2008 Draft Work Plan
The Thomas Jefferson Partnership for Economic Development (TJPED) is a public-private non-profit corporation, whose mission is to improve the standard of living for our citizens by effectively promoting career ladder job creation and business investment in The Greater Charlottesville - Central Virginia Region.
The Partnership serves several different constituencies (customers), including its investors, local jurisdictional partners, the State of Virginia and corporate business decision makers.
Programatically, TJPED’s key role is to effectively provide a single point-of-contact and intermediary between two important groups of customers:
1. External: The State of Virginia, site consultants or corporate business decision makers.
2. Internal: Our local economic development partners.
This unique model works for several reasons:
1. Companies “shop” by region - a regional approach fulfills the needs of our external customers.
2. Nine jurisdictions in one source streamlines and simplifies the site selection process.
3. Collectively promoting our assets offers more options to potential businesses.
4. Pooling our resources and staff results in a more efficient and effective approach.
5. This approach advances our mission and in turn fulfills the needs of our internal customers.
A diverse, dynamic region in Central Virginia with a population of approximately 300,000
The Partnership serves a region that includes the City of Charlottesville, Albemarle, Culpeper, Fluvanna, Greene, Louisa, Madison, Nelson and Orange counties.
2008 ORGANIZATIONAL & PROGRAM GOAL
Develop and implement a collaborative regional work program that integrates TJPED’s goals, resources and staff with those of our local jurisdictions to improve our product offering, increase opportunity, and create value for our customers.
OBJECTIVES AND STRATEGIES
1. Improve our regional product offering by benchmarking existing assets, analyzing prospect demand and identifying areas of need.
v Examine specific disparities, report and advocate increased public and private investment in office and industrial property where needs exist and local comprehensive plans accommodate.
v Build support and initiate a project to analyze regional assets for the purposes of creating new workforce development, entrepreneurial, cluster-building, and target-marketing strategies.
v Establish a comprehensive research program to catalogue the area’s tangible and intangible assets and build a regional business case.
2. Help create new jobs, attract investment, increase wages and enhance government revenue through a core program designed to start, grow and attract new businesses.
v Enhance entrepreneurial development efforts with a focus on technology by building a unified, collaborative regional work program with local, regional and state assistance providers.
v Implement a new existing business program to help build desirable business clusters, provide direct assistance and identify barriers to profitability.
v Initiate efforts to make our website the region’s primary business location decision interface for starting, growing and attracting new companies.
3. Create value for our customers by building a successful, sustainable regional partnership that is efficient, transparent and well-funded.
v Streamline operations and re-allocate savings to research and core programs.
v Strengthen partnerships, convey progress, and advocate change utilizing a multi-channel communications approach.
v Secure long-term funding for the Partnership to finance the operation at levels commensurate with similar regional organizations.
The Thomas Jefferson Partnership for Economic Development is a unique model of private and public sector cooperation in economic development. The regional approach, with its consortium of strategic partners, eliminates duplication and establishes a single point of contact for one of the most attractive business regions in the Mid-Atlantic.
Strategic partners include (among others):
· Virginia Economic Development Partnership (VEDP)
· Virginia Department of Business Assistance (VDBA)
v TJPED has a close working relationship with the State of Virginia, serving as the regional intermediary for business recruitment, retention, expansions and start up support. This allows TJPED and its allies to coordinate their business development efforts in the region.
Local and Regional Economic Development Partners
v City of Charlottesville
v Albemarle County
v Culpeper County
v Fluvanna County
v Greene County
v Louisa County
v Madison County
v Nelson County
v Orange County
v Piedmont Workforce Network
v Small Business Development Center (Central Virginia)
v Virginia Piedmont Technology Council / Charlottesville Venture Group
The University of Virginia
The University of Virginia Foundation
Piedmont Virginia Community College
Germanna Community College
Dominion Virginia Power
Central Virginia Electric Cooperative
OBJECTIVES, STRATEGIES AND ACTION ITEMS
Improve our regional product offering by benchmarking existing assets, analyzing prospect demand and identifying areas of need.
