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Commissioner's Guiding Principles for Economic Development in North Central Montana

Think regionally, build partnerships, understand your assets and liabilities, know your tools and targets, be focused yet flexible, be creative, retain, then recruit. Constrained resources, inter-dependent economies, shared labor pool, expanded site options, different blends, adds resources. Know your partners, understand your assets and liabilities. Workforce availability, relative cost, infrastructure, quality of life. Incentives, workforce training, grants, local tax incentives, RLF financing, technical support, existing business retention, mentoring. Types of businesses, distance to market, local feed stocks, workforce support, infrastructure support. Focused yet flexible. Concentrate resources, limited trade show activity, leverage existing businesses, quick adaptive response. Be creative and adaptive, sell the community, not just the site, bundle incentives, be responsive. Do not over-promise and under-deliver.

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Commissioner's Guiding Principles for Economic Development in North Central Montana

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Presentation Transcript

  1. Joe Briggs - Commissioner

  2. Guiding Principles for North Central Montana Economic Development Think Regionally Build Partnerships Understand your assets and liabilities Know your tools Know your targets Be Focused yet Flexible Be Creative Retain, then Recruit

  3. Why Regional? Constrained Resources Money Staff Time Inter Dependent Economies Shared Labor Pool Shared Infrastructure Expanded Site Options Different blends

  4. Build Partnerships! Adds Resources Money Staff Time Sharing Resources Manage Rivalries Shared Demographic Data Cross linked Web Sites Expertise Who are my Partners? Municipalities & Other Counties State & Federal Agencies Local & Regional Agencies Chambers of Commerce Banks Businesses Higher Education Facilities

  5. Understand Your Assets and Liabilities. Work Force Availability Training Levels “Soft Skills” Relative Cost Infrastructure Roads Water & Waste Water Electricity/Natural Gas Extractable Resources Communications Housing Stocks Quality of Life Schools Recreation

  6. Know your Tools. Incentives Workforce Training Grants Local Tax Incentives RLF Financing Infrastructure Development TIF Districts Industrial Development Bonding State Incentives 504 Business Loans Brownfield Redevelopment Technical Support PTAC – Federal Business Development Planning Existing Business Retention Business Mentoring Business Incubator Financial Guidance

  7. Know your Targets. What Types of Businesses? Is Distance to Market an Issue? What are your local feed stocks? What will your Workforce Support? What are the local product demands? What will your Infrastructure Support? Regional Economic Diversity Study Our Targets Local Businesses with Growth Potential Potential Startup Companies Agri Processing Businesses Energy Production Businesses Vertical Integration of Existing Firms

  8. Focused yet Flexible. Concentrate your Resources and efforts on your targeted Business groups. Limited Trade Show Activity Leverage Existing Businesses Market to the Industry Site Selectors Share Marketing Costs with Partners Quick Adaptive Response The Unexpected Opportunity Team approach Reallocate activity to allow a short term Focus

  9. Be Creative and Adaptive Different Companies are motivated by different circumstances. Requirements may change No one size fits all approach. Find out as much as you can. Sell the community not just the site. On incentive may not work but a bundle might. Be responsive to the potential company. BUT…. Do not over promise and under deliver.

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