STRATEGY & ACTION PLAN

STRATEGIC DIRECTION

As the designated Economic Development District, it is our responsibility to develop, maintain, and update the region’s Comprehensive Economic Development Strategy (CEDS). A CEDS is updated every five years, and must exist to retain status as an Economic Development District. This type of comprehensive strategic planning empowers elected officials and regional economic developers in their mission to grow the region.

The current CEDS outlines an approach to coordinate growth and prosperity that builds on the region’s strengths, prioritizes key regional industry clusters and emphasizes collaboration. This plan reflects a holistic, modern view of economic development. While global business recruitment is one part of the initiative going forward, there is a wider approach needed that includes business retention and expansion, entrepreneurship, talent and product development. With additional focus on quality-of-life factors and economic mobility, these components comprise an optimal community spectrum for securing the future health and prosperity of the region.

STRATEGY & ACTION PLAN

ACTION PLANS

GOAL 1 – CREATE & MAINTAIN A GLOBALLY COMPETITIVE REGION

Promoting disruptive technologies has the potential to create new business models for almost every industry, from construction and manufacturing, to product distribution, to business services and health care.

TACTIC 1

BOOST ENTREPRENEURIAL DEVELOPMENT

Assess current educational programs and fill in identified gaps.
Promote public and private venture capital through alliances among regional business organizations.
Engage with the entrepreneurial population directly to create business events in order to retain them in the region.
Determine what entrepreneurial resources are missing and work with stakeholders to rectify.

Partners for Success

Workforce Board

Chambers of Commerce

Community Colleges and Universities

K-12 Institutions; CTE Staff

Small Business Development Centers

Main Street Organizations

TACTIC 2

ATTRACT MORE INDUSTRIES TO THE REGION

Convene annual meeting of regional EDCs to formulate marketing initiatives.

Execute complete supply chain analysis of key clusters to identify gaps; and evaluate clusters quarterly.

Improve global competitiveness by hosting workshops with federal, state and local funding agencies that provide assistance to business.

Partners for Success

Chambers of Commerce

County Economic Development Staff

EDPNC

GSLI Economic Development Consultants

Universities, Community Colleges

TACTIC 3

DEVELOP THE REGION’S INTERNATIONAL COMPETENCY

Convene annual meetings to encourage engagement with current international, ethnic and minority populations, helping to enhance economic and social opportunities.

Undertake assessment of existing cultural barriers and gaps that impact international visitors and investors.

Hold planning meetings with local EDCs and Chambers to develop marketing strategies that engage networks of small businesses that could benefit from collaboration (tourism, agriculture and food products, etc.)

Develop materials that advocate for the transfer of educational credentials of international workers and immigrants.

Partners for Success

Chambers of Commerce

Regional Cultural Organizations

County Economic Development Staff

Universities

Community Colleges

GOAL 2 – DEVELOP, RETAIN AND ATTRACT TALENT WITH CRITICAL DEMAND COMPETENCIES AND EDUCATION

Efforts to recruit, prepare, and retain a world-class workforce require a vision implemented through regional cooperation. And if we want to compete for talent globally, we need to enhance and promote the international diversity of existing regional businesses.

TACTIC 1

INCREASE COLLABORATION BETWEEN EDUCATIONAL INSTITUTIONS

Develop regional system for promoting and tracking career pathway training and attainment.

Promote educational opportunities for defined career paths in high-growth industries.

Develop an outreach campaign targeting middle and high school students that promotes middle-skill career opportunities.

Develop materials that promote the value of universal career pathway systems.

Partners for Success

National/Regional Cultural Organizations

Faith-based Network

Community Colleges

Universities

Chambers of Commerce

TACTIC 2

IMPROVE UNDERSTANDING OF ALL ETHNIC CULTURES THAT LIVE/WORK WITHIN OR VISIT THE REGION

Promote a diverse workforce by attracting talent and creating a more inclusive environment.

Support and encourage the formation and expansion of multi-national cultural groups, networks, organizations and schools.

Create materials that explain how cultural outreach and inclusion can benefit businesses in the region.