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Regional Economic Development

Regional Economic Development. Michael Morrison President Jamie T. Zanios Director. The Need for Change. Demography is Destiny: Unless We Do Something About It!. Iowa Counties. Population Changes. North Iowa Area Schools Enrollment Under 18 1975-2001.

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Regional Economic Development

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  1. Regional Economic Development Michael MorrisonPresident Jamie T. Zanios Director

  2. The Need for Change

  3. Demography is Destiny:Unless We Do Something About It!

  4. Iowa Counties Population Changes

  5. North Iowa Area Schools Enrollment Under 18 1975-2001

  6. Projected Population Changes, 2000 to 2015 Population Projections from Woods and Poole Population Projections from Woods and Poole

  7. Projected Population Changes, 2000 to 2015 Population Projections from Woods and Poole

  8. Iowa In National Context

  9. The Economy

  10. Business Vitality Index - Entrepreneurism

  11. Net Gain/Loss ofIowa Residents

  12. States’ Ability to Produce Graduates vs. Ability to Keep and Attract Graduates Low Production, Importer of Capital High Production, Importer of Capital 400 State New Economy Index Scores (2002) Top Tier NV 300 Middle Tier Low Tier CO GA AZ 200 CA OR WA MD AK TX VA NC FL MA 100 TN IL NJ MN HI Migration Rate of 22- to 29-Year-Olds with a College Degree DE NY SC MO CT 0 KY OH MI KS NM ID AR NH WI UT OK -100 AL RI NE PA IN LA MS WY IA ME VT -200 WV SD MT -300 ND -400 Low Production, Exporter of Capital High Production, Exporter of Capital 7.5 15 22.5 30

  13. 200,000 191,070 150,000 100,000 73,509 49,421 44,216 43,837 50,000 40,060 35,307 32,564 30,363 29,603 28,998 27,216 25,875 24,470 14,557 13,666 10,946 9,752 New Hampshire South Dakota North Dakota West Virginia Rhode Island Pennsylvania 3,295 2,337 New Mexico 1,190 Mississippi Oklahoma Wisconsin Louisiana 960 Wyoming Nebraska Kentucky Arkansas 645 Michigan Alabama Vermont Montana Missouri Indiana Kansas Maine Idaho 0 Iowa Utah Ohio -303 -498 -661 -1,385 -1,503 -2,899 -2,996 Texas -3,510 -3,579 Illinois -3,854 Hawaii Alaska -4,447 -4,591 Florida -4,966 Oregon Nevada Virginia Arizona -5,530 Georgia Colorado -6,670 -6,903 -6,934 -7,241 Maryland Delaware California New York -8,420 Minnesota Tennessee -9,687 -9,763 New Jersey Washington Connecticut -9,246 -10,534 Massachusetts North Carolina South Carolina -13,488 -16,902 -17,643 -34,642 -50,000 Net Migration of Residents 22-29with Bachelor’s Degree or Higher, 1995-2000 Source: U.S. Census Bureau, Public Use Microdata Samples, 2000

  14. 15.52% increase in inequality since 1969 Aggregate Personal Income Inequality Grows Between Iowa Counties, 1969-2002

  15. Enough! No more prizes forpredicting rain! North Iowa

  16. Bold, New InitiativesAre Required

  17. Nine New Initiatives • Pappajohn Entrepreneurial Center • North Iowa Growth Partnership • Labor Shed Analysis • Cluster Analysis • North Iowa Accelerator • Business Incubator • North Iowa Venture Capital Fund • North Iowa Growth Marketing Partnership • Regional Economic Development

  18. Why Should We Do This? • Iowa’s future depends on it! • Bold, new initiatives are required • We are appropriately “positioned” to do it • It is strategic to do it! • It’s aligned with State and Federal economic development initiatives & plans • ROI

  19. I. PappajohnEntrepreneurial Center Produce and cultivate a culture conducive to entrepreneurship Provide entrepreneurs the tools for success Provide promising entrepreneurs access to capital Implemented

  20. NIACC John Pappajohn Center…Step by Step • Step 1: Classes, workshops and technical support • Step 2: Integration with EDC’s (i.e. company recruitment) and others • Step 3: Access to Capital • Step 4: Deal Flow • Next Steps 5: A Wider Reach

  21. Degree Programs Associate of Science Degree and Certificate Degree Opportunity Recognition Foundation Courses Hands on Learning Interdisciplinary Creating a Way of Thinking Job Creators vs. Job Takers Necessity and Opportunity Based Education FastTrac New Venture FastTrac Planning Angel Investing Seminar ON-LINE Intro to Entrepreneurship E-Commerce Workshops Start your Own Business Seminar Entrepreneurship Education:A wide array of programs

  22. Entrepreneurship Awareness and Education To offer expanded programs which may include populations that might otherwise not be exposed to the concept and option of entrepreneurship and self employment. • Communication Courses • Faculty Training • Collegiate Entrepreneur Organization • Credit Class - The Entrepreneurial Process – 2 s.h. evening course

  23. NIACC and ISU Collaboration • Allow students to network and provide entrepreneurial support to start-up and mezzanine level businesses. • Develop best practices in cross curriculum entrepreneurship education • Increase the ties between Regents Institutions and Community Colleges

  24. Small Business Development Center: AREAS OF ASSISTANCE • Market Research • Market Planning • Strategic Planning • Government Procurement • Accounting, Recordkeeping • Information Technology • International Trade • Inventions • Feasibility Analysis • Business Planning • Sources of Capital • Financial Planning • Cashflow Analysis • Loan Proposals • Loan Applications • Human Resource Planning

  25. Smart Start Program On-Line E-Z Start Growing your Business Effective Marketing SCORE Workshop Financial Management/Cash Flow Workshop IRS Tax Workshop –Codes Update Iowa Sales Use and Local Sales Option Tax Deductions and Expenses Iowa Payroll and Employment Taxes Taxes for Construction Contractors Taxes for Landscape Contractors SBDC Franchise Workshop Women’s Technology Workshop OSHA’s Knocking, Are You Ready? SBDC :Supporting the EntrepreneurA wide array of workshops

  26. Iowa Entrepreneurial Consortium: New Business Starts Statewide Over 4000 participants Over 400 new business starts Locally 130 + new business starts

  27. NIACC and Lean Manufacturing • NIACC leads the State of Iowa in “Lean Manufacturing” training and results and Iowa leads the nation. A strong program delivered by the college in conjunction with Iowa Workforce Development and part of 260 E and F training funds. • Over $148,000,000 in realized savings reported by the industries served!

