Maurice washington open_source_economic_development
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This document discusses problems with traditional economic development approaches and proposes an open source economic development model. The key problems identified are silos between groups, self-interest over community interests, reluctance to change, and lack of clear goals. The document proposes forming action committees across industries to coordinate recruitment, retention and expansion efforts. It emphasizes developing clear marketing targets and plans based on community values and increasing community involvement through communication and an open process.
Maurice washington open_source_economic_development
- 1. Open Source Economic Development Community Empowerment Oct 2010
- 2. 2 Adjusting to the “New Normal” • Which way should we go? • How did we get in this situation?
- 3. 3 Problem #1: Silos of purpose and direction • The first area of attention for turn-around experts
- 4. 4 Problem #2: A focus on Self Interest • Participating for “What’s in it for ME!”
- 5. 5 Problem #3: Systemic self-preservation CLIENTS EDA COMMUNITY • Being the “expert”… and proud of it • Lack of true leadership • Keeping the best players off the field
- 6. 6 Problem #4: No clear destination • “When you don’t know where you’re going, any road will get you there.” George Harrison
- 7. 7 The results: EDA
- 8. 8 The GOAL: EDA
- 9. 9 Economic Development must: • Create the ultimate environment for business success • Provide community leadership – influence at all levels for all the right reasons • Be a “community concierge” internally and externally --- working at a high level! • Have a plan
- 10. 10 Why we do economic development: • It’s not about “What’s in it for Me!”, it’s about: Our kids Our grand-kids The future of our community Paying forward
- 11. 11 Economic Development is broad based community development: • Leadership • Workforce • Entrepreneurism • Capacity building • Existing business expansion and retention • New business recruitment
- 12. 12 So…how does open source become successful? Create optimum business success climate Focus on the right reason for economic development Define and manage brand Develop action plans and assemble proper resources (Regional Action System) Focus on excellent customer service (execution) Make constant adjustments as necessary (management)
- 13. 13 And, we also: Create a system of community involvement through action committees Bring along the community at large through communications Form marketing targets based on “best case for success” “what do we want to be when we grow up” “Open Up” the business development process Continue to make constant adjustments
- 14. 14 Were all in it together – Our binding philosophy and moral compass: Everything is connected to everything else Scarcity vs. Shared Abundance A belief that there is enough for everyone If we all work together towards a common cause; we will all end up with more than we thought possible by ourselves A focus on the future for our kids; not just ourselves Being a giver
- 15. 15 Doing well while doing good! If “open source” is like a barn raising… how many barns can we build for free before we run out of nails? Defining the “Good” and the “Well” Maintaining vision and credibility Fulfilling our core mission of increasing each and every business’ financial vitality… Including Yours!
- 16. 16 Defining the brand: The Sierra Region of Nevada The peaks, valleys and hills of the front range of the Sierra Nevada, where the climate for business is perfect! • The peaks, valleys and hills of the front range of the Sierra Nevada, where the climate for business is perfect!
