Brittany Jones Associate Director Fall 2012

1. Brittany Jones Associate Director Fall 2012

2. Sycamore Student Ventures: Our Mission • Experiential learning laboratories • Real-world business operations • Real clients • Rigorous culminating course for all business majors • Bridge gap between college experience and professional career

3. Organizational Chart: Fall 2012 • Sycamore Student Ventures Sycamore Business Advisors Sycamore Blitz Promotions Executive Express Cafe • SyBA Entrepreneurship Team • SyBA PCEDO Team • Current Café Teams (2) • Café Marketing Team • Learning Lab Team • Future Café Team

4. Sycamore Business Advisors: Services • Individualized client-focused business services • Strategic Process Consulting • Business Plan • Operational Business Plan • Operational Start Up Plan • Feasibility Study

5. Sycamore Business Advisors Presents: Parke County Economic Development Organization A Three Year Vision Using the Strategic Logic Model

6. Parke County

7. Background Information: • Total Population: 17,342 (2011) • Population Increase from 2001 – 2011: 0.70% • Rockville is largest town and County Seat • State Parks: Turkey Run, Shoals and Shades

8. Background Information Cont • Largest private sector employer in Park County is Futurex Industries with 110 full time employees. • The top 4 Employers in Park County are government run. • The manufacturing sector provides $28.7 million in annual payroll to Park County residents.

9. C x R = ED

10. PCEDO 3 Year Vision • To add value to Parke County’s stakeholders by means of developing a small to medium sized industry, create strong community involvement, expand the PCEDO’s work force, and increase the PCEDO’s profitability over the next 3 years.

11. Recommendations • Focus heavily on marketing material • Build community involvement programs • Collaborate with ISU to establish internship program • Collaborate with Vermillion Mega Rise Complex

12. Strategic Logic Model

13. Gap Analysis Theory

14. Strategic Logic Model

15. Financial Success • $10,000 annual budget • No formal grant proposal process • No overnight attraction • Covered Bridge and Maple Syrup festivals are biggest tourist attractions • New business to increase tax revenue • Overnight attraction to increase overnighters • Potential income from wind energy Current Desired

16. Financial Success (current) • $10,000 annual budget • Covered Bridge Festival is biggest tourist attraction (Fall) • Maple Syrup Festival is other major event (Winter)

17. Financial (Desired) • New sources of revenue • A new business in the county to draw in more tax revenue • An overnight attraction to increase the number of tourists staying at local hotels (innkeeper’s tax)

18. Strategic Logic Model

19. Market Success • Tourism • Increase in population of .07% from 2001 – 2011 • Tax incentives for new businesses • Three industrial parks • 50+ employee industry • Community program implemented • Population increase • Overnight Attraction Current Desired

20. Market Success (Current) • Tourism: historical sights, festivals, covered bridges, and 3 state parks. • Population: increased 0.7% between 2001 to 2011 • Tax incentives for new businesses • Three industrial parks established for immediate use

21. Market Success (Desired) • 50+ Employee Industry • Overnight Attraction • Population Increase • Community Program Implemented

22. Strategic Logic Model

23. Value Proposition • Markets county to potential business • Use tax incentives to attract new business • Provide revenue to county • Serve as liaison • Implement development programs • Works with tourism bureau

24. PCEDO Value Proposition • Markets the county to prospective businesses using the resources available in order to provide employment and revenue to Parke County and its strategic stakeholders • V – Value Is the service valuable? R – Rarity Is the service rare? I – Imitability Is the service imitable? O – Organization Does the organization deliver their service in a unique way?

25. Sustainable Competitive Advantage • The ability to sustain a long term advantage through differentiation. • What allows a business organization to experience long term success through differentiation or specialization. • Delivering service in unique way

26. PCEDO Value Proposition • Valuable • PCEDO delivers a service that is valuable to Parke County. • Aims to grow community, industry, and revenue • Rarity • PCEDO services are rare; Only service that delivers economic development to Parke County • PCEDO has rare resources, networks, and funding • Imitability • PCEDO services are not easily imitated • Hard for new organizations to gain access to resources, networks, skills, and credibility possessed by PCEDO • Organization • The PCEDO internal processes do not differentiate themselves from the market • PCEDO faces competition for limited resources

27. PCEDO Value Proposition • PCEDO must create a sustainable competitive advantage in order to deliver on the value proposition • The sustainable competitive advantage of PCEDO will be created when the organization creates unique internal process that differentiates their organization from competing economic development organizations.

28. Strategic Logic Model

29. Gap Analysis Theory Rated on a scale of 1 through 10 White number represents where you need to be Orange represents where you are currently

30. Internal Process • Operations - 4 • Human Resources – 3 • Marketing – 1 • Finance – 6 • Accounting – 9 • MIS – 10 • Communications - 10 Current • Operations - 10 • Human Resources – 7 • Marketing – 10 • Finance – 8 Desired

31. Internal Processes - Operations • Current • Carried out by Kristin with county board approval • Attend site selection networking events • Manages unsold foreclosed properties • Provides loans to develop small businesses • Works with West Central Indiana Accelerate Program • Desired • Improve internal process to exploit operationsmore efficiently 0 4__10 .

32. Internal Processes – Human Resources • Current • 1 employee • Current effectiveness ranking 3 • Desired • 1 additional full time employee • Intern from ISU • Desired effectiveness 7 0 3 7 10

33. Internal Processes - Marketing • Current • No brochure, no business cards, no website • Current effectiveness ranking 1 • Desired • Have professional website, business cards, and brochure • Have marketing plan in place • Desired effectiveness 10 0 110 .

34. Internal Processes - Finance • Current • $5,000 a year, $100,000 available for loans to businesses, $500,000 in TIF funds. • Current effectiveness ranking 6 • Desired • Have a TIF fund of 1.5 million • Have structured fundraising programs • Have 15K per year for operations • Desired effectiveness 8 0 6 8 10 .

35. Internal Processes • Communication • Very involved in community engagement • Current effectiveness 10 0 10 • Management Information Systems • Current effectiveness ranking 10 0 10 • Accounting • Kristin does all of the accounting • Current effectiveness ranking 9 0 10

36. Strategic Logic Model

37. Org. Learning & Innovation • Working with Accelerate West Central Indiana • Working with SyBA • Working with ISU marketing project • Increase employment/ add unpaid intern • Help facilitate community engagement • Develop beneficial relationships Current Desired

38. Organizational Learning and Innovation (Current) • Working with Accelerate West Central Indiana • Working with SyBA • Working with ISU marketing project

39. Organizational Learning and Innovation (Desired) • Continue strategic alliances with ISU and develop alliances with local economic development organizations. • Subscribe to local economic development e-journals • Build an Advisory Counsel

40. Strategic Logic Model