STRATEGY 1.1 AND ACTION ITEMS
Build support and initiate a project to analyze regional assets for the purposes of creating new workforce development, entrepreneurial, cluster building, and target marketing strategies.
v Identify key beneficiaries of the regional studies, communicate the benefits and solicit financial support for the initiative.
v Complete a request for proposal that integrates four objectives in the project:
v Regional workforce analysis, including assets, challenges and recommendations. The analysis will provide primary and secondary data on labor market orientation, supply, demand, quality, training, costs and operating environment.
v Entrepreneurial and technology assessment, to benchmark and provide strategies for R&D, patents, commercialization, innovation centers and venture capital.
v Business cluster analysis to map existing business growth trends within the region and provide recommendations to identify the competitive advantages, strengthen and leverage those desirable clusters to improve the regional economy.
v Targeting study, cluster analysis, rationale and messaging strategy for the TJPED marketing program.
The project will lay the foundations of the entire regional economic development program and help determine its long-term success. Critical decision-making information will be provided to TJPED and its stakeholders at a number of different levels. The Foundation Project will help:
o TJPED and its jurisdictional partners create customized strategies that align with their own diverse goals.
o Local governments understand the challenges they face in preparing their communities for a changing global economy.
o Training providers understand and respond to regional demands.
o UVA and other research institutions plan and implement technology transfer and commercialization programs.
o Existing businesses identify and address local, regional and state barriers to profitability.
STRATEGY 1.2 AND ACTION ITEMS
Examine specific disparities, report and advocate increased public and private investment in office and industrial property where needs exist and local comprehensive plans accommodate.
v Perform historical analysis on property requirements using secondary data from TJPED and VEDP contact management systems. Build a demand matrix using:
v New and expanding prospect search parameters.
v Demand for existing buildings vs. green field sites.
v Property requirements.
v Workforce demands.
v Transportation needs.
v Proximity to customers, suppliers and research.
v Project cost structure.
v Determine opportunity losses based on the analysis.
v Benchmark TJPED’s competitive position against other regions’ property portfolios.
v Report findings to public and private partners and advocate investment when needed.
Catalyze discussions, property development strategies and actions across the region with a long-term expectation of increasing the number of available buildings and shovel-ready sites.
Establish a comprehensive research program to catalogue the area’s tangible and intangible assets and build a regional business case.
v Work with UVA’s McIntire School of Commerce to establish a research partnership between the college and TJPED.
v Develop a research program that acquires and maintains relevant data points on the 8-county service territory. The information matrix will include:
v Detailed data on available sites and buildings.
v Economic market analysis.
v Workforce demographics.
v Business taxes and incentives.
v Technology resources.
v Lifestyle amenities.
Start-ups, existing businesses and new facility locations make decisions based on readily available, up to date and accurate information. By becoming the regional information clearinghouse for business decision makers and its local partners, TJPED will increase the volume and success ratio of inquiries, active projects, site visits, and wins.
Help create new jobs, attract investment, increase wages and enhance government revenue through a core program designed to start, grow and attract new businesses.
STRATEGY 2.1 AND ACTION ITEMS
Enhance entrepreneurial development efforts with a focus on technology by building a unified, collaborative regional work program with local, regional and state assistance providers.
v Sponsor and oversee the Central Virginia Small Business Development Center as a component of TJPED’s overall work program. The SBDC will:
v Provide counseling for business start – ups and existing small businesses.
v Plan, develop and implement series of training events designed to meet the specific needs of small business clients in the service territory.
v Develop, maintain and update a library of useful resources dealing with a range of problems confronting small business.
v Align the efforts of the SBDC with the Virginia Piedmont Technology Council / Charlottesville Venture Group, (VPTC/CVG) to assist in their efforts to start a technology incubator.
v Arrange monthly meetings of combined agency staff members to share information and arrange client counseling.
v Work with the VPTC/CVG to develop training events tailored to the technology sector’s specific needs.
v Work collaboratively with UVA and VPTC/CVG to develop a regional technology and entrepreneurial strategy based on the results of the assessment conducted by the Foundation Project.
v Continuing local capital formation efforts and initiating a marketing program targeted at venture capitalists outside of the region.
Aligning and streamlining efforts will allow TJPED to reallocate additional resources to assist start up companies in the near term. A technology and entrepreneurial assessment will provide a road map for long term efforts to establish the region as a recognized center for innovation and commercialization in the form of technology start ups.
