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HomeMy WebLinkAboutEDC Team JeffersonEDC Team Jefferson Activity Report Summary 1/1/24-6/30/24 January - June 2024 Over the past 6 months, the Economic Development Council (EDC) of Jefferson County has made significant strides in its mission to engage high-leverage, place-based activities that improve the economic well-being and quality of life for people in Jefferson County and the living systems in which we are embedded. Comprehensive efforts reflect the EDC's commitment to enhancing the unique economic landscape of Jefferson County. Diversifying Service Offerings and Revenue Streams - No cost 1:1 advising, two fee based classes (Business Plan Class offered in June 2024) and valuation reports Growing Partnerships - Regional Recompete application Growing Engagement - Membership program How We Work- EDC Framework Goals (inner) and Stakeholders in our orbit (outer) Centering Equity & Diversity while Cultivating Resilience Celebrating Local Culture and Place Cultivating Human Potential Deepening Relationship with our Living World Health & Wellness Organizations Large & Rooted Anchor Institutions Arts & Media Creators & Storytellers Local Capital Local Governmental Agencies Local Businesses & Organizations Business Technical Assistance Strengthening Community Capacity Residents & Livelihoods Active Community Networking What does this spark for you? How might you use this to help EDC think strategically? Policy Governance - Change 5 goals to end statements : Because EDC exists, our community is actively networked. Is that an accurate statement? If our community was actively networked, what does that look like? (Monthly meetings attended by #) Monthly monitoring report: End statement goal as fact. Goal Interpretation - broad Operational definition Data. To determine the quality of our network - Where do we get info - who do we share with or compare to? Reach X # of businesses Reach X # of orgs Compare to other EDCs Pick four terms to develop as a new way to think about econ dev. Regeneration, nested systems, living world, place-based development. Frameworks help us think together better. This framework shows us connections between our partners/collaborators/community and our shared goals and aspirations Direct Work with Small Business This work was provided by in house advising at EDC Team Jefferson, and through advising partnerships with the Small Business Development Center and the Center for Inclusive Entrepreneurship, Tree Ring Consulting, and Apex Accelerator. Ave Profit Margin Increase is 14.5% Accomplishments Measured Against the Work Plan Five goals have been identified by the EDC board strategic planning process. Staff work on strategic imperatives is described in the following 2 slides. ⛰️ Cultivate Human Potential - Intention, listen to understand, learn together by offering training and advising to small business, serve by identifying needs, developing programs and connecting to resources. Annual Total July 2023-June 2024: 207 businesses counseled 547 advising hours $4MM in investment $346K in Government contracts 34 new jobs 421 retained jobs 29 trainings 🌄 Center Equity, Diversity, and the Cultivation of Resilience - Support organizations working with education and serving historically underserved microenterprises Recompete applications submitted, an award would support barrier removal including childcare, training, workforce for Jeff Co. DEI education for the EDC board and staff with USAWA, EDC DEI committee formed, further work under development Elevating partners USAWA, CIE, and Enterprise for Equity Business development work with microenterprise “makers” in east and west Jefferson County, focused on historically underserved - WSMA funded FY 2024 figures represent combined metrics: Resource partnerships include the Center for Inclusive Entrepreneurship, Small Business Development Center, Apex Accelerator, Tree Ring Consulting Accomplishments Measured Against the Work Plan, cont. 🏟️ Engage in Active Community Networking - Identify and support existing and emerging business networks, gather data from employers regarding workforce needs, communicate needs to organizations providing training Regional and State networking, ED work on boards and steering committees WA State Microenterprise funded business network development work with microenterprise “makers” in east and west Jefferson County Qualitative and quantitative data sourcing for the Regional STEM Network and our own Vitality Report Workforce strategy development underway with partners Jeff Healthcare, NWSWB, Schools, others 🌎 Deepen our Relationship with the Living World - Expand our understanding of emerging opportunities in Sustainable Forestry & Renewable Energy. Participate in regional programs. Grant funded effort to assist circular economy cooperative startup, Jefferson Timber Collective. Support of Natural Resources Innovation Center with Clallam Co. 🌲 Celebrate our Local Culture and Place - Develop training for succession planning. Prioritize, plan, protect and elevate our place-based industries Recompete grant application - focused on historic industries maritime and forest products industries LION introductions and administration, funding underbanked businesses Three valuation reports (and work leading up to the report) as a component of succession planning Newsletter business highlights and membership launch Regional Recompete Grant Application The Phase II application included 8 projects across Jefferson and Clallam Counties for $50MM in total EDC team Jefferson, under the umbrella of training and workforce development with Peninsula College, proposed a subaward of $1.2MM for Hiring a workforce development specialist at 1 FTE/year for 5 years to serve Jefferson County. This project could empower Jefferson County to begin development of a local workforce function (currently funding/programming flows through Kitsap), and over time, increase developmental pathways to employment for local residents. A training program for business advisors for the N. Olympic Peninsula. This requires the EDC to hire a part-time trainer for future advisors, and hire a 0.5 FTE advisor for Brinnon and Quilcene from the pool of trained graduates to extend technical service reach. This project could empower regional businesses increased access to high quality business advising across the two-county region, expanding service provision exponentially, leading to greater local small business growth. Priorities 2024-2025 Continue business retention and expansion work as foundational of small business support Train additional advisors (Recompete) Workforce Committee, develop strategy and determine how to build capacity as a workforce backbone organization for Jefferson Co. Hire 1.0 FTE workforce specialist (Recompete) Continue work with historically underserved businesses - WSMA grant Economic data sourcing for workforce an as local economic indicators for our own Vitality Report. Develop an economic framework for Jefferson Co. Funding in Context Annual Expenses FY 2024 = $467K Salary/wages = $296K and contractors = $50K Income/year $215 K County, City, Port, PUD $100 K PIF $ 75 K Commerce $ 62 K Grants $ 15 K Earned income: classes, membership, reports $467 K Total Funding Ask EDC Team Jefferson seeks to retain PIF funding at its current level to ensure our ability to administer our existing body of work and additional Recompete projects. Thank you for your consideration!