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.

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Stepping Up To The Next Level 2010

  1. 1. Stepping Up to the Next Level<br />Evolving Washington County’s<br />Economic Development Mission<br />
  2. 2. Evolution of Washington County EDC<br />
  3. 3. 2009 Highlights<br /><ul><li>Provided $300,000 in gap funding to Washington County businesses via the County’s Revolving Loan Fund
  4. 4. Kesslers Diamond Center, Germantown
  5. 5. Matenaer Corporation, West Bend
  6. 6. Pouch Converting Technologies, Richfield
  7. 7. $5.4 million in new investment
  8. 8. Business mentoring & networking program
  9. 9. County-wide business retention survey of over 700 local businesses
  10. 10. 10 business opportunities & issues seminars
  11. 11. Promotional video “Business Ready, Life Ready”</li></li></ul><li>Outcomes Since Hiring New Executive Director<br /><ul><li>Forged the first countywide program anywhere in the state for allocating Recovery Zone Facility Bonds to private businesses
  12. 12. Conducted 79 in-person meetings and outreach
  13. 13. Secured $100,000 in gap funding for a Germantown manufacturer
  14. 14. Finalizing $25,000 in a training grant for a Richfield company
  15. 15. Developed a “next level” solution for upgrading EDWC information technology to meet organization’s more intensive IT needs</li></li></ul><li>2010 Committee Activity<br />Committees<br />Sample 2010 Work<br />Agribusiness<br />Business retention & expansion<br />Executive<br />Marketing<br />Member / Investor relations<br />Healthcare<br />Revolving loan fund<br />Workforce<br />Develop specific tactics for new 3-year strategy<br />Business mentoring program<br />Website revamp / upgrade<br />Cap extension for RLF<br />Healthcare seminar series<br />Middle skills program<br />Value-added agricultural opportunities<br />
  16. 16. Fresh Observations<br />Strengths<br />Weaknesses<br />Committee structure<br />Experienced & committed leadership on Board & committees<br />Solid foundations provided during start-up<br />Responsive and proactive orientation<br />Innovative and open-source in approach<br />Goals difficult to measure…accountability<br />Risk of losing purpose in trying to be “all things to all people”<br />Some businesses have difficulty articulating a value proposition<br />Narrow funding streams<br />
  17. 17. Fresh Observations<br />Opportunities<br />Threats<br /><ul><li>Rich in social capital
  18. 18. Widespread support for utilizing competitive power of a county-wide approach
  19. 19. Diverse & strong business community
  20. 20. Job creation by existing businesses
  21. 21. Part of Milwaukee region
  22. 22. Workforce; UW-WC, MPTC
  23. 23. “Bullwhip Effect” (WSJ 2/27/10) </li></ul>Parochialism<br />Lingering economic uncertainty<br />Regulatory climate<br />Pending labor shortage<br />Public sector budget shortfalls and structural challenges<br />Midwest identity among young workers (Richard Florida)<br />
  24. 24. Who makes up our business community?<br />Source: www.youreconomy.org<br />
  25. 25. Who’s creating the jobs?<br />Milwaukee MSA<br />Washington County<br />Source: www.youreconomy.org<br />
  26. 26. Rethinking Economic Development<br />Graphic thanks to Edward Lowe Foundation<br />
  27. 27. Existing business development<br />Targeted business attraction<br />Qualified start-up / small business support<br />Next Level Focus for EDWC<br />“Delivering higher levels of meaningful results through focus on three core economic development functions”<br />
  28. 28. Forging an Entrepreneurial Approach<br />
  29. 29. Step 1: Develop a 3-Year Strategy<br />
  30. 30. Step 2: ID and Exploit Select Niches<br />
  31. 31. Step 3: Deepen our B2B Toolbox<br />Single point for addressing your business development needs:<br />Experienced consulting for entrepreneurs & businesses to facilitate development projects<br />Liaison to government, education and NGO development and workforce solutions<br />Incentive negotiation & financial packaging<br />Gap financing (local, state, & federal support)<br />Project management (currently special purpose)<br />Public relations<br />
  32. 32. B2B Today: Gap Financing<br />Washington County revolving loan fund (RLF)<br />Tax increment financing (TIF)<br />State loan funds<br />State tax credits<br />Tax exempt bond funds (RZFB, Midwest Disaster Area, Revenue and Industrial bonds)<br />SBA 7(a) / 504 guarantees, ARC, linked deposit funds<br />Venture and angel equity investment<br />Grants (planning, training, & special purpose)<br />Federal: SBA, EDA, HUD, EPA, USDA, Export-Import Bank<br />Sale leasebacks<br />Tax abatements (unconstitutional in WI)<br />Utility rate incentives and grant programs<br />
  33. 33. B2B Products: Economic Gardening<br />Economic Gardening<br /><ul><li>Economies are driven by entrepreneurs
  34. 34. Information, infrastructure, connections
  35. 35. Sophisticated corporate tools
  36. 36. Cutting edge consulting
  37. 37. Focuses on 80/20 rule: strategy, market dynamics, marketing, teams, finance
  38. 38. Innovation & open source
  39. 39. Niche-focused</li></li></ul><li>Our Futures are Shared…<br />Thank you EDWC investors. YOU are the key to our success today and tomorrow. <br />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!<br />Economic Development / Washington County<br />2151 North Main Street | West Bend, WI | 53090(262) 335-5769 | info@businessreadywi.org<br />www.businessreadywi.org<br />

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