Strategies for Business/ Industrial Development
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1 Strategies for Business/ Industrial Development PAD 5808/ 7808: LOCALITY, BUSINESS, AND HUMAN RESOURCE DEVELOPMENT Strategies LED goals Local economic stability Diverse economic/ employment base Environmentally sustainable development Approaches Place based vs people based Programs vs projects Strategies Business Development Human Resources Development Locality Development 1
2 Business development: Climate Availability of: Diverse sources of capital Human resources Raw materials Suitable infrastructure Entrepreneurial culture/ social networks Business (corporate and sales) taxes Procedures for establishing businesses (licenses, approvals) Business Development Nature of Businesses Regional vs Local stores Chain stores vs Specialty/ Mom&Pop stores Work vs job Big Box vs Small Businesses Is Walmart good for America? Strategies Encourage new business startups Attract new firms to the area Sustain and expand existing businesses Increase innovation & entrepreneurship 2
3 Business development: Tools One stop business assistance centers Small business development centers Women s Enterprises Research and development Enterprise/ empowerment zones Business development: Financing Tax increment financing Attract Venture capital Mutual loans associations Revolving loan fund Cooperatives Micro-finance programs 3
4 HR development: People based Job training and placement Vocational training Skills enhancement HR providers Community colleges (basic skills) Vocational colleges (technical assistance) Professional programs (skills enhancement) Universities (technology transfer) Special programs Women, Youth, Retirees, Minority, Disabled programs Changing employment pattern Part time vs full time Voluntary work force Nonprofits HR development Workforce Investment Boards Local employment and training boards Bridge employment needs with training Clawback provisions Penalties if targets are not met 4
5 Locality development Zoning regulations Euclidean zoning Incentive zoning Overlay zoning (Transfer of Dev. Rights) Inclusionary zoning Regulatory simplification Community Redevelopment Act Enacted to help overcome barriers to credit in inner city areas Community Redevelopment Agencies generally use Tax Increment Financing "pay as you go (annual revenue funds projects) "pay as you use" (debt service over project life) Locality development Business Improvement Districts Public / private partnership where property/ business owners elect to make a collective contribution to the maintenance, development and promotion of their commercial district Physical design Smart growth New urbanism Importance of third spaces 5
6 Locality Development-3 Infrastructure development Physical (Transportation, utilities) Social (health, education) Technological (broadband networks) Tourism planning Waterfront development Cultural amenities (museums, parks, arts centers) Sports amenities Business development: Culture Arts Museums Guggenheim Museums Performing arts The Disney Concert Hall, Los Angeles Contemporary/ Modern Art galleries Sports entertainment Stadiums Professional sports franchises 6
7 Guggenheim Museum, Bilbao Tourist attraction 7
8 Disney Concert Hall, Los Angeles Getty Museum, Los Angeles 8
9 Getty Museum, Los Angeles Arsht Center, Miami 9
10 of+5+cities # Corner Revisited # [9.31] City Hts San Diego High tech job in Reno Workshare program RI Detroit urban farming 10
11 For project Business/ Industry Shift share/ LQ analysis Perhaps do 3 or more digit analysis for selected business/ industries Community Assets Existing businesses/ industries Existing business support/ industrial groups Identify potential businesses/ industries Strengths and Weaknesses Based on Location (Google earth or equivalent) Based on local assets (physical, human resources) For project Comparative case study Policy lessons based on case study/ local strengths Organizational Financial Any sector focus 11
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