Bringing Economic Development into the 21st Century

Maury Forman

WEDA Winter ConferenceFebruary 13, 2012

Washington Economic Development 2011

•Ranked #2 in Sustainability•Ranked #2 in Entrepreneurial Activity•Total Exports were $53.2 billion•31% of residents have college degree•1.71 patents per 1000 residents•Ranked #3 Greenest State •Agriculture output has a value of $8.25 Billion

•#1 in software employment•#2 in nationally certified teachers

20th Century Stool Theory

Economic Development

Economic Development

CommunityDevelopment

Business Retention & Expansion

BusinessAttraction

Definition

•Community Sustainability is

about prospectively spotting where the

best opportunities exist to accomplish

your area’s particular economic

development objective.

21st Century Stool Theory

Economic DevelopmentEconomic Development

Asset Development

Definition

Asset mapping is the development

of policies and activities based on an

understanding, or ‘map,’ of the

community’s resources with the potential

for promoting community development.

Infrastructure Report CardAviation D

Bridges C

Dams D

Drinking Water D-

Energy D+

Hazardous Waste D

Levees D-

Public Parks & Recreation

C-

Rail C-

Roads D-

Schools D

Solid Waste C+

Transit D

The Nonprofit Arts are a $134 Billion Industry

Total Expenditures $134.0 billion

Full-Time Equivalent Jobs 4.85 million

Local Government Revenue $6.6 billion

State Government Revenue $7.3 billion

Federal Income Tax Revenue $10.5 billion

Total Economic Impact of the Nonprofit Art Industry

(Includes both organization and audience expenditures)

Adding more foot tapping, smile inducing moments to our lives is sound

public policy.

Definition

•Workforce Development is a

statewide system of education and

training that prepares people for high skill

jobs and assures employers of a skilled

flexible workforce in the future.

Workforce Consists of…

•Boomerangers

•Lifers

•Transplants

21st Century Stool Theory

Economic Development

Economic Development

Entrepreneurial Development

versusDino Jaws

• Flexibility

• Adjustability

• Adaptability

Build a Stand, Spark a Dream

Definition

•Intraprenuers are highly self-motivated,

proactive and action-oriented people who

are comfortable with taking the initiative,

within the boundaries of an organization,

in pursuit of an innovative product or

service.

“That’s a good idea, but…”

•It’s against company policy •It’s not practical •It’s not necessary •We don’t have the resources •It will cost too much •We’ve never done it that way •Our customers (or vendors) won’t like it •It needs more study •It’s not part of your job •Let’s make a survey first

“That’s a good idea, but…”

•Let’s sit on it for a while •That’s not our problem •The boss won’t go for it •The old timers won’t use it •It’s too hard to administer •Why hasn’t someone else suggested it

before? •Let’s form a committee •We should wait until the economy improves •Who else has tried it? •Is it best practice?

21st Century Stool Theory

Economic Development

Economic Development

Technical Assistance

Statewide Resources for Existing Businesses

•Innovate Washington

•Export Finance Assistance Center of Washington

•Washington State Microenterprise Association

•Impact Washington

•Center for Economic Vitality (WWU)

•Small Business Development Centers

•Gov. Office of Regulatory Assistance Small Business Solutions

New Tools for Existing Businesses

•Small Business Credit Initiative

•State Trade and Export Promotion

•www.Business.wa.gov

•www.BizGuide.wa.gov

•http://www.commerce.wa.gov/smallbizhelp/

Frank Perdue's chicken slogan, "it takes a strong man to make a tender chicken" was translated into Spanish as "it takes an aroused man to make a chicken affectionate."

If he gets cute with me I’ll break more than a couple eggs.

Export Businesses Have...

• ...a vision of world trade

• ...an understanding of others culture and their

dynamics

• ...the drive to define, measure and open

markets

Economic Leakage

You see, Timmie

What you are thinking at this very moment

• I learned some new things in this presentation

• I would like to buy this guy a drink later on

• I can’t believe I have to listen to one more

presentation