Driving Washington’s ProsperityA Strategy for Job Creation and Competitiveness                 January 9, 2013            ...
Commission Members WA Economic Development Commission   2
A Ten Year VisionMake Washington the most attractive, creative and fertile   environment for Economic Development Commissi...
New Approach for Economic Development   Traditional Model                           Innovation ModelAttracting companies  ...
The problem we need to solve!                                            50                                             0D...
Largest Absolute Changes in Employment    October 2012 year-over-year, based on 3 month moving average                    ...
The Great Policy Reset         FROM                                           TO•   Job Preservation                  •   ...
What do we need to do?Progress needed along five drivers                     Intellect                    Investment      ...
Driver One: Fueling the Future—MakingTalent a Top Priority               Prof                                             ...
Driver Two: Adding Horsepower—Investingin Entrepreneurship              1. Improve tax and regulatory policy to           ...
Pillar Three: Paving the Way—Connectingthrough Reliable Infrastructure        1. Implement alternative financing mechanism...
Driver Four: Running Lean—RegulatingSmarter          1. Systematically review on sector-by-sector             basis all st...
Pillar Five: Firing on all Cylinders--ExpandingInternational Business            1. Intensify innovation and collaboration...
15 Innovation Partnership Zones                                           •   Bellingham Innovation Zone                  ...
IPZ Innovation Framework               Strengths &                                        Joint Innovation               W...
September 2012 we celebrated Commerce &Innovation Economy with 25 events, symposiaand demonstrations. Link: www.thenextfif...
Thank you!              “Sooner or later, we sit down to                a banquet of consequences”                        ...
Driving Washington’s Prosperity: Egils Milbergs strategic plan update
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Driving Washington’s Prosperity: Egils Milbergs strategic plan update

  1. 1. Driving Washington’s ProsperityA Strategy for Job Creation and Competitiveness January 9, 2013 Egils Milbergs Executive Director Washington Economic Development Commission Olympia, Washington www.wedc.wa.gov egilsm@wedc.wa.gov 360-586-5661 WA Economic Development Commission 1
  2. 2. Commission Members WA Economic Development Commission 2
  3. 3. A Ten Year VisionMake Washington the most attractive, creative and fertile environment for Economic Development Commission world by 2020 3 WA innovation in the
  4. 4. New Approach for Economic Development Traditional Model Innovation ModelAttracting companies Investing in talent, ideas and infrastructureJobs IncomesTop Down Development Bottom-up organic growthClosed innovation Open innovationCompeting regions Collaborating regionsGeographic clusters Globally linked networks WA Economic Development Commission 4
  5. 5. The problem we need to solve! 50 0Difference with Initial Period Employment (Thousands of Workers) -50 -75.67 -100 2001 Recession (3 quarters) Since Q4 2007 -150 -200 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 Months of Recovery WA Economic Development Commission 5 Data source: U.S. Bureau of Labor Statistics
  6. 6. Largest Absolute Changes in Employment October 2012 year-over-year, based on 3 month moving average WA Economic Development Commission 6Data source: Washington State Employment Security Department.
  7. 7. The Great Policy Reset FROM TO• Job Preservation • Job Creation• Shovel Ready • Innovation• Expand Safety Net • Upgrading Skills• Consumption • Investment• Debt • Exports• Top-down macro • Bottom-up organic strategies strategies WA Economic Development Commission 7
  8. 8. What do we need to do?Progress needed along five drivers Intellect Investment Infrastructure Regulations International WA Economic Development Commission 8
  9. 9. Driver One: Fueling the Future—MakingTalent a Top Priority Prof Prof Technical Technical Unskilled Unskilled1. Create jobs for Washingtonians and industry needs by achieving 60% post-secondary degrees & credentials.2. Increase pool of qualified workers by emphasis on STEM proficiencies and career and technical education at the HS level.3. Fill critical skills gaps and grow new enterprises by attracting and retaining world’s best and brightest minds and funding education in high demand occupations.4. Upgrade skills of the unemployed through expanded flexibility of unemployment programs to support training where job vacancies exist. WA Economic Development Commission 9
  10. 10. Driver Two: Adding Horsepower—Investingin Entrepreneurship 1. Improve tax and regulatory policy to foster growth of start-ups and job creating business clusters 2. Invest in World class research talent, assist new enterprise formation and connect the states research base to industry, entrepreneurs and investors. 3. Leverage job creating potential of the innovation ecosystems through large scale collaboration and competing aggressively for federal, foundation and private funds. WA Economic Development Commission 10
  11. 11. Pillar Three: Paving the Way—Connectingthrough Reliable Infrastructure 1. Implement alternative financing mechanisms for transportation infrastructure for asset preservation, freight mobility and investment in economic corridors. 2. Prioritize the most critical infrastructure challenges and lead globally in energy efficiency, clean water, advanced manufacturing, cyber-security, sustainable urban design and broadband deployment. 3. Require economic development and long term job creation criteria the capital budgeting process. WA Economic Development Commission 11
  12. 12. Driver Four: Running Lean—RegulatingSmarter 1. Systematically review on sector-by-sector basis all state regulations for their cost- effectiveness and determine overlaps, excessive costs, obsolescence, redundancy and solutions. 2. Expand agency use of lean process improvement to lower cost of regulatory compliance and reduce time delays. 3. Create navigator service for industry to manage their interaction with the regulatory system, including a comprehensive online portal for regulatory compliance. WA Economic Development Commission 12
  13. 13. Pillar Five: Firing on all Cylinders--ExpandingInternational Business 1. Intensify innovation and collaboration in the Pacific Northwest economic region and support cross-border projects for economic diversification, expanded trade and jobs. 2. Drive job creation through a coordinated system of trade services between the programs of Washington State and regional and federal programs. 3. Strengthen export assistance services and re-establish overseas representation. 4. Double state-led, cluster based trade missions to increase new-to-market exporting firms. WA Economic Development Commission 13
  14. 14. 15 Innovation Partnership Zones • Bellingham Innovation Zone • Aerospace Convergence Zone • North Olympic IPZ • Tri-Cities Research District • S. Lake Union Life Science IPZ • Spokane University District IPZ • Bothell Biomedical Manufacturing Corridor • Central Washington Resource Energy Collaborative • Grays Harbor Sustainable Industries • Pullman –Clean Tech Industries • Walla Walla IPZ • Interactive Media and Digital Arts • King County Financial Services Collaborative • Urban Center for Innovative Partnerships, Auburn • Urban Clean Water Technology Zone, Tacoma WA Economic Development Commission 14
  15. 15. IPZ Innovation Framework Strengths & Joint Innovation Weaknesses Opportunities Bottom-up Engagement Strategy Investments ProjectsBarriers to Interaction Relationship Collective IPZ Ecosystem Capital Efficiency • Industry • Research • Workforce • Entrepreneurs • Capital • Infrastructure OUTCOMES • EDCs • Etc….. Prepared by Egils Milbergs v.1.1 WA Economic Development Commission 15
  16. 16. September 2012 we celebrated Commerce &Innovation Economy with 25 events, symposiaand demonstrations. Link: www.thenextfifty.org WA Economic Development Commission 17
  17. 17. Thank you! “Sooner or later, we sit down to a banquet of consequences” – Robert Louis StevensonWA Economic Development Commission 18

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