Glenn McCullough, Jr. Community Development Foundation Tupelo/Lee County Mississippi
Text of Trends in Economic Development, TN Basic Economic Development Course 2013
1. Road Map to theFutureGlenn McCullough, Jr.www.glennmcculloughjr.comCommunity Development FoundationTupelo / Lee County, Mississippi
2. INTRODUCTIONS Case Analysis Project Volunteer Groups 10 groups of 4 Discuss Ways to Recruit Project Volunteer 5 Minute Presentation 3. CREATING THE FUTURE Major Trends To A BrighterFuture Talent Attraction Successful community is aconcentration of successful people. Regional Projects- Increased horizontal capacity. Commercialization/Venture Capital-Technology transferfrom the lab to the marketplace. Business/Community Partnerships- Risk/Reward Mgt. 4. TALENT ATTRACTIONTALENT ATTRACTION Knowledge Base Recruitment. Labor force is one of the topsite selection criteria. An educated and talentedworkforce is pivotal tosuccessful economicdevelopment. 5. TALENT ATTRACTIONTALENT ATTRACTION Use of social media is a popularmedium i.e. Facebook, Twitter, MySpace, and LinkedIn Some communities have created awebsite devoted to talentattraction/retention. 6. REGIONAL ALLIANCE Cooperation betweencities/communities in order tocreate expanded capacity. Allows regions to pool assetsin order to compete for largerproject(s). 7. REGIONAL ALLIANCE PUL Alliance/Wellspring Project Pontotoc, Union, Lee County inMississippi Multi-County Partnership 1000 Acre Mega Site 8. REGIONAL ALLIANCE Tennessee Valley Corridor Tennessee, Kentucky, Alabama, NorthCarolina, and Virginia. Multi-State PartnershipOak Ridge National Labs- Oak Ridge, TNEnterprise Technology Center- Chattanooga, TNMed Tech Research Park- Tri Cities, TN 9. REGIONAL ALLIANCE Research Triangle Partnership Duke University, University of NorthCarolina, North Carolina StateUniversity Multi-Community Partnership Benefits 157 companies employing nearly 39,000 people Home to IBM Over 130 R&D Facilities 10. COMMERCIALIZATION/VENTURE CAPITAL Venture Capital Definition- Startup or growth equity capital or loancapital provided by private investors or specializedfinancial institutions. Trend that requires injection of capitalinto entrepreneurial ventures within thecommunity. Venture Capital Angel Investors High net worth individuals Invest in high growth early staged businesses Invests between $25,000-$2,000,000 of there ownmoney Typically invests in sector that they are familiarwith. 11. COMMERCIALIZATION/VENTURE CAPITAL Universities Local universities offer numerousopportunities for investment. 3 out of the top ten sources of patentsin TN are universities2007 2008 2009 2010 2011 TOTALUT-Battelle,LLC49 29 31 70 56 235VanderbiltUniveristy13 15 16 16 28 88UT- ResearchFoundation7 9 12 14 15 57http://www.uspto.gov/web/offices/ac/ido/oeip/taf/asgstc/tn_ror.htmIssued Patents from Universities in the state of Tennessee 12. BUSINESS / COMMUNITYPARTNERSHIPS 13. BUSINESS / COMMUNITYPARTNERSHIPS Shift in Business Operations Decrease Long Term Debt on Balance Sheets Shift from Debt(Notes Payable) to an Expense(RentExpense). Used as a risk avoidancemeasure by companies. Requires the Community to havesome risk exposure and interestin the success of a business. 14. BUSINESS / COMMUNITYPARTNERSHIPS MTD Private investors helped purchase new facility. General Atomics Private investor built the initial building and hasnow had seven (7) expansions with this company. 15. CASE ANALYSIS Project Volunteer Each group will be assigned one of thefour trends discussed to use indeveloping a recruitment strategy fortheir community. 5 minute presentation after groupdiscussion.