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HomeMy WebLinkAbout2.20.24 EDC – ICG MeetingEDC and Guests ICG Meeting 2.20.2025 ICG Conversation Topics EDC definition and functional role Current EDC status and how we got here Transitions and new programs ahead at EDCTJ The value and potential of the EDC in the context of goals and work performed by public partners, and benefit to the community Purpose of an EDC – Broad Brushstokes The word "economic" comes from Greek terms, translating as "household management", extrapolated to the level of community. Econ dev is a social science – study human behavior as a relationship between ends and means which have alternative use. The outcome of econ dev - improved overall standard of living in a community. Reflected in local planning document language like, “well-being”, “thriving”, “resilient”, “sustainable” The EDC work plan is based on strategies focused to attract, create, and retain businesses that provide jobs to residents and investment in the community. Our contract with the State of WA mandates measurement by traditional indicators like employment and income Are these adequate indicators for improvement in standard of living? EDC as defined by the State of WA An EDC by definition: An Associate Development Organization (ADO) designated by the WA State Dept of Commerce, defined by contract. WA State Constitution limits direct investment in small business by cities and counties And it allows for EDCs to work at this level - structured as nonprofit orgs/or within a Port Enabling legislation: Two State RCWs guide the role of the EDC, WA State RCW 43.330.080 and RCW 43.330.82 Reporting on jobs, investment… * Funded mandates / Dept of Commerce – ensuring retention of ADO status Business Retention and Expansion (BRE) Startup Assistance Export Education Training Business Recruitment Potential EDC work beyond the baseline - for which funding and capacity is sought Workforce development Business resourcing - government contracts Diversity equity and inclusion (state requirement) Economic data sourcing Participation in infrastructure/community dev Legislative advocacy One on One Technical Service Provision The EDCTJ Method internal advising 5 At no cost! Delivering Effective Education FINANCE MADE EASY! Discover how to build financial strength for your business! Learn the essentials of budgeting, forecasting, and strategic planning to drive long-term growth. CONNECTING YOUR VISION TO RESULTS Sharpen your vision-setting skills, learn strategies for engaging your team, and gain the tools you need to confidently bring your plan to life. PRICING AND PRODUCT INNOVATION  Learn pricing strategies, metrics, and insights to help you stand out in the market and grow profitability and sustainably. Don’t miss this opportunity to strengthen your product approach! MARKETING AND BRAND STRATEGY Build a brand that stands out! Explore strategic marketing, brand development, distribution channels, and how to position your business for greater visibility and impact. 6 Why is Economic Development Important? Provision of services that meet basic needs (a predicate of thriving). Examples: local goods and services, road/water/sewer/power infrastructure, availability of medical care. Communities need functional infrastructure allowing for adequate local housing, roads... - An EDC can assist small businesses to grow, increasing profits that create tax revenue and local investment Jefferson Healthcare requires a healthcare payer mix < 80% Medicare, and relies on employer’s purchase of private plans - An EDC assisting small businesses to grow increases their ability to hire and pay for health care plans (non-Medicare) Resident homeowners need local service providers for home repairs, home health care, IT support, etc. - An EDC can support and sustain a mix of businesses that meet local demand Thriving families need access to workforce training, leading to living wage jobs -An EDC can provide a workforce backbone, advocacy and coordination of WF partners Guest Martin Nerbovig CampNCar The business started 6 years ago with 2 guys and $200. Currently they have $1.2MM in revenue, are growing 20%/year, and have 15 employees. They attribute their successful growth to counseling received from EDCTJ. They will likely expand soon, but where??? Metrics Met Halfway Through the 2024-2025 Fiscal Year There are 5000 registered businesses in Jeff Co. 75% are micro enterprises with 5 or fewer employees Guest Devin Gonzales Education Partner The Center for Inclusive Entrepreneurship Seeking to contribute to regional food network development, and support microenterprises. Housed at EDCTJ at 385 Benedict St Accomplishments over 3+ years ARPA Grant Distribution during COVID Met or exceeded all ADO mandated reporting requirements Regional Recompete Grant prep and receipt of contract: EDC to receive and additional $240K/year for workforce coordination, the extension of advisor training, and tech service extension (equivalent to 2 FTEs) Awarded small State grants - ongoing Hiring for expertise + launch and maintenance of in-house advising/ed program in a challenging employee retention environment Cultivate network of tech service providers Collaboration on regional programming and sector development with Clallam and Grays Harbor Co Membership program launch Focus on Capacity Building ADO (EDC) Funding Design Seed funding from Dept of Commerce is meant to stimulate local funding from public partners to fund organization operations. Additional funding is raised through EDC offerings like paid classes, membership program, and grants to fund programs, when available. 501C6 organizations are mostly limited to government grants. *Public Partner funding does not cover basic operations A Present for Eron – draft of tax data to be posted on the EDC website soon Third Speaker Mark Knudsen EDC Board President 2025 Initiatives Recompete grant program launch Workforce backbone Train the trainer program Increase in advising service to Quilcene & Brinnon 2. Ongoing grant administration WA State Microenterprise grant - East/West County grant funded initiative targeting “Makers” Commerce-grant writer grant, directed toward forest products 3. Transition to a New ED 4. Filling BOD seats Wish list of future programs Succession planning including ownership options like employee ownership and perpetual purpose trusts Subsidiary C3 and potential for developing a Community Fund Integration of circular economy concepts in business thinking Self lead cohorts, exploring leadership, and topics of interest to the business community Nested Systems Diagram Context for Engagement and Impact EDC Shared Goals leading to Thriving Communities within Jeff CO. What needle can we move together? Strategic and Integrated Work Plan in Jefferson Co with Network of Community Partners ? Questions for you Within the EDC’s scope, how can we best collaborate to benefit our community in these rapidly changing times? What could we do together? Thank you!