- 17. 17 Action Committees Division by major community verticals Not passive! Each committee with responsibilities to recruitment, retention and expansion of business Each committee drives its own purpose towards a common community vision, mission and goal(s) The elected Chairman gets a seat on NNDA Board Committees meet monthly
- 18. 18 Action Committees Committee Recruitment Retention Expansion Commercial Real Team Leaders; work deals Identify problem Bring more demand to on rotation basis and companies through region through cluster Estate conduct out of market sales professional network development Workforce and Integration with Addresses current Drives future workforce recruitment targets for business’ needs for skills maturity Education workforce development Professional & Provide needed services for Work with “endangered Assist companies in new incoming companies companies” to revive market identification and Buss. Services through better strategic planning management Residential Real Market region through Housing programs for Housing programs for affiliated RE network incoming recruited and incoming recruited and Estate relocation employees relocation employees Marketing Regional branding and Repositioning of at risk Driving market expansion communications companies through better tools Banking & Finance Start up funding, equity Financial revivals through Expansion financing and debt financing, analysis and creativity financial transitions Developers and Conducting marketing Identification of at risk Assisting companies with programs to increase businesses providing building modification Builders prospects and leads to creative solutions - solutions system
- 19. 19 Special Committees • Relocation Feasibility Committee Comprised of area CPAs and CFOs Recasts finances of prospects as if they had already moved to Nevada; what would the bottom line really look like? Provides client company’s CFO with accurate information to base decision to protect shareholder interest • Government Communication between all levels of government Provides continuity and improvement of process Coordination of resource acquisition Prioritization of infrastructure development
- 20. 20 The NNDA Machine WORKFORCE WORKFORCE DATA PROF SVCS PROF SVCS BANK & FINANCE BANK & FINANCE CRE RELOCATION FEASIBILITY MARKETING TEAM LEADER CLIENT NNDA EDA GOVERNMENT RESIDENTIAL RE REALTORS BUILDERS BUILDERS TECHNOLOGY SUCCESSFUL TO CLIENT SUCCESS RELOCATIONS HEALTH CARE & WEALTH TO THE COMMUNITY AMBASSADORS MANUFACTURING
- 21. 21 Creating Marketing Targets • Target Identification Current directions of development (if there) Growth industry Jobs are high paying and career oriented Accessible market Workforce is developed are can be Region will work for company MOST IMPORTANT: FITS THE COMMUNITIES DESIRE OF “WHO WE WANT TO BE WHEN WE GROW UP”
- 22. 22 Creating Marketing Targets • Regional Target Cleanroom and Controlled Environment Manufacturers Nine different industries depend on this ability… large target with common denominator Perfect climate for reducing operational costs On the ground expertise Existing companies in region Coordinated workforce development programs Identifiable market
- 23. 23 Creating Marketing Targets • Local Brand Targets Carson City – High-tech digital Douglas County – Outdoor lifestyle mfg/tourism Mound House – Roll up your sleeves mfg Silver Springs – Aviation Campus Smith & Mason Valleys – Advanced Ag TRIC – Large scale distribution and mfg Virginia City – Tourism (V&T + Wild West) Washoe Tribe – Wellness
- 24. 24 Creating the Plan • Understand the process An everlasting vision A doable mission with a “got there” date Measurable “goals” Identification of all “tactical elements” Strategic organization of tactics; it follows not leads Mileposts as objectives; check them off by the quarter Be ready to adjust!!!!
- 25. 25 Creating the Plan • The budget is born from the plan With all tactics strategically organized, the timelines estimated, a costing and forecasted budget will naturally follow • Resources are then sought Foundation Search Selling your plan Broadening the “investor partner” base
- 26. 26 Communicating the Values • Community meetings through Sierra Regional Economic News (published every 1st and 3rd Sunday of the month) Sierra Region Social Media Platform (www.centerpointcommunity.com) Partnering with other non-profits Sister agencies Government boards Anywhere the community gathers…
- 27. 27 Opening Up the Process • Trusting your players and team leaders Everyone signs on, for the clients sake Every client is first “sold” on our system and agrees to speak with multiple players Better to lose a deal, than lose the community Setting up a communication system Web Office Conduct “meaningful” meetings
- 28. 28 Opening Up the Process Provide Great Tools RFI Proposal Template Keep Data Current Use committee structure to accomplish data shepherding Conduct Regular Training Use committee meetings to bring in training opportunities Keep the vision fresh!
- 29. 29 An empowered community engaged in Open Source Economic Development will: • Increase community wealth • Provide new opportunity for all residents • Create an atmosphere desirable for retaining the youth of the community • Grow the tax base and improve the depth and breadth of community services
- 30. 30 Keep this thought in mind! • Economic Development is NOT a spectator sport! It is a community effort where all hands must be on deck!