How Metics Will Save Economic Development
 

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Ben Wright, Atlas CEO & Guillermo Mazier, Atlas’ Director of Strategic Accounts, cover the latest theories, metrics and best practices to prove that economic development makes a difference for ...

Ben Wright, Atlas CEO & Guillermo Mazier, Atlas’ Director of Strategic Accounts, cover the latest theories, metrics and best practices to prove that economic development makes a difference for communities.

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  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.
  • Step one was understanding who we are collectively. Step two was acknowledgement of ourselves as a region. <br /> Step three was accepting that we are part of a group. <br /> Step four is moving together as one.

How Metics Will Save Economic Development Presentation Transcript

  • 1. How Metrics will Save Economic Development Presented by
  • 2. Your Hosts Ben Wright CEO, Atlas Advertising benw@atlas-advertising.com www.twitter.com/atlasad Guillermo Mazier Director, Strategic Accounts, Atlas Advertising guillermom@atlas-advertising.com www.twitter.com/atlasad Tim Terrentine, Vice President Southwest Michigan Frist
  • 3. Presenting From Elkhart, Indiana 2009 2014 – Unemployment rate
  • 4. About Atlas Atlas Advertising helps economic developers reach national and international prospect and site selection audiences. We deliver branding, website development, GIS mapping, research, social media, and creative services professionally and with a staff experienced in economic development. Unlike firms with little or no economic development experience, Atlas Advertising uses a proven mix of economic development marketing tactics that generate interest from site selection audiences. Atlas Advertising is led by a former economic development practitioner and has worked with 140+ different economic development clients in 43+ states. Our approach and experience means that our campaigns generate an average of three to ten times the response of other campaigns. Featured clients include:
  • 5. View the slides, continue the dialogue •  Continue the Conversation: –  Follow us on Twitter: www.twitter.com/AtlasAd –  Tweet questions using hashtag #ASKATLAS –  Join High Performance Economic Development LinkedIn Group •  View and share the slides with your colleagues (available now): www.slideshare.com/wright0405
  • 6. Outline 1.  Introductions 2.  Metrics Context – The Trouble with Metrics 3.  3 Organizations That are Succeeding with Metrics 4.  3 Things That Organizations Can do More of 5.  Metrics Case Study: Southwest Michigan First 6.  ED 101 for your board 7.  Wrap up/Questions
  • 7. That which is measured improves. That which is measured and reported improves exponentially. Karl Pearson
  • 8. Metrics Context Over 50% of EDOs Don’t TRACK their performance 80% of “Non Trackers” have considered metrics at one point Most widely used metrics: Jobs, Capital Investment, Tax Base, Personal Income 300menu of metrics provided by the IEDC Nearly 2/3rds of EDO’s evaluate their performance
  • 9. Lack of accurate data The Challenges of Metrics No Standardized reporting system Pressure to show big wins Our board misinterprets the data If we live by just jobs, do we die by jobs Time to report data
  • 10. Measuring ROI
  • 11. Need More Funding? Why Not Use Metrics? “As with many other large corporations, we believe we have a responsibility to a wide scope of stakeholders—to invigorate the economy and address significant social and environmental problems in the communities where we live and work. And as one of the largest financial services companies in the world, we feel uniquely positioned to deliver on this responsibility: to use our strength, global reach, expertise and access to capital to support our clients and communities and invest in them.” Amy Bell, Executive Director and Head of Principal Investments for J.P. Morgan’s Social Finance business unit.
  • 12. Biggest Trend and Need for Metrics – Impact Investing 3 Things Chase Invests in and has metrics for: 1.  Education = Test scores 2.  The Arts = Engagement, memberships, visits 3.  Economic Development = NONE
  • 13. Nashville Organizations are Adapting to Today’s Competitive Landscape: Recruiting Workforce Greater MSP - Organizations are Setting Big, Hairy, Audacious Goals Columbus 2020 - Organizations are Exhibiting an “If Not Us, Then Who” Mentality 3 Organizations that are succeeding with Metrics
  • 14. WE ARE SETTING A BOLD COURSE 1)  Return our rate of job growth to be above national average 2) Job growth to meet or exceed peer competitor regions 3) Provide significant ROI for investors 15
  • 15. A TOTAL INCREASE OF 100,000 NEW JOBS 2012 2016 100,000 new jobs Margin of excellence Projected regional job growth 25% Margin of Excellence
  • 16. http://www.slideshare.net/Columbus2020/columbus-region-economic-update-2014-april
  • 17. http://www.slideshare.net/Columbus2020/columbus-region-economic-update-2014-april
  • 18. http://www.nashvillechamber.com/Homepage/AboutUs/AnnualReports.aspx
  • 19. Economic Developers are Slow to Adopt Digital Tactics There is Too Much Discussion About Whether or Not Economic Developers are Essential The Spread Between High Performing and Low Performing Organizations is Staggering