STRATEGY 2.2 AND ACTION ITEMS
Implement a new existing-business program to help build desirable business clusters, provide direct assistance and identify barriers to profitability.
v Coordinate region-wide implementation of The ExecutivePulse system – an easy to use, affordable Business Retention Database. ExecutivePulse software streamlines survey development, data collection, and analysis. It allows professionals engaged in BR&E to look at customer data in new ways to make strategic decisions about how to best apply economic, workforce and community development resources.
v Local partners will serve as direct interface and administrators of the program
v The ExecutivePulse Program will have several steps for implementation:
v Assembly of local visitation teams – possible team members will be drawn from local chambers, Economic Development Authorities and others.
v Selection, alignment and training of all local, regional and state assistance providers.
v Prioritization of business clusters and selection of companies targeted for visitation surveys.
v Communications schedule with target companies.
v Regular updates of the web based system for direct business assistance, results reporting and data analysis.
v Long term planning based on aggregate data analysis at regular intervals.
Implementing ExecutivePulse will give TJPED and its local partners a powerful tool to:
v Prioritize, assist and track the results of its business retention and expansion program.
v Aggregate and analyze data at a macro level, which will not only provide a critical planning tool that benefits the region’s existing businesses, but will also address issues that impact start ups and new locations as well.
Initiate efforts to make our website the region’s primary business location decision interface for starting, growing and attracting new companies.
v Enhance the website to serve specific target audiences and promote the region’s unique value proposition.
v Create a resource for those looking for information on starting, growing or siting a new facility in the TJPED region.
v Focus on macro level target audiences to include corporate decision makers, site selection consultants, local partners, investors and other allies.
v For business decision makers and site selection consultants:
v Determine micro level target audiences using analysis from the Foundation Project.
v Build messaging around the region’s key differentiators – technology, workforce and quality of life.
v Working with prospective users, develop a customizable information and proposal center as a new web project.
v Deploy all of the data points generated by the Foundation Project and the comprehensive research program to an online database.
v Create an interface that allows a user to select and download a variety of site, economic, and demographic data at a single or multi-county level.
v Reserve an area for downloads that allows local partners to attach logos and graphics to create their own customized local proposals.
v For board and investors:
v Meeting schedules and other important meeting dates.
v Complete packages available for download.
v Press releases.
The web is fast becoming the favored choice for business decision makers, with over 70% now using the Internet during site location searches. Enhancing the website gives the region a business development tool with a limitless, dynamic life cycle and the ability to reach a worldwide audience at a very reasonable cost.
Create value for our customers by building a successful, sustainable regional partnership that is efficient, transparent and well funded.
Streamline operations and reallocate savings to research and core programs.
v Realign staffing with work plan priorities and reduce personnel costs.
v Review and eliminate unnecessary operational expenditures.
v Modify existing payables process to produce more predictable cash flows.
v Review and simplify organization status, bookkeeping and reporting to improve transparency and solidify investor confidence.
Investors relate, understand and ultimately support a non-profit organization that emulates a private sector model.
Strengthen partnerships, convey progress, and advocate change utilizing a multi-channel communications approach.
v Target audiences
v Investors / elected officials / city & county managers
v Local Economic Development Officers
v Boards of Directors of participating organizations
v Virginia Economic Development Partnerships / Virginia Department of Business Assistance
v Existing industries
v Other stakeholders and community leaders
v Media gatekeepers
v General public
v Develop key messages to promote TJPED’s efforts.
v Utilize various communications channels to share information with target audiences.
v Visit individual investors, stakeholders and allies in person with regularity.
v Develop and distribute periodic news releases utilizing internal publications.
v Seek story placements in special local or regional periodic features.
v Conduct elected official briefings on a regular basis.
v Enhance the investor focused website presence.
v Speak on the local and regional civic club circuit.
v Send regular email updates to investors, partners and other stakeholders.
v Host bi-annual local investor networking events to give an annual report, roll out new initiatives, or host high profile speakers.
Establish credibility with target audiences as the regional authority on economic development and a catalyst for positive change.
Secure long-term funding for the Partnership to finance the operation at levels commensurate with similar regional organizations
v Form a fundraising committee composed of key regional leaders.
v Work with committee to create master list of existing / potential investors with a desired solicitation amount and committee member assigned to each.
v Separate existing / potential investors into 3 phases.
v (Short term) Pioneers - ask for increases in commitments.
v (Medium term) Sideliners – prioritize and solicit.
v (Long term) Beneficiaries – build case for solicitation call.
v TJPED Executive Director accompanied / introduced by committee member will make solicitation calls
v Increased funding for bigger initiatives, bolder plans and a broader scope of work.
v Enhanced the region’s competitive position.
v Expanded ownership in the private / public sectors.
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