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Final econdevsum12oct22ppt2010
This document discusses economic gardening strategies to help established local businesses grow. It involves providing businesses with information/research, infrastructure support, and connections through collaboration between libraries, government agencies, and other organizations. When local businesses grow through increased sales and job creation, it benefits the whole community through economic growth and increased tax revenue. The library can play a natural partner by providing business research, databases, and connecting businesses to peers and industry experts. A proposed pilot program would start small by identifying local companies to participate and receive these supports.
Final econdevsum12oct22ppt2010
- 1. Joan C. Divor BusinessServices Librarian Burlington County Library System
- 2. • Embraces strategiesto ―grow from within‖ • Involves collaboration among agencies and organizations that serve business • Focuses on established companies with high growth potential • Job creation initiative
- 3.
- 4. Information/Research: Competitive intelligenceon customers, competitors, and markets….such as: • targeted mailing lists • GIS-based plotting of retail competitor locations • market and demographic data • industry trend reports (pharmaceutical analysis company) …more on this in a couple of minutes
- 5. Infrastructure • Physical (roads,bridges, space, zoning, light rail) • Intellectual (WIB, Incubator, BCC) • Quality of life (cultural, recreational, preservation, beautification, open space)
- 6. Connections • Peer topeer learning: CEO to CEO • Recognition opportunities: publications, events (Chamber of Commerce) • Links to trade associations, think tanks, academic institutions, and other similar companies (industry clusters)
- 7. • BUSINESS: Revenue- Increased demand for company’s products and services, which stimulates… • EMPLOYMENT: …job creation • COMMUNITY: economic growth / tax revenue, etc.
- 8. Pioneered in Littleton,Colorado in 1989. Results since then… • 71 percent increase in employment • tripling of sales tax revenues (not adjusted for inflation).
- 9. • GrowFL EconomicGardening (2009 – 2011) statewide: • 3,285 direct & indirect local jobs • $510.4 million (direct & indirect) to local economy • $267.4 million on State’s GDP • $18.17 million in local and state tax revenue 173 participating company respondents reported a total 898 net jobs created – an average of 5.2 net new jobs per company.
- 10. For business servingorganizations • Greater trust & value. • Increased synergy & effectiveness. • Identifying new clients or working with them at an earlier stage.
- 11. • ―Local businessestend to have greater commitment to their regions than companies with out-of-state headquarters — and the most impact on sustainable job creation,‖ points out Mark Lange, Executive Director of the Edward Lowe Foundation. ―If they grow, the whole community benefits.‖
- 12. Natural Partners • RutgersCamden SBDC & Rutgers University • Burlington County Bridge Commission Econ Dev & Regional Planning Dept. • Burlington County Library System • …more
- 13. A Natural Partner– • CHALLENGE: To help them be successful, business owners & executives need good information—about markets, customers, industry, and competitors.
- 14. A Natural Partner- • SOLUTION: Libraries have trained information providers and can access and provide you with access to: • Leveraging the resources of Research tools and resources • other partners Business research databases • Research expertise of librarians for projects Examples: Contract research outsourcing (pharma); growth & competition in gluten-free food market; listings of women- owned businesses
- 15. Examples of otherlibrary systems: • Douglas County (CO) Libraries • Lancaster (PA) Libraries
- 16. Connections: • The benefitsof peer to peer learning • Peerspectives Roundtables – Edward Lowe Foundation • Unique, powerful model • I am a trained facilitator
- 17. • Pilot Eonomic Gardening strategies to provide unique services to help growth oriented companies in Burlington County: • Benefits – Helping local companies grow: • Information • Infrastructure • Connections • Payoffs • BUSINESS • EMPLOYMENT • COMMUNITY • Partnering for synergy
- 18. • Steering committee • Defining priorities & parameters • Pilot program – start small • Identify potential target companies (how?) • Invite them to participate
- 19.
- 20. Joan C. Divor Business Services Librarian Burlington County Library System bcls.lib.nj.us/business-gateway jdivor@bcls.lib.nj.us 609-267-9660 ext. 3018
Editor's Notes
- #3 GROWING VS. HUNTINGCOLLABORATION OF ESO’S (SBDC, CHAMBER, ED) WITH EACH OTHER AND WITH LOCAL COMPANIES.RESEARCH HAS SHOWN THAT HIGH GROWTH COMPANIES ARE THE SOURCE OF SIGNIFICANT JOB CREATION.
