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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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growing a local economic development effort

Growing a Local Economic Development Effort

TIM HIGHT, EASTERN OKLAHOMA COUNTY PARTNERSHIP

today let s discuss
TODAY - Let’s Discuss

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

5. Q&A

who am i
WHO AM I?
  • EOC Partnership is a 501 (c)(6) public- private economic development partnership serving as a one-stop resource for creating, promoting, and sustaining jobs and investment in Eastern Oklahoma County.
what is economic development
WHAT IS ECONOMIC DEVELOPMENT?
  • While there is no single universal definition, economic development is the process through which localities enhance quality of life for residents by creating new community and business wealth.

This increase in prosperity is achieved by:

  • Advancing private enterprise
  • Making productive use of local resources
  • Creating high-quality jobs
  • Generating new personal income
  • Broadening the tax base
key economic development areas
KEY ECONOMIC DEVELOPMENT AREAS

Business Retention and Expansion

Economic Development Finance

Real Estate Development & Reuse

Technology-led Economic Development

Economic Development Strategic Planning

Neighborhood Development

Economic Development Marketing & Attraction

Entrepreneurship & Small Business Development

Workforce Development

marketing business attraction
MARKETING & BUSINESS ATTRACTION

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
BUSINESS RETENTION & EXPANSION

Business Retention & Expansion programs have 2 components.

  • 1. Business Retention - Prevent companies from relocating out of the community by diagnosing problems early and creating a healthy business environment.
  • 2. Business Expansion and Growth - Creating tools, policies & incentives to grow businesses already located in the community. Creating business-to-business networks, directories, & programs to enhance the local market.
  • 70 % of job Growth will come from existing businesses. 15% of additional job growth is referred from existing business. Existing businesses represent 85% of your market.
business advocacy
BUSINESS ADVOCACY
  • Business Advocacy has two parts:

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.

small business development entrepeneurship support
SMALL BUSINESS DEVELOPMENT & ENTREPENEURSHIP SUPPORT
  • EDOs are focusing on supporting entrepreneurs as a way to foster the growth of businesses in a region.
  • Many entrepreneurs don’t possess skills or knowledge needed to start-up and manage a successful business.
  • Types of entrepreneurial assistance and training offered by EDOs: starting a business, financial mgmt., accounting, & marketing.
  • Training can provided directly by the EDO or by existing partner organizations.
workforce development
WORKFORCE DEVELOPMENT
  • Businesses need skilled personnel for productivity\ profitability.
  • Workforce programs seek to upgrade skills of existing workers and\or improve basic skills of entry-level workers.
  • Increased competition and technological changes have resulted in a new mix of specialized workforce skill requirements.
  • EDOs coordinate job dev. & training efforts between public partners and private employers to specific industry needs.
  • EDOs inventory their current workforce skills to demonstrate their community’s unique workforce capabilities.
ed rules of thumb
ED RULES OF THUMB
  • Companies won’t expand or locate in areas that are not growing.
  • An active economy is the source of community wealth and well being.
  • Investment has a choice. Companies choose locations based on where they will make the most money.
  • 90% of Successful ED efforts involve showing up. The remaining 10% are highly technical.
economic development orgs define strategy build relationships
ECONOMIC DEVELOPMENT ORGS: Define Strategy & Build Relationships
  • Set Focused Strategy & Comprehensive Campaign
  • Stimulate Business Growth – Grow Existing Business and Target New Industries
  • Resource Development – To Support Economic Growth
  • Build Partnerships with Existing Companies
  • Working Relationships with Govt. Agencies
  • Educate Community About Need for ED
  • Host Prospective Businesses and Deal Makers
  • Regionalism - Develop true regional ED partnership
top economic development programs have 6 goals
TOP ECONOMIC DEVELOPMENT PROGRAMS HAVE 6 GOALS
  • Make Existing Employers More Competitive
  • Encourage New Employer
  • Capture More Local Dollars
  • Attract New Employers
  • Access Outside Sources of Capital
  • Quality of Life
types of ed organizations
TYPES OF ED ORGANIZATIONS
  • Public EDO- Individual or group is responsible for EDO’s overall direction. It may be a mayor and city council, a board comprised

of public officials & private sector representatives or a strictly

private sector board. Public EDOs are completely funded and

governed by the public sector.

  • Private EDO - By far the least common, with Chambers of Commerce being the most predominant in that category.
  • Public-Private Partnership - Combine funding sources and governance in differing degrees, depending on the particular case.
  • These classifications are defined by the sources of funding an

EDO receives and by the makeup of its governance.

edo legal structures
EDO LEGAL STRUCTURES
  • 501(c)(3) - Membership-based nonprofit organizations.

Can't engage in lobbying activities.

  • 501(c)(6) - Nonprofit business leagues, chambers, boards of trade and associations that may engage in lobbying and

political activities without risking their tax-exempt status.

