MANAGING ECONOMIC DEVELOPMENT ORGANIZATIONS

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1 MANAGING ECONOMIC DEVELOPMENT ORGANIZATIONS 2014 Arizona Basic Economic Development Course Program Barry Broome, President & CEO Greater Phoenix Economic Council January 29, 2014

2 IDENTIFY AND DEVELOP CASE FOR REGIONALISM Fundamentals of Economic Development Job creation occurs independent of political subdivisions Marketplace evaluates regions, not cities Regional indicators include presence of capital markets, established supply chains, access to talent and vibrant quality of life Why Regionalism is Key Public benefits from job creation are shared across the ecosystem Regional economics are more efficient and provide better returns for the public In absence of regional cooperation, communities polarize and engage in negative behavior which costs jobs and tax base

3 BUILD A CONTEMPORARY REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION Criteria for a Modernized Business Model and Organization Focus on market sustainability Be flexible and move as dynamically as the marketplace Include broad-based deliverables Benchmark and measure against competitor markets Be talent-based, focused on developing leaders within the community Place emphasis on improving the region s market position

4 POSITION ORGANIZATION AND BOARD AS THOUGHT LEADERS ON THE ECONOMY Mission-driven Leaders Board of directors should have the highest standing within the community Executive team must comprise of region and state s most accomplished professionals Organizational Profile Ability to gather/interpret data to motivate and mobilize; improving public policy is critical Conduct ongoing market communication on groundbreaking events relative to the economy Proactively seek earned media; serve as spokespersons for national press covering state and region, preserving market position and message Lead discussion on region and state s competitiveness agenda

5 BE A SERVICE ORGANIZATION MAKING OTHER LEADERS SUCCESSFUL Redefine the Opportunity Set a course for the organization that will help the Governor and State Legislature achieve their goals Be a reliable resource for Mayors and City Managers when it comes to building community plans and models Promote universities, community colleges; support leadership and confirm their value to the economy Build strategies with Chambers of Commerce to align business community and economy Be the economic authority, serving as region s turn to organization during times of duress or crisis Develop an organization that mentors young leaders for future key positions in the region

6 BE A TRENDSETTER GLOBALLY AMONG ECONOMIC DEVELOPMENT PRACTITIONERS Lead by Example Set standards of excellence in the delivery of services to communities Build and develop strategies in international markets Establish unique collaborations with institutions in the state that change behaviors Set versus manage expectations that stretch the organization Identify and shoulder critical community issues embrace challenges, do not avoid them Experiment with new economic models, be an innovator and do not fear failure

7 CRAFTING AND EXECUTING A REGIONAL ECONOMIC DEVELOPMENT STRATEGY

8 POSITION REGION NATIONALLY AND GLOBALLY Know Your Product Understand, differentiate and communicate market s key competitive strengths Analyze and adjust the strategy according to industry trends Execute against upward trends in the marketplace to create scalability Understand the region s position in the sub-regional Establish clear foreign direct investment and trade relations Identify unique innovation trends in the market that may be pre-commercial in nature, but also may be promising future opportunities Know How Your Product Stacks Up Understand competitive position relative to other states Inventory all key issues relative to the cost-of-doing-business and develop set of economic development tools that align with regional strategy and benefit local efforts Prepare a set of policy recommendations for state officials to consider

9 ASSESS LOCAL ECONOMIC DEVELOPMENT CAPABILITIES Local Evaluation Identify and assess whether local economic development strategies are in sync with the regional and state efforts Evaluate whether strategies are sustainable and realistic, and determine if they will result in the desires expressed Are strategies in competition with each other or are they compatible? Will local economic development collaborate on regional level? Assess local economic development talent and capabilities to achieve the goals set forth by their leadership

10 CREATE AND EXECUTE A 3-5 YEAR STRATEGIC PLAN Lead, Collaborate, Measure and Celebrate Focus on an inclusive collaborative planning process with all key stakeholders and investors Build a professional recommendation for constituency to consider Maintain professional position as leader, also allowing for input into shaping of the plan by partners Understand the importance of delivering immediate results without compromising longterm viability Set measurable goals to help investors understand and calculate returns Create a vision for community to stretch leadership and excite the masses Execute and win celebrate success!

11 ESTABLISH AN ENVIRONMENT OF RADICAL INNOVATION Mayors have public responsibilities, while CEO s answer to Wall Street let s have some fun! The regional economic development organization should be an off-balance-sheet risk vehicle for private industry and public bodies Cultivate new ideas and try new things, learn from your mistakes but keep innovating Stay cutting-edge early adopters drive the economy

12 DEVELOPING AND IMPLEMENTING A REGIONAL MARKETING PLAN

13 BUILD A BRAND POSITION AND EXECUTE A SELLING STRATEGY FOR THE REGION Successful U.S. regions have one thing in common: an industry leader in a future economy. Identify and build a strategy around an early adopter position Create a differentiating, unique brand and market position; avoid me too strategies Have a clear objective of what should be established with the brand and tie to regional competitiveness When marketing the region, understand the uniqueness among an international company, a U.S. based multi-national company and a start-up technology firm Develop a site-selection program that allows for turn-key, top-line prospecting activities for major corporations Utilize direct-selling strategies with Mayors, CEOs, Governor and local economic development talent Understand the differing sales channels for international markets and development agencies, business-to-business, consulting networks, brokers and developers, and private equity firms

14 QUESTIONS? Thank You for Your Time CONNECT WITH US /GPEC4JOBS /gpecgreaterphoenix Greater Phoenix Economic Council (Groups)