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Achieving Economic Diversification in Defense Communities

Achieving Economic Diversification in Defense Communities. 2/28/12 4:00 PM Orchid C. Economic Diversification. Brett Doney, 2/28/12. Why Pursue Diversification. Strengthen and grow regional economy Address concentration of risk investment concerns

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Achieving Economic Diversification in Defense Communities

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  1. Achieving Economic Diversification in Defense Communities 2/28/12 4:00 PM Orchid C

  2. Economic Diversification Brett Doney, 2/28/12

  3. Why Pursue Diversification • Strengthen and grow regional economy • Address concentration of risk investment concerns • Improve competitiveness for retaining and attracting Defense missions

  4. Great Falls, Montana Case • In response to loss of 564th Missile Squadron • OEA funded diversification competitive market analysis • Supplemented earlier economic development strategic planning

  5. Great Falls Target Industries • Defense • Regional Trade Center • Tourism • Agri-processing • Energy • Entrepreneurship

  6. Economic Development Strategy • Market-driven rather than incentive-driven • Short, mid and long-range results • Need to focus limited resources • SWOT-based strategic planning • Continual measurement and evaluation

  7. Study Components • Impact of downsizing • Economic baseline • Workforce assessment • Agri-processing • Energy • Entrepreneurship • Transportation

  8. Findings • Niche market opportunities in agri-processing and energy production • Potential for entrepreneurial expansions and start-ups • Need for key competitive improvements

  9. Target Industry Priorities • Agri-processing and energy production targeted marketing • Electric transmission support • Community college industrial trades programs

  10. Entrepreneurship Priorities • Business retention & expansion • 2nd stage high growth initiative • Expanded gap and bridge financing • Angel network

  11. Competitiveness Priorities • Rail-served heavy industrial park • Intermodal service

  12. Early Results • Energy production projects & prospects • Wind, hydro, transmission lines, oil and gas, CO2 sequestration, new tech start-ups • Business expansions & commercial development • Renewed confidence in market • Business start-ups • Agri-processing prospects

  13. Unanticipated Benefit: Team • Joint Land Use Study • Central Montana Defense Alliance • Great Falls Brand Alliance • Downtown Partnership • Workforce Development Initiative • Tourism Partnership • Tourism Business Improvement District • Discount Airline Investors

  14. Reflections • OEA requirement of single contract hindered study • Some community pushback as defeatism • Project-specific feasibility and implementation funds hard to come by • Diversification challenge not unique to Defense communities

  15. Brett Doney Great Falls Development Authority bdoney@GFDevelopment.org

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