  • 20. 200+ 146 175 C sh Average number of conversations per organization in the last 12 months $ 234 Average capital investment per community in the last 12 months W 1,293 15 Average jobs announced per organization, last 12 months Va nu ng Economics DEVELOPMENT ORGANIZATIONS 200+ 175 Communities shared their data Website visits per conversation Fact about digital economic development:
  • 21. Budget Level LOW JOBS ANNOUNCED, 2012 HIGH JOBS ANNOUNCED, 2012 Under $100,000 20 243 $100,000 to $249,000 2 1,500 $250,000 to $499,000 5 5,000 $500,000 to $999,000 4 4,283 $1,000,000 to $2,500,000 35 8,000 Over $2,500,000 6 16,835 Source: Atlas Report - Why Metrics Matter, 2013 Average difference: 978x
  • 22. A Case Study on Metrics: Southwest Michigan First "The person who says it cannot be done should not interrupt the person doing it.” - Chinese Proverb Tim Terrentine, Vice President
  • 23. catalytic counting SOUTHWEST MICHIGAN’S ACCOUNTABILITY TO ECONOMIC GROWTH
  • 24. Governor Snyder’s statewide initiative in 2011 to provide more access to capital, assistance for existing companies and program development joined the seven counties of Southwest Michigan together. Southwest Michigan First engaged with more than 1,000 leaders to elevate economic development in our region and help determine our strategy. Why are we here?  
  • 25. Who are we as a region?   778,384 People Source: U.S. Census Annual Estimates, 2011
  • 26. Who are we as a region?   Source: Michigan Department of Labor and Economic Growth, July 2013, Unemployment – Not Seasonally Adjusted 343,074 Jobs
  • 27. Who are we as a region?   Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012 56,421 College Students
  • 28. Who are we as a region?   Source: U.S. Department of Commerce, U.S. Census Bureau, Private Non-Farm Establishments, 2011 15,875 Companies
  • 29. Who are we as a region?   Source: Individual County Data 186 Cities, Townships & Villages
  • 30. Who are we as a region?   74 School Districts Source: Michigan Department of Technology, Management & Budget, Michigan School Districts and Intermediate School Districts Map
  • 31. Who are we as a region?   19 Economic Development Groups Source: Individual County Data
  • 32. Who are we as a region?   7 Counties Source: State of Michigan Map
  • 33. Who are we as a region?   5 Community Colleges Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
  • 34. Who are we as a region?   3 Private Colleges & Universities Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
  • 35. Who are we as a region?   1 Research University Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
  • 36. q  Commitment (Follow the why) q  Conviction (Core and enabling) q  Context (Short term, long term) q  Consistency in Capturing –  W.E. Upjohn Institute Relationship q  Communication –  Different strokes for different folks   Building a culture of accountability requires:   √ √ √ √ √
  • 37. Establish a reporting system that works for you  
  • 38. Keeping score  
  • 39. What We Measure Internally
  • 40. What We Measure Externally
  • 41. REGIONAL 2022 GOALS | snapshot scorecard Business Growth Vital Urban Cores Capital Formation Education Local Government Unemployment People New & Accelerated Companies New Jobs Household Income New Capital Growth Urban Anchor Projects Urban New Investment Residents in Urban Cores Earning $50,000+ Annual Internships Number of College Grad Citizens Top 10 Governments Achieve Financial Stability Community Satisfaction Bureau of Labor Statistics U.S. Census Southwest Michigan Partners Bureau of Labor Statistics American Community Survey Southwest Michigan First Southwest Michigan First Southwest Michigan First American Community Survey Southwest Michigan First American Community Survey Plante Moran Gallup-Healthways Well-Being Index, State of Well-Being, 2011 5.2% 850,000 100 47,767 $62,520 $500,000,000 8 $200,000,000 60% 2,000 Top 100 TBA Top 20% 7.8% (10/13) 778,384 83 10,540* $45,005 $35,046,500 2 $30,500,000 32% 45 #216 TBA Top 40% 9.2% (12/11) 778,384 46 -2,276 $45,005 $30,846,500 0 $0 32% 45 #216 TBA Top 40% 01.01.2013 11.30.2013 2022 Goal Source
  • 42. The greatest force for change is a job   6,244 direct jobs 9,336 indirect jobs 15,560 total jobs $1.17 billion in new investment 159 2012+2013 announcements
  • 43. What We Measure Relationships
  • 44. What We Measure Community | Quality of Life
  • 45. ECONOMIC DEVELOPMENT 101 - FREE DRAWING 1.  How to use metrics to lead and educate others in your community 2.  How to use modern commuications to engage stakeholders and prospects
  • 46. Question for Tim: Whats the conversation like with your board when you are behind with your metrics?
  • 47. Question for Tim: Why did you initiate a metrics program in the first place?
  • 48. Get the report: http://www.slideshare.net/ wright0405/atlas-high-performance- economic-development-white-paper Take the survey to participate: http://atlas-advertising.com/ Community-Benchmarking-Study.aspx
  • 49. Questions
  • 50. Thank you! Contact information: 1128 Grant St Denver, CO 80203 Contact: Guillermo Mazier t: 303.292.3300 x 232 Guillermom@Atlas-Advertising.com www.Atlas-Advertising.com LinkedIn Profile | LinkedIn Group | Twitter | Blog | Slidespace