Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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Introduction The purpose of this paper is to provide context and background information elaborating the rationale, process, and data which have led the Orange County Economic Development Commission (EDC) to recommend a multi -year programmatic implementation plan that focuses on overcoming barriers discouraging existing businesses and start -ups from remaining in the county and preventing employers of commuter residents from corning into the County. hi addition, this paper seeks to describe the economic development environment and competitive landscape largely from the point of view of entrepreneurs, CEOs, boards of directors, and site selection specialists responsible for choosing where they will start, grow, expand, and (re)locate their businesses. Summary of Recommendations Building on the foundation laid by Investing in Innovation, the EDC recommends that the Board of County Commissioners (BOCC) finance in its entirety a comprehensive strategy encompassing a three - pronged approach addressing the development of physical locations for entrepreneurial and established businesses to locate and grow for years to come; tools needed to nurture local entrepreneurs and start -ups as well as to attract and retain established businesses; as well as information and knowledge needed to support data-driven decision - making. All recommendations are designed to open doors of opportunity by targeting specific needs voiced by business and economic development professionals. By addressing these key needs, we expect to increase the number of UNC spin-offs locating in the County, to increase the County's ability to attract and retain 10 — 100 employee companies as well as the ability to attract investment in existing Orange County businesses; all of which will increase resident wealth and commercial tax revenues in a way that also fosters employer- sponsored benefits and higher wages for workers of all education and skill levels on a long -term basis. The EDC's Research Rationale and Key Data Sources Building on Orange County's Comprehensive Plan 2030's Objective 1.8 to "explore policies to use in attracting and encouraging development of companies and enterprises that will build and expand upon the County's economic base ", the EDC examined economic development through the eyes of economic development professionals, potential investors, and regional experts. As part of this effort, the EDC sought to learn more about the concerns of business from its perspective. In addition, we sought information about the economic development strategies, policies, and tactics practiced in our region, particularly those practiced in sunrounding counties. We began by examining the Research Triangle Regional Partnership's (RTRP's) strategic plan for several critical reasons, with the first one being that RTRP is considered . internationally to be a best- in-class economic development organizations having received the US Commerce Department's Regional Competitiveness Excellence in Economic Development Award for sound, research - based, market driven economic development. Second, RTRP leadership and strategic piarmers consist of the region's leading citizens representing business, academia, and government. It routinely funds and commissions detailed economic development - related research and analysis well beyond the capabilities of Orange County. The strength of RTRP's I 1 clusters overwhelmingly attract business and residents from around the globe, with many of these residents landing in Orange County. Lastly, RTRP is the primary arm by which state funding and resources flow particularly that which is managed by the NC Department of Commerce. Because Orange County also is on the edge of and impacted by the Piedmont- Triad's economic development strategies l the EDC also included this region's vision plan as a relevant reference document. Jonathan Q. Morgan's research and recent publications, the October 2009 edition of the North Carolina ' Assistant Professor of Public Administration and Government, University of North Caolina. Prior to that, he worked for Regional Technology Strategies, Inc., an economic and workforce development consulting firm located in CarrboroChapel Hill. He has also served as director of economic policy and research for the NC Department of Commerce, as well as research and policy director for the NC Institute of Minority Economic Development. Currently Morgan serves as course director for the annual Basic Economic Development Course. His research has iIPage