ERC Business Plan

1. ERC Business Plan

2. Overview of Business Plan Process

3. Board Strategic Planning Session February 6 at NCCA • Overview of Economic Development 2.0 • Strengths/Weaknesses • Local Business Taxonomy Exercise • Scoresheet Inputs

4. Understanding the Local Business Taxonomy JOBS IMPACT Local Icon HQ Company Major Corp. with Division in Your Community Venture Backed on Exit Path Middle Market Business Seeking Growth or Liquidity WEALTH OR PROSPERITY IMPACT Organic Growth Lifestyle Middle Market Investment Backed …Becomes Lifestyle Company “Tweener” Small Business Small Business Serving Local Market Micro-Enterprise

5. Economic Development 2.0: The Local Economic Pie Theory The “Economic Pie” when Businesses Compete for the Same Local Market Local “Economic Pie”

6. Impact of the Innovation Model Local “Economic Pie” The “Economic Pie” when LocalInnovative companies Sell products intoNational and Global Markets

7. Activities Since the Planning Session • Tabulate data from session • Gap Analysis (biggest gaps between importance and capacity) • Compile data into sections of the “draft” report • Vision, Goals and Objectives • 3 Initiatives • Listing of growth companies identified in the planning process • Develop proposed Annual Work Plan (and Calendar) • Present concepts informally to various constituencies • Modifications based on inputs • Preliminary reaction very positive • Unanimous approval by ERC Executive Committee on Feb 27

8. Results of the Local Business Taxonomy Exercise

9. Thoughts That Are Relevant To Success

10. Tenets for Successful Events • Never do an event just to do an event! • Events should maximize revenue/profitability while also having a meaningful positive impact for members and other key constituencies • Should provide reason for CEOs and other top line influencers to participate (or otherwise they will stay on the sidelines) • Each event should create at least 4 different revenue streams • Orchestrate event agenda to build and grow the ERC “stakeholder community” • Two Annual “Book End” Events are proposed

11. 2 Annual Book-End Events Panel Discussion “Expo” Networking

12. Initiative #1 – Nevada County’s “Fab 5” (Phase 1) • 5 Highly potential existing or new Nevada County businesses receive organization-wide intensive support • Milestone based business objective serves as impetus for ERC involvement • Like a “12th man” concept except for business instead of football!! • Collectively up to 1,000 hours in a year across 5 ERC portfolio companies • Committee needed to develop final criteria and process

13. Initiative #2 – Nevada County’s “Royal Welcome” (Phase 2) • Quarterly “Red Carpet” tours provided to a growth-oriented business being targeted for relocation to Nevada County • Outreach to specific companies based on their alignment with Nevada County’s attributes • Highly targeted research process to determine most likely candidates • Business must have demonstrated potential to bring or grow jobs in Nevada County, and not directly compete with an existing Nevada County employer • Committee needed to develop final criteria and process

14. Initiative #3 – Nevada County’s “Golden Challenge” (Phase 3) • Ten businesses vie each year for a substantial prize comprised of cash, gifts, and free services • One requirement-the business most move its start-up or existing business to Nevada County • The company’s compete not just on their business plan, but why they are a great fit for Nevada County • Put’s Nevada County on the “economic development map” with something that is meaningfully unique and compelling and can generate substantial statewide, national and even global attention • 2-year cycle for competition; year 1 build community support throughout Nevada County; year 2 conduct the competition and award the prize • Committee needed to develop final criteria and process

15. That’s a Wrap!!!