org
    www.businessreadywi.org