Growing a Local Economic Development Effort. TIM HIGHT, EASTERN OKLAHOMA COUNTY PARTNERSHIP. TODAY - Let’s Discuss . 1. Importance of “ Wealth Creating” jobs and investment 2. Economic Development & Business Development 3. Business Trends That Affect Economic Development
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TIM HIGHT, EASTERN OKLAHOMA COUNTY PARTNERSHIP
1. Importance of “ Wealth Creating” jobs and investment
2. Economic Development & Business Development
3. Business Trends That Affect Economic Development
4. Roles for Career Tech BIS Teams in Economic Development efforts
This increase in prosperity is achieved by:
Business Retention and Expansion
Economic Development Finance
Real Estate Development & Reuse
Technology-led Economic Development
Economic Development Strategic Planning
Economic Development Marketing & Attraction
Entrepreneurship & Small Business Development
1. Positioning a community\region as a product
2. Entails identifying potential customers & needs, developing a product to meets needs, creating message that persuades potential customers to take some sort of action, and distributing that message.
3. Marketing is one of the main principles of ED because of the effects a good marketing campaign has on business recruitment and retention.
4. EDOs now target their marketing campaigns at specific industries, clusters, or companies rather than shooting at anything that flies.
Business Retention & Expansion programs have 2 components.
1. Informing the government & public about businesses concerns
2. Seeking to achieve substantive changes to address business concerns, such as specific public expenditures,
programs, and regulatory reforms.
ED seeks to increase local employment & the tax base.
Supporting and addressing business concerns can meet
both of these objectives.
of public officials & private sector representatives or a strictly
private sector board. Public EDOs are completely funded and
governed by the public sector.
EDO receives and by the makeup of its governance.
Can't engage in lobbying activities.
political activities without risking their tax-exempt status.
You are a BIS Director and your campus is 1 hour from the nearest metropolitan area. There is only 1 Chamber of Commerce in your school district area and no other EDOs. Your school and it’s leadership are well respected in the 5 communities you serve. There are only a handful of businesses in your area and residents want job growth. Your school Superintendent has asked you to research economic development models and provide suggestions for growing a local ED effort. Describe the steps you will take to move forward in your region.
New: Post 9/11
Ignored Existing Industry
Ignored Small Businesses
Post 9/11 & The Great Recession
Do these sound like roles that you play on your campus?
We’re not as different as you might think……..
BOTTOM LINE: We must work together to maximize these advantages. It takes an army to build a winning economy!
BOTTOM LINE: OKLAHOMA HAS A WORLD CLASS SYSTEM!