Partners We Work With. Economic Gardening

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2 Partners We Work With Economic Gardening 2

3 Economic Gardening Florida s Research Coast Objectives Brand the Region Market Collaboratively Share resources to avoid duplication Work collaboratively rather than competitively Create regional networking opportunities Connect local companies Increase the competitiveness of the region

4 Research Entities Torrey Pines Institute for Molecular Studies Port St. Lucie VGTI Port St. Lucie Mann Research Center Port St. Lucie Martin Memorial Health Systems Stuart, Port St. Lucie FAU Harbor Branch Ft. Pierce Smithsonian Marine Station Ft. Pierce USDA Ft. Pierce Ocean Research Conservation Association St. Lucie Digital Domain Media Port St. Lucie Syngenta Vero Beach LS 9 Okeechobee INEOS New Planet Bio Energy Vero Beach Remetronix Port St. Lucie UCT Coatings Stuart Magna Bon Okeechobee A success in any locality is a success for the entire region 4

5 Florida s Research Coast Successes in each locality Indian River County Expansions : SpectorSoft, emindful New Business: OcuCue, INEOS New Planet Energy, SMI Technology AlgaGen, NetBoss Technologies Retention: Piper Aircraft Martin County Governor s Business Diversification Award winners: Optima Healthcare, Florida RF Labs, TurboCombustor, Keller Medical, Southeastern Printing New Business: Extreme Speed Motorsports, American Energy Innovations Expansions: Vought, Liberator Medical, Coaxicom, Old Cell Phone, STS Solutions, GiftRAP Software, UCT Coatings, Bonadeo Boats, Sheet Metal Unlimited, H2 Ocean Okeechobee County Business Development Board of Okeechobee launched & new Chamber of Commerce created Relocation: LS9, Applied Biotechnologies Water Treatment New Business: B & D Biomedical, Ag Spectrum, Shoppes on the Boardwalk Expansions: Sun Treasure Packing St. Lucie County Governor s Business Diversification Award winner: Liberty Medical HQ: Torrey Pines, Mann Research Center Relocations: VGTI, Digital Domain, HealthChem, Silver Line Plastics Expansions: Liberty Medical, Maverick Boats, Twin Vee Catamarans, Oxford Management MOUs with Oak Ridge National Lab and General Electric A success in any locality is a success for the entire region 5

6 Economic Gardening DISCUSSION Overview Economic Gardening Assets & Resources Program Elements Business Assistance Research Coast Economic Drivers Creating & Sustaining a vibrant business climate Manageable Growth Competitive Business Culture Multi modal Infrastructure Research & Development Entrepreneurial Systems World Class Talent Targeted Industry Cluster Growth Energy & Environment Information Technology Life Sciences & Research Centers Manufacturing 6 High skill, High wage Jobs

7 Economic Gardening is not the standard business assistance program. Economic Gardening is about the eco-system of second stage entrepreneurial growth businesses. What is Economic Gardening? Chris Gibbons Co-Founder Economic Gardening Economic Gardening helps establish an entrepreneurial culture within communities and sets itself apart from other economic development strategies by its target audience, tools, and timing of services. Edward Lowe Foundation Economic Gardening 7

8 Economic Gardening Why Second Stage Companies? Second stage companies represent 8% of Florida establishments and generate 36% of jobs Data source: Edward Lowe Foundation, 8

9 Economic Gardening DISCUSSION Overview Small Business Economy Economic Gardening The Million Dollar Question How do we grow the local economy? Balance/Blend of Economic Development Best Practices Business Assistance Traditional economic development strategies: recruitment, retention, expansion Incentives, tax breaks, capital investment Highly competitive Support local entrepreneurship small and medium sized businesses (SMBs) Businesses that already exist in a community 9

10 Economic Gardening Engagements Economic Gardening Employed Worker Training (EWT) On The Job Training (OJT) Incumbent Worker Training (IWT) Introductions to local companies Through Economic Developers Through Workforce Business Services Consultants Through Chambers of Commerce Through Business Owners Networking throughout the region Industry organizations (Banks, Lawyers, Accountants, Insurance) GrowFL prospect lists Local media 10