  • 501(c)(4) - Nonprofits organized as civic leagues, social welfare organizations, and associations to promote community welfare, charitable, educational, and recreational purposes. Tax-deductible charitable contributions are not allowed. Can earn a profit from projects on a temporary basis. Nonprofit real estate redevelopment organizations fit in this category.
who leads e efforts
WHO LEADS E EFFORTS?
  • State and Local Governments – Public
  • Chambers of Commerce – Private
  • Port Authorities – Public
  • Business Improvement Districts – Public
  • Tech Transfer Organizations – Public, Private & PPP
  • Empowerment and Enterprise Zones - Public
  • Community Development Banks - Private
  • Certified Development Corporations - Public, Private & PPP
  • Community Development Corporations - Public, Private & PPP
  • Industrial Dev Corps & Authorities - Public, Private & PPP
  • Tech Centers, Universities & Colleges - Public
  • State & Local ED Organizations – Mostly Public
  • Regional/Metropolitan Marketing Orgs - Mostly Private & PPP
how are economic development organizations formed
HOW ARE ECONOMIC DEVELOPMENT ORGANIZATIONS FORMED?
  • Steering committee forms and meets to discuss direction
  • Articles of incorporation developed and bylaws are established
  • Steering committee elects officers and board
  • Board determines staffing strategy and timetable
  • Strategic plan is developed, implemented, and monitored
your mission
YOUR MISSION…….

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.

economic development has changed
ECONOMIC DEVELOPMENT HAS CHANGED

New: Post 9/11

  • Business attraction efforts now more focused on targeted industry sectors.
  • 70% of Job Growth comes from existing industry. ED Efforts targeted here.
  • Small businesses have become a targeted industry for most ED orgs.
  • ED has become a regional, multi-jurisdictional business.

Old: Pre-9/11

Smokestack Attraction

Ignored Existing Industry

Ignored Small Businesses

Thought Parochially

how did this happen
HOW DID THIS HAPPEN?
  • 2000-2010 1 Decade = 2 Great Economic Recessions

Post 9/11 & The Great Recession

  • Globalization and Off-shoring
  • Increased Energy Costs
  • Increased Manufacturing Efficiencies and Automation
  • Increased Lending Restrictions and Government Regulations
ed practioner roles
ED PRACTIONER ROLES
  • Analyst – Understands local economy SWOT Provides quantitative & Qualitative info. decision & policy maker
  • Catalyst – Uses incentives to leverage projects. Involves variety public\private sector actors. Evokes enthusiasm
  • Gap Filler – Provides assistance where markets can’t
  • Advocate – Speaks out for community well being & biz

Do these sound like roles that you play on your campus?

the role of bis in economic development efforts
THE ROLE OF BIS IN ECONOMIC DEVELOPMENT EFFORTS
  • BIS staff roles in local economic development efforts vary & are determined by the school’s ED philosophy. Know your Administration’s philosophy.
  • Technology Centers set the tone and BIS Director’s and staff execute the strategy.
  • In baseball, each player should be involved in each play. That involvement is clearly communicated. Likewise you should be involved in ED efforts. Talk to your leadership about what your involvement looks like.
ed pros bis team members areas of common ground
ED PROS & BIS TEAM MEMBERS:AREAS OF COMMON GROUND

We’re not as different as you might think……..

ED

  • Make BR&E Visits
  • Need Workforce Dev. Partners
  • Needs Small Business Dev. Partners
  • BIS Staff
  • Make Industry Visits
  • Provide Workforce Dev. Services
  • Provide Small Business Services
how do i get involved in economic development efforts
HOW DO I GET INVOLVED IN ECONOMIC DEVELOPMENT EFFORTS?
  • Know your campus administrators ED philosophy.
  • Be a part of your campus or local EDO BR&E team.
  • Connect with those who are involved in ED efforts.
  • Join your local chamber or EDO.
  • Volunteer with your local EDO or Chamber of Commerce.
  • Look for economic development gaps.
your mission1
YOUR MISSION……
  • Your are the BIS coordinator of a Tech Center Campus located in a rural region 50 miles from the nearest Metro area. You have an existing EDO in your area, but your school has not been involved in economic development efforts. The area EDO has hired a new CEO and your school superintendent has asked you to become involved in economic development. How do you get involved in future economic development efforts?
  • Assign a Group Leader (spokesperson).
  • Determine your strategy.
oklahoma s advantage
OKLAHOMA’S ADVANTAGE
  • We are centrally located.
  • We have lower business costs than most states.
  • We are quickly becoming a hub for entrepreneurs
  • World class training and workforce development system
  • We are in an unprecedented time of business growth and recognition from the global business community

BOTTOM LINE: We must work together to maximize these advantages. It takes an army to build a winning economy!

the career tech advantage
THE CAREER TECH ADVANTAGE
  • You are a partner & convener of leaders – They trust you.
  • You incent job growth – Adult and Customized Training, etc.
  • You connect businesses with needed resources
  • You facilitate small business development efforts
  • You have business incubators offering support & incentives

BOTTOM LINE: OKLAHOMA HAS A WORLD CLASS SYSTEM!

where do i go from here
WHERE DO I GO FROM HERE?
  • Know your school’s ED philosophy.
  • Be a willing partner on your BIS teams existing industry effort. Ask your BIS Coordinator how you can be involved.
  • Now is your time to shine! Be a catalyst.
together we are better
TOGETHER WE ARE BETTER!

TIM HIGHT

Executive Director

EOC Partnership

Office: 405-390-9591

Email: thight@eoctech.org