August 13 2014 LaPorte IN Mary Foell Purdue Extension LaPorte County Scott Hutcheson PhD Purdue Extension Purdue Center for Regional Development Goals for Today ID: 803246
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Slide1
“Hidden” Assets for Economic and Community Development
August 13, 2014 – LaPorte, IN
Mary
Foell
Purdue Extension
LaPorte
County
Scott
Hutcheson, Ph.D.
Purdue Extension
Purdue Center for Regional Development
Slide2Goals for Today
Learn about our community’s “hidden” economic and community development assetsUnderstand how other communities are developing asset-based economic growth strategiesConsider how you could better leverage your unique assets in LaPorte County
Slide3Our Grandparents Built the Indiana Economy on Our Assets
Rich soilsWaterways: Lake Michigan and the Ohio RiverCrossroads of AmericaWhat were our community’s greatest economic assets 100 years ago?
Slide4Our Grandchildren Will Inherit an Economy Based on a New Set of Assets
The Talent of Our PeopleOur Most Vibrant IndustriesOur Capacity for InnovationOur Fastest Growing CompaniesOur Unique StoryOur Special Places
Slide5Our Grandchildren Will Inherit an Economy Based on a New Set of Assets
The Talent of Our PeopleOur Most Vibrant IndustriesOur Capacity for InnovationOur Fastest Growing CompaniesOur Unique StoryOur Special Places
Slide6The Talent of Our People:
Occupational ClustersAn “Occupational Cluster” is a group of related occupationsThe Purdue Center for Regional Development has defined 21 basic Occupational ClustersMany communities have a higher concentration than average of one or more clustersOccupational Clusters can be part of an economic development strategy
Slide7Occupational Cluster: Ideas in Action
Bring together Information Technology professionals to foster new ideas for high tech start-ups
Slide8The Talent of Our People
LQ = Location Quotient. The US LQ for each cluster is set at 1.00. Anything above that means there is a greater concentration than the overall US. For example, an LQ of 1.80 means that a cluster had 80% more jobs than the US.Occupations
LaPorte
Indiana
Public Safety & Domestic Security
2.08
0.88
Skilled Production Workers
1.29
1.25
Healthcare & Medical Science
1.23
0.99
Agribusiness & Food Technology
1.21
1.27
2012 Data
Slide9IT Firms vs. Workers
33 Firms
Slide10IT Firms vs. Workers
373 Workers
Slide11Occupational Clusters:
Questions to ConsiderDid a look at Occupational Clusters give us any new insights?What explanation might there be for our occupational strengths?Do we need to find out more about our Occupational Cluster assets?
Slide12Vibrant Industries: Industry Clusters
Industry Clusters can be nurtured and supportedArticulatedActivatedAcceleratedAccessing
Slide13Industry Clusters: Ideas in Action
Appalachian Ohio’s Salsa Cluster20-plus boutique salsa businesses in the region$700,000 annual sales among new businessesTrains over 200 existing and emerging entrepreneurs annually350 gallons and 445 lbs of fresh and preserved foods delivered to the region’s food pantries each year
Slide14Industry Clusters: Our Community’s Most Vibrant Industries
Cluster
LaPorte
Indiana
Primary Metals Manufacturing (9)
10.50
2.60
Machinery Manufacturing (22)
4.01
2.04
Glass & Ceramics
(7)
2.99
1.82
Fabricated
Metal Manufacturing
(39
)
2.66
1.74
Advanced Materials (79)
2.25
1.52
Chemicals & Chemical-Based
Products (38)
2.20
1.57
Agribusiness, Food Processing & Tech. (65)
1.75
1.19
Number of
Establishments (data for 2012)
Total of 14 clusters with LQs 1.10 or higher
Slide15Industry Clusters:
Questions to ConsiderDid a look at Industry Clusters give us any new insights?What explanation might there be for our industry strengths?Do we need to find out more about our Industry Cluster assets?
Slide16Our Capacity for Innovation
Capacity for Innovation can provide valuable insightsInnovation is defined as the new products, services, processes, and business models that get translated into business growthThe Purdue Center for Regional Development has created an Innovation IndexThe index is a simple way to look at lots of different factors related to innovation.
Slide17Innovation Index: Ideas in Action
Think of a high ratio of “small firms” as an asset and launch a business growth program
Slide18Our Capacity for Innovation
LaPorte
Slide19Our Capacity for Innovation
Slide20Our Capacity for Innovation
Slide21Innovation Index:
Questions to ConsiderDid a look at Innovation Index give us any new insights?Which of the index factors that showed good capacity did you find most interesting?Do we need to