  28. Additional Activities • Youth Entrepreneurial Academy • Summer 4 day, live and learn on campus, with business visits. Final is business plan presentation to Prominent Business Persons. • 20 students attend free of charge for the academy which includes training, room, board, evening activities, field trips and more. • Last year resulted in two student run businesses being developed and launched. • Entrepreneurship Exchange • Gathering of entrepreneurs at the JPEC for short topical presentations and networking with each other.

  29. Next Steps : A Wider Reach • Intra Entrepreneurship • Introducing entrepreneurial thinking into Iowa’s many mature industries • Entrepreneurial Symposium for Elected Officials • Entrepreneurship Introduced Early in a Child's Education • Business and Student Incubation • The Entrepreneurial Community Colleges of Iowa

  30. Some Results • 98 Students Enrolled in Entrepreneurial Credit Course and 23 in the degree program (First Year). • Seven student business plans from the NIACC JPEC were submitted for the state wide business plan competition sponsored by the JPEC’s statewide. • Nineteen Scholarships were awarded to students in the JPEC Entrepreneurship Degree Program.

  31. Some Results • 30 new businesses started this fiscal year with a total of 66 employees as a direct result of our programs. • The JPEC delivered over 65 entrepreneurial and small business programs throughout the year and reached over 1,500 Iowans. • The North Iowa Venture Capital Fund has reviewed over 50 deals and funded 5 for a total of $800,000. 63 new jobs in North Iowa will be the result of one deal and retention of 30+ in a second. • The new North Iowa Business Accelerator has consulted with over 10 businesses in less that half a year, with state funding and jobs as a result.

  32. II. North Iowa Growth Partnership Partners: Mason City EDC Clear Lake EDC Cerro Gordo County Alliant Energy NIACC Implemented

  33. III. Labor Shed Analysis

  34. Traditional Labor Shed • Narrow geographic focus • No or little cooperation among competing EDCs (Economic Development Corporations) • Resulting in no time synchronization for the analyses • Mind set – “win/lose”; no “win-win”

  35. Traditional Labor Shed • Meaning that when a prospect comes to our region we have: • Narrow labor sheds • Dated labor sheds • Labor sheds that cannot be aggregated because they are not conducted at the same time • EDCs not cooperating, thereby failing to leverage regional assets and resources

  36. Solution to the Labor Shed Issue • Nine-county labor shed • Conducted at the same time • Establish comprehensive partnership: • NIACC, IWD, and EDCs • Thereby, leveraging resources for cost effectiveness • Aggregate the 9 county labor shed data to demonstrate our POTENTIAL to business prospects

  37. Solution to the Labor Shed Issue • Nine-county labor shed • Conducted at the same time • Establish comprehensive partnership: • NIACC, IWD, and EDCs • Thereby, leveraging resources for cost effectiveness • Aggregate the 9 county labor shed data to demonstrate our POTENTIAL to business prospects Implemented

  38. Solution to the Labor Shed Issue

  39. IV. Cluster Analysis

  40. Critical Need • What is absolutely critical for North Iowa is to find its competitive advantage. • Therefore, NIACC is partnering with IWD and each EDC in our region to complete a comprehensive 9 county cluster analysis to determine our competitive advantage.

  41. Clusters • Clusters: critical masses in one place, linking industries that enjoy unusual competitive success in a particular field. • Example: Silicon Valley • Cluster analyses identify competitive advantage • The key is to identify regional strengths to leverage new business development through the identification of “multipliers”

  42. Clusters • Clusters: critical masses in one place, linking industries that enjoy unusual competitive success in a particular field. • Example: Silicon Valley • Cluster analyses identify competitive advantage • The key is to identify regional strengths to leverage new business development through the identification of “multipliers” Implemented

  43. Cluster Analysis

  44. V. North Iowa Accelerator Business Accelerators: Organizations that foster the accelerated growth of new and existing businesses. Partnership:IDED, Community College regions 1, 2 and 3; and IWD

  45. North Iowa Accelerator • NIACC is among the first organizations in the State to be honored and selected by the Iowa Department of Economic Development as a “Business Accelerator”. • Our “territory” extends to Areas I & III, through cooperative arrangements with my colleagues in those areas. • Assistance to meet the needs for Areas 1 and 3 is provided by IWD

  46. Significance of the“Business Accelerator” • Rural economic is important to the State of Iowa • Represents a vision that all of Iowa needs to prosper • Represents a paradigm shift in the “way we think” about economic development • Fishing and gardening • Look internally to invest in ourselves • Vote of confidence in NIACC and our region • Demonstrates that Community Colleges are well positioned to lead these efforts

  47. Significance of the“Business Accelerator” • Rural economic is important to the State of Iowa • Represents a vision that all of Iowa needs to prosper • Represents a paradigm shift in the “way we think” about economic development • Fishing and gardening • Look internally to invest in ourselves • Vote of confidence in NIACC and our region • Demonstrates that Community Colleges are well positioned to lead these efforts Implemented

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