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Maurice washington open_source_economic_development

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Maurice washington open_source_economic_development

  1. 1. Open SourceEconomic Development Community Empowerment Oct 2010
  2. 2. 2Adjusting to the “New Normal”• Which way should we go?• How did we get in this situation?
  3. 3. 3Problem #1: Silos of purpose and direction • The first area of attention for turn-around experts
  4. 4. 4Problem #2: A focus on Self Interest • Participating for “What’s in it for ME!”
  5. 5. 5Problem #3: Systemic self-preservation CLIENTS EDA COMMUNITY• Being the “expert”… and proud of it• Lack of true leadership• Keeping the best players off the field
  6. 6. 6Problem #4: No clear destination• “When you don’t know where you’re going, any road will get you there.” George Harrison
  7. 7. 7The results: EDA
  8. 8. 8The GOAL: EDA
  9. 9. 9Economic Development must:• Create the ultimate environment for business success• Provide community leadership – influence at all levels for all the right reasons• Be a “community concierge” internally and externally --- working at a high level!• Have a plan
  10. 10. 10Why we do economic development:• It’s not about “What’s in it for Me!”, it’s about:  Our kids  Our grand-kids  The future of our community  Paying forward
  11. 11. 11Economic Development is broad basedcommunity development:• Leadership• Workforce• Entrepreneurism• Capacity building• Existing business expansion and retention• New business recruitment
  12. 12. 12So…how does open source becomesuccessful? Create optimum business success climate Focus on the right reason for economic development Define and manage brand Develop action plans and assemble proper resources (Regional Action System) Focus on excellent customer service (execution) Make constant adjustments as necessary (management)
  13. 13. 13And, we also:  Create a system of community involvement through action committees  Bring along the community at large through communications  Form marketing targets based on  “best case for success”  “what do we want to be when we grow up”  “Open Up” the business development process  Continue to make constant adjustments
  14. 14. 14Were all in it together – Our binding philosophy and moral compass:  Everything is connected to everything else  Scarcity vs. Shared Abundance  A belief that there is enough for everyone  If we all work together towards a common cause; we will all end up with more than we thought possible by ourselves  A focus on the future for our kids; not just ourselves  Being a giver
  15. 15. 15Doing well while doing good!  If “open source” is like a barn raising… how many barns can we build for free before we run out of nails?  Defining the “Good” and the “Well”  Maintaining vision and credibility  Fulfilling our core mission of increasing each and every business’ financial vitality… Including Yours!
  16. 16. 16Defining the brand:The Sierra Region of Nevada The peaks, valleys and hills of the front range of the Sierra Nevada, where the climate for business is perfect! • The peaks, valleys and hills of the front range of the Sierra Nevada, where the climate for business is perfect!
  17. 17. 17Action Committees Division by major community verticals Not passive! Each committee with responsibilities to recruitment, retention and expansion of business Each committee drives its own purpose towards a common community vision, mission and goal(s) The elected Chairman gets a seat on NNDA Board Committees meet monthly
  18. 18. 18Action CommitteesCommittee Recruitment Retention ExpansionCommercial Real Team Leaders; work deals Identify problem Bring more demand to on rotation basis and companies through region through clusterEstate conduct out of market sales professional network developmentWorkforce and Integration with Addresses current Drives future workforce recruitment targets for business’ needs for skills maturityEducation workforce developmentProfessional & Provide needed services for Work with “endangered Assist companies in new incoming companies companies” to revive market identification andBuss. Services through better strategic planning managementResidential Real Market region through Housing programs for Housing programs for affiliated RE network incoming recruited and incoming recruited andEstate relocation employees relocation employeesMarketing Regional branding and Repositioning of at risk Driving market expansion communications companies through better toolsBanking & Finance Start up funding, equity Financial revivals through Expansion financing and debt financing, analysis and creativity financial transitionsDevelopers and Conducting marketing Identification of at risk Assisting companies with programs to increase businesses providing building modificationBuilders prospects and leads to creative solutions - solutions system
  19. 19. 19Special Committees• Relocation Feasibility Committee  Comprised of area CPAs and CFOs  Recasts finances of prospects as if they had already moved to Nevada; what would the bottom line really look like?  Provides client company’s CFO with accurate information to base decision to protect shareholder interest• Government  Communication between all levels of government  Provides continuity and improvement of process  Coordination of resource acquisition  Prioritization of infrastructure development
  21. 21. 21Creating Marketing Targets• Target Identification  Current directions of development (if there)  Growth industry  Jobs are high paying and career oriented  Accessible market  Workforce is developed are can be  Region will work for company  MOST IMPORTANT: FITS THE COMMUNITIES DESIRE OF “WHO WE WANT TO BE WHEN WE GROW UP”
  22. 22. 22Creating Marketing Targets• Regional Target  Cleanroom and Controlled Environment Manufacturers  Nine different industries depend on this ability… large target with common denominator  Perfect climate for reducing operational costs  On the ground expertise  Existing companies in region  Coordinated workforce development programs  Identifiable market
  23. 23. 23Creating Marketing Targets• Local Brand Targets  Carson City – High-tech digital  Douglas County – Outdoor lifestyle mfg/tourism  Mound House – Roll up your sleeves mfg  Silver Springs – Aviation Campus  Smith & Mason Valleys – Advanced Ag  TRIC – Large scale distribution and mfg  Virginia City – Tourism (V&T + Wild West)  Washoe Tribe – Wellness
  24. 24. 24Creating the Plan• Understand the process  An everlasting vision  A doable mission with a “got there” date  Measurable “goals”  Identification of all “tactical elements”  Strategic organization of tactics; it follows not leads  Mileposts as objectives; check them off by the quarter  Be ready to adjust!!!!
  25. 25. 25Creating the Plan • The budget is born from the plan  With all tactics strategically organized, the timelines estimated, a costing and forecasted budget will naturally follow • Resources are then sought  Foundation Search  Selling your plan  Broadening the “investor partner” base
  26. 26. 26Communicating the Values• Community meetings through  Sierra Regional Economic News (published every 1st and 3rd Sunday of the month)  Sierra Region Social Media Platform (  Partnering with other non-profits  Sister agencies  Government boards  Anywhere the community gathers…
  27. 27. 27Opening Up the Process • Trusting your players and team leaders  Everyone signs on, for the clients sake  Every client is first “sold” on our system and agrees to speak with multiple players  Better to lose a deal, than lose the community  Setting up a communication system  Web Office  Conduct “meaningful” meetings
  28. 28. 28Opening Up the Process  Provide Great Tools  RFI Proposal Template  Keep Data Current  Use committee structure to accomplish data shepherding  Conduct Regular Training  Use committee meetings to bring in training opportunities  Keep the vision fresh!
  29. 29. 29An empowered community engaged inOpen Source Economic Developmentwill:• Increase community wealth• Provide new opportunity for all residents• Create an atmosphere desirable for retaining the youth of the community• Grow the tax base and improve the depth and breadth of community services
  30. 30. 30Keep this thought in mind! • Economic Development is NOT a spectator sport! It is a community effort where all hands must be on deck!