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Exploring Strategies for Enhancing the Regional Economy. Module Four. Producing a High Quality Plan: The Essential Components. Evidence-Based. Practical. Team’s Regional Plan . Aligned with Vision & Goals. Broadly Supported. Focused on Regional Economic Development .

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producing a high quality plan the essential components
Producing a High Quality Plan: The Essential Components
  • Evidence-Based
  • Practical

Team’s

Regional Plan

Aligned with Vision & Goals

Broadly Supported

  • Focused on Regional Economic Development
overview of module four
Overview of Module Four
  • Identify the economic leaks in the region
  • Explore avenues for strengthening clusters
  • Deliverable: Select some potential directions for the region to explore
  • HQP: Complete the evidence section describing selected industry cluster(s)
the leaky bucket
The Leaky Bucket

The Regional

Economy

$

Goods or Services Purchased outside of the Region

strengthening clusters through import substitution
Strengthening Clusters through Import Substitution

Identify:

  • Industries that support the cluster
  • Goods and services purchased from outside the region
  • Capacity for supplying these inputs regionally
  • Resources needed to help promote the creation, expansion, retention or attraction of businesses to supply inputs
identify potential leakages and opportunities for new businesses
Identify Potential Leakages and Opportunities for New Businesses

Labels

Grapes

Advertising

Research

Fertilizer

Wine

I

Zero inputs available regionally

Small % of inputs available regionally

Irrigation

System

Large % of inputs available regionally

100% of inputs available regionally

looking at regional leakages in fill in your region s industry
Looking at Regional Leakages in [Fill in Your Region’s Industry]

Substitute your region’s chart for this example.

examining your region s cluster
Examining Your Region’s Cluster

Identify where:

  • Leakages are occurring
  • Capacity to respond may already exist in the region
  • Potential growth opportunities exist
c a r e for the cluster
C.A.R.E for the Cluster

Source: Barta, et al (2010) CARE Model

creation
Creation

Growing new enterprises in the region to fill the gaps of goods and services purchased from outside the region

creation sample strategies
Creation: Sample Strategies
  • Regional training
  • Business coaching
  • Entrepreneur networking
  • Business incubators
creation providing regional support

Access to Capital

Intellectual Stimulation

Education

New Business &

Entrepreneur

Development

Community Support

Information

Connections & Networks

Infrastructure

Services & Amenities

Creation: Providing Regional Support

Source: Based on Reynolds, et. al., Small Business Economics 23: 263–284, 2004.

creation our region
Creation: Our Region
  • What has the region done to support or encourage new business or entrepreneur development in the past?
  • What are some potential strategies to consider for the future?
attraction
Attraction

Attraction seeks to reduce leakages by recruiting into the region firms that can supply missing goods or services that support the cluster.

attraction targeting effectively
Attraction: Targeting Effectively
  • Past:

Blindly attracting industry

  • Now:

Targeting cluster related businesses that are likely to be successful in the region

attraction location models
Attraction: Location Models
  • Analyzes the probability of an industry moving to the region
  • Evaluates the region’s ability to respond to industry needs
  • Selects industries with the highest likelihood of success
attraction community business matching model
Attraction:Community Business Matching Model

Community

Assets

Goals

The

Ideal

Needs

Profile

Business

Source: Cox et al., 2009

attraction our region
Attraction: Our Region
  • Past successes
  • Past challenges
  • Potential attraction strategies related to regional clusters
retention expansion
Retention & Expansion

Supporting existing businesses within a cluster so that they can survive and thrive is another avenue for stopping or preventing cluster leakages.

retention expansion strategies
Retention & Expansion Strategies
  • Business Retention and Expansion Study
  • Business Network Development
retention expansion study
Retention & Expansion Study
  • Lets businesses know they are valued
  • Helps solve regional business issues
  • Connects businesses to regional resources
  • Creates connections among regional organizations
  • Fosters job retention & growth
cluster retention expansion study
Cluster Retention & Expansion Study
  • Planning Phase
  • Action Phase
      • Recruit volunteer visitors
      • Visit local businesses
  • Follow-up
      • Respond to concerns
      • Plan for future
business network development
Business Network Development

A formal or informal collaboration among

firms that are part of a cluster

for the purpose of

creating a net benefit for all involved

retention expansion our region
Retention & Expansion: Our Region
  • What has the region done to support:
    • Retention of cluster-related firms?
    • Expansion of cluster-related firms?
  • What are some potential future strategies to support cluster retention and expansion?
preparing for module five
Preparing for Module Five
  • Consider other potential strategies that could be successful in the region
  • Further examine the regional data
  • HQP: Finish the draft of industry cluster(s) selected
final reflections
Final Reflections
  • What topics did you find most helpful?
  • What did you find confusing?
  • What other data do you need?
  • Other items you want to mention?