- #5Â STOP YOUTUBE AT 1:08This information includes industry trends, marketing research, other business questions, and other information resources. Doing so gives small businesses the information necessary to succeed and saves them the costs of paying for commercially collected informationExample: The Littleton economic gardening initiative provides local entrepreneurs with access to competitive intelligence on markets, customers, and competitors that is comparable to the resources customarily only available to large firms. Included in the market information category are database and data mining resources, and geographic information systems.
- #6 PHYSICALINTELLECTUAL:Education / workshops / learning opportunities customized to the needs of these growth company executives and their employees. Example LITTLETONLittleton: the curriculum, courses and training, and introduction of best practices that help keep our companies competitive. For example, we helped build a telecommunication curriculum and e-commerce course at our local community collegeLittleton hosted e-Commerce classes at a local community college to help train workers. QUALITY OF LIFE: EXAMPLE: LITTLETON: parks and open space (we have have four times the national average), trails (every major drainage channel in the city has a trail built in it), sidewalk widening in the downtown neighborhoods, restoration of the historic county courthouse, and sponsorship of the holiday's Candlelight Walk (we put up a million white lights in the trees downtown every year).Additionally there needs to be a developed culture that is open to growth. The community as a whole needs to embrace this philosophy for it be work effectively.Littleton:InfrastructureThe second element of our program is infrastructure—not just basic physical infrastructure but also quality of life infrastructure and intellectual infrastructure. In the area of basic infrastructure, because we are the city, we invest in areas like interchanges and light rail stations and major street/sidewalk rehab projects. These are all just basic good government.We also invest in quality of life projects including parks and open space (we have have four times the national average), trails (every major drainage channel in the city has a trail built in it), sidewalk widening in the downtown neighborhoods, restoration of the historic county courthouse, and sponsorship of the holiday's Candlelight Walk (we put up a million white lights in the trees downtown every year).The third type of infrastructure is something we call intellectual infrastructure: the curriculum, courses and training, and introduction of best practices that help keep our companies competitive. For example, we helped build a telecommunication curriculum and e-commerce course at our local community college. We also provide videotaped engineering courses from Colorado University. All of our infrastructure work is based on the idea that economic development and community development are two sides of the same coin. In the New Economy, where new wealth and jobs are being created by knowledge firms, creating a community that is attractive to entrepreneurs and the talent they hire is as important as natural resources and heavy rail were to Old Economy companies.http://www.iedconline.org/EDAmerica/Spring2007/Economic_Gardening.html: Building infrastructure is a typical part of the public sector’s responsibility, and as a city, we construct streets, water lines and sewer lines. However, we also provide quality-of-life infrastructure (including parks, trails in every major drainage channel, downtown beautification, river preservation) and intellectual infrastructure (working with colleges and universities to create courses and training programs), which we consider to be key to economic development as well.
- #7Â Recognition opportunities: Littleton economic notes; Chamber of Commerce / SBDC
- #9Â http://www.iedconline.org/EDAmerica/Spring2007/Economic_Gardening.html- much higher rate than the region as a whole--while providing no incentives or tax breaks to recruit or attract outside businesses to the city
- #10 In fact, research conducted by Tucker Hall shows companies that participated in Florida’s economic gardening pilot program each created an average of 5.2 new jobs within the first 18 months of the program.GrowFL – Tucker Hall Since November 2009http://edwardlowe.org/tools-programs/economic-gardening/ (why it’s important)Florida: https://florida.companiestowatch.org/index.ctw?page=honorees&honoreeYear=2012http://www.growfl.com/new-study-highlights-economic-impact-of-growfl-pilot-program-on-job-creation
- #11 Greater trust & value. introducing CEOs to UNIQUEservices they can’t get anywhere else. introducing CEOs to a service they can’t get anywhere else.Increased synergy & effectiveness. avoid duplication of services, refine core strengths and refer clients to other groups when appropriate.Identifying new clients or working with them at an earlier stage. EDOs and ESOs often work with either startups or very large companies and act as conveners by connecting them with regulatory entities, government programs and international trade initiatives. Economic gardening enables support organizations to get involved with existing businesses earlier — and be active participants in their growth.Edward Lowe Foundation: http://edwardlowe.org/tools-programs/economic-gardening/why-it-is-important-economic-gardening/s
- #12 WIN ALL AROUND POTENTIALhttp://edwardlowe.org/tools-programs/economic-gardening/ (why it’s important)Florida: https://florida.companiestowatch.org/index.ctw?page=honorees&honoreeYear=2012http://edwardlowe.org/tools-programs/economic-gardening/ (why it’s important)Florida: https://florida.companiestowatch.org/index.ctw?page=honorees&honoreeYear=2012http://www.growfl.com/new-study-highlights-economic-impact-of-growfl-pilot-program-on-job-creation
- #13Â These entities have data bases and analysis capabilities, consulting services, etc. Various roles in supporting INFORMATION, INFRASTRUCTURE AND CONNECTIONS. We would look to partner with more organizations that are natural partners.
