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The CREDability Initiative

The CREDability Initiative. November 13th St. Michael’s College Burlington, VT. C reative and R estorative E conomic D evelopment “Innovate Globally, Engage Locally”. Mission Statement. Identify an economic development “recipe” that:

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The CREDability Initiative

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  1. The CREDability Initiative November 13th St. Michael’s College Burlington, VT Creative and Restorative Economic Development “Innovate Globally, Engage Locally”

  2. Mission Statement • Identify an economic development “recipe” that: • Attracts and retains innovators to develop creative knowledge-based businesses with high paid employees that can compete in the global marketplace • Advances value-added businesses that reinforce our sense of place and have a soft environmental impact • Compliments/augments ongoing economic development efforts

  3. Vermont Unique Benchmarks • Working landscape • Authentic town centers, under utilized downtowns • Power of small business/privately-held • High number of socially responsible businesses • Density of higher education • Social/community values • Well developed networks among businesses • Strong arts/culture

  4. Criteria for Key Sector Choice Triple Bottom Line • Creates jobs (high-paying) • Importation of capital • Sustainable • Leverages Vermont values and strengths • Growing faster than the average economic sector • Higher than average multiplier • Above average contribution to social/ environmental quality Financial Environmental Community/ Social Equity

  5. Identified Key Sectors • Higher education • Value-added agriculture • Value-added agriculture • Software development/IT • Social venture innovation • Mail order • Alternative/renewable energy • Communication, Media, and Design Arts

  6. Taking the Pulse…

  7. Survey Pre-Test • Respondents asked to rate each category: • How important are the following • 2) How well does Vermont provide the following? Not Imp./ Vermont does poorly 0 . . . . . . 10 Very Imp./ Vermont does well

  8. Pre-Test Results

  9. Another View…

  10. Possible Architecture of Future Policy • Value-Added • Working Landscape • Asset Mapping • Strategic Higher Ed. Investment • Exporting • Tools: • Broadband • Strategic Higher Education Investment • Access to Capital • Transportation • Entrepreneurship/Innovation • Training • Access to early stage capital • Incubation • Downtown Revitalization • Permit reform • Broadband • Brownfields • Cultural activities grants

  11. “If you don’t know the destination it’s easy to get there”

  12. A Parting Thought “If your goal is to understand what it takes to attract business(es) like mine, I am afraid your survey doesn’t really get at the issues. I employ a fair number of people, but in reality, I am an entrepreneur. If you try to attract businesses, I can’t see how you win that battle. Too many other places have WAY too much going for them for Vermont to compete on a business level. But people like me aren’t always looking to make the best business decisions. If that was the prime motivator, we wouldn’t be here at all. Instead, you need to compete for individual entrepreneurs.”

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