11 DISCUSSION Overview Small Business Economy Economic Gardening Best Practices Business Assistance Economic Gardening What do Entrepreneurs Need? Access to financing Local support for entrepreneurs Mentors Basic infrastructure Livable communities Skilled workforce Networking opportunities Market, industry & competitor information Access to markets Training in all aspects of business No wrong door 11

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13 Florida s Research Coast How We Leverage EMSI Economic Impact Studies High Performance Computing Center in Jupiter Business Incubator in Ft. Pierce Career Pathways in specific industries Which careers are growing, declining (digital media, biotech, research) Economic Indicators for emerging industries, declining industries Healthcare, IT, Clean Technology, Energy Long haul trucking, construction Corporate relocations & expansions Pest Control Co., Electronic Records Co., Bio Diesel Firm Labor market information, career cluster summary s Collaborating with regional partners One more tool in the tool box 1

14 Florida s Research Coast How We Leverage EMSI Reports Staffing Patterns Martin County Labor Profile St. Lucie County Occupation Report Aegis Port St. Lucie Highest Ranked Occupations Indian River County High Performance Computer Consortium Jupiter Demographic Report Okeechobee Business Incubator Demographics Ft. Pierce Inverse Staffing Patterns Region Labor New Occupations Indian River County Human Capital Region Economic Impact Region 2

15 Case Study Economic Gardening Worldwide Customer Call Center Expanding Company New Health Care Client Hiring 400 new employees Requested EMSI Human Capital Report Skills summary Wages & Benefits Career Pathways Status ongoing engagement

16 Case Study Economic Gardening High Performance Computing Consortium (HPCC) State University with 8 campuses Large research institute Partners: Scripps, Torrey Pines, Max Planck, VGTI, IBM, FPL Project Cost: $25 Million one time cost Conducted EMSI Economic Impact Study Impact: R&D, Commercialization Life Sciences, IT, Healthcare Workforce impact: Emergence of high tech & research workers Economic Development: Resource for 20 start up biotech & IT ROI: 5X, new jobs, research partnerships, new companies

17 Case Study Economic Gardening Jobs & Innovation Accelerator Challenge Grant Partner: Regional college with 5 campuses Large training institution Grant Funding agencies: EDA, SBA, ETA Focus: The Advancement of Regional Innovation Cluster (TARIC) Grant Application: $1.9 Million Conducted EMSI Economic Indicator & Impact Study Impact: Accelerate high growth new & existing businesses Workforce impact: Creation & retention high wage jobs Economic Development: Enhance SMBs in cluster Demonstrate collaborative cluster based regional development ROI: new businesses, jobs, exports, technologies, processes

18 Case Study Economic Gardening Architectural & Construction Management Expansion Mode Specific Engineering Positions Requested EMSI Occupation Profile Salary and Wage Ranges Knowledge Areas Available Training in Region Skills & Abilities Required Workforce impact: Creation & retention high wage jobs Status: Ongoing engagement

19 Economic Gardening Economic Impact Report Operations effect of Workforce Solutions Measure Economic Benefits Direct/Indirect Adult/Dislocated Worker Served 5,938 people Placed 827 adults 395 dislocated in jobs Generates $28.8M for regional economy Served 899 youth Youth job placements yield $3.1M impact Benefit/Cost Assessment Adult Cumulative value of $16 for every dollar WFS received Dislocated Worker $20.50 for every dollar Youth $3.36 for every dollar Combined: Adult, Dislocated, Youth yields $14.90 for every dollar

20 Economic Gardening Florida s Research Coast Broadband Initiative Opportunity For Job Creation, Economic Development, And A More Sustainable Community Network Infrastructure

21 Economic Gardening Florida s Research Coast Opportunity 21 st Century Global Information Highway

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