- #14Â Libraries are natural partners in local economic development efforts.
- #15Â Libraries are natural partners in local economic development efforts. SOLUTION: Tapping the research expertise of library professionals to pilot more in-depth levels of research support. Librarians in both public and university libraries know how to search for and find information, and have access to sophisticatedbusiness databases.EXAMPLES: Developing a marketing plan for the market for providing contract research outsourcing for pharmaceutical and biotechnology sponsors in conducting clinical trials: world class trend reports and market data from Frost and Sullivan:Growth & competition in gluten-free food market: articles from trade press, key competitors, ; listings of women-owned businesses; trade show contacts for food shows.
- #16 DOUGLAS COUNTY: in 2008, when the Douglas County Economic Development Manager, Meme Martin, approached the Chamber of Commerce at Highlands Ranch to host a pilot economic gardening (EG) program, the library took a seat at the planning table and became part of the initiative. reports Steve Dyer, President, Chamber of Commerce at Highlands Ranch. June 2012 update: Since its inception in 2008, the library’s personalized research program has answered more than 300 in-depth business questions.http://www.ourcoloradonews.com/highlandsranch/news/library-lends-business-expertise/article_b9f99190-af2e-11e1-bcd8-0019bb2963f4.html?mode=storySTORY: Jennifer Maskrey runs the Evelyn Brust Financial Research and Education Foundation, a nonprofit that specializes in investor education and puts on programs that teach how to plan for retirement and invest wisely. She first networked with Galston at a Parker Chamber of Commerce event three years ago and has been utilizing the library’s services ever since.“I wish I had known about them sooner,” said Maskrey, who has been at Brust eight years. “It’s changed my strategies because I no longer have to do the research myself. It would probably take me a week, if I was lucky, to come up with the data that they come up with usually within a day. They are fast and comprehensive and they usually come up with supplemental information I didn’t even ask for in addition …”LANCASTER COUNTY LIBRARIES: Market Edge takes a three-pronged approach to helping companies research their market, launch a new product or grow their business. The program utilizes a combination of advance research databases, a training program and certification option so that business owners and employees can attain proficiency in the use of the research tools and access to a dedicated staff that will guide participants through their research and training process.http://njgrowsbiz.org/business_toolkit/further_reading
- #17 Information, infrastructure, CONNECTIONS - http://www.peercoachingnetwork.com/2010/07/the-incredible-second-stage-company/http://www.growfl.com/services/ceo-roundtablesResearch from the Kauffman Foundation has shown that businesses in this stage of development, second stage, learn the best from their peers — the people who have “been there, done that.” These individuals often become their most credible sources for information and insight as they share similar responsibilities, stresses, opportunities and a passion for growth.LOWE: enhance leadership abilities, improve decision-making
- #18 Our plan, in partnership with other business serving entities AND WITH YOU FOLKS IN THE BUSINESS COMMUNITY.PILOT – INCLUDING RESEARCH PROJECTS LEVERAGING THE LIBRARY AND THE DATABASES AND OTHER INTELLIGENCE CAPABILITIES OF OUR PARTNERS.
- #19Â Determine direction, priorities, etc.Pilot programs with some companies; For example, we will use various directory databases (revenues, employment size, etc.), published company rankings and lists, as well as referrals.and local company rankings.