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Strategic Plan Update

Strategic Plan Update. Washington Economic Development Commission October 17, 2008 Puyallup Forum. Uncertain Times, Tough Choices. “Fasten your seat belts. Its going to be a bumpy night.” Bette Davis

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Strategic Plan Update

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  1. Strategic Plan Update Washington Economic Development Commission October 17, 2008 Puyallup Forum

  2. Uncertain Times, Tough Choices “Fasten your seat belts. Its going to be a bumpy night.” Bette Davis All About Eve, 1950

  3. Dramatic Change in Economic Context • Financial capital shifts to Washington DC. • Consumer confidence and main street fundamentals continue to darken despite “rescue” bill for financial markets. • 232,000 jobs lost in two months. • Sharp decline in global manufacturing indicating more turmoil. • WA experiencing headwinds (construction, retail), heavy exposure to export markets, loss of state revenues. • Policymakers under pressure to balance budget, prioritize spending, improve efficiency, find new revenue sources. • Longer term growth and competitiveness challenges remain and the need for an economic development strategy to invest wisely.

  4. Vision • Make Washington State the most attractive, creative and fertile investment environment for innovation in the world as a means of achieving long term global competitiveness prosperity and economic opportunity for all the state’s citizens.

  5. Changing Nature of Economic Development “Silicon Valley is the only region that is not trying to become Silicon Valley”

  6. Connecting the Players Regulatory o Universities Legislature Governor K-12 Schools OFM CTED Workforce Federal Labs Community colleges IPZs STARS Financial DOL Defense Aerospace Life Sciences DOT Software Health NSF Energy Food NIH Clean Tech Logistics Construction Seattle WEDC Skagit Chambers Vancouver Unions Tacoma Spokane ADOs PPPs Tri-Cities Walla Walla Trade Groups

  7. Innovation Drivers INVESTMENT ENTRETRENEURSHIP TALENT WORKFORCE INFRASTRUCTURE

  8. allows investment in leads to Economic Growth and Competitiveness necessary for Innovation Drivers Business Performance • Talent and Workforce • Supply of middle skills • S&E attainment • Verbal, math, science proficiency • Educational attainment • R&D personnel • Life long learning • Increased, Better Employment • Income growth • Employment • Reduced income disparity • Competitive Companies • Market share • Productivity growth • Trade growth • High impact firms • Profitability • Entrepreneurship and Investment • Entrepreneurship • University R&D • Private R&D intensity • Intellectual property generated • Company startup • Investment • Equity investment • Federal investment • Foreign capital attracted • Wealth Generated • GDP by state • Standard of living • Increased State Revenue • Aligned policy & investment • State revenue generated Economic Growth And Vitality: Metrics for Washington state • Infrastructure • Transport • Freight • Information delivery • Commuting • Business Climate • Cost of business • Business attractiveness

  9. Personal Income Source: Dept. of Commerce, US Bureau of Economic Analysis

  10. Connecting regions to global economy & each other . Expanding Innovation Ecosystems IPZs ADO ADO ADO ADO ADO ADO ADO

  11. Role of WEDC • A collective brain focused on integrating innovation to economic development policy and practice. • Building capacity to influence and view the overall innovation ecosystem. • Optimizing the flow of innovation factors (e.g. talent, investment, infrastructure). • Key functions: • foresight on emerging opportunities, benchmarking capabilities. • networking economic development resources. • articulating cross-cutting goals. • building consensus on policies and project initiatives. • monitoring impacts and outcomes. • accountability of the overall system.

  12. WEDC Report Outline • 1. INTRODUCTION • New definition of economic development • Rationale for innovation strategy • 2. WHERE WE STAND: Competitive Position • Description of WA economic development system • Macro-trends impacting WA • Benchmarking WA assets, strengths, weaknesses • Opportunities to lead (e.g. green tech, global health) • 3. WHERE WE WANT TO GO: Vision and Goals • Vision for WA • Grand challenges and ten year goals

  13. WEDC Report Outline (cont) • 4. HOW WE WILL GET THERE: Recommendations • Talent and Workforce Development • Investment and Entrepreneurship • Infrastructure • Strategy and Collaboration • 5. HOW WE WILL MEASURE SUCCESS • Performance metrics • Tools for implementation • Leadership roles for public and private sector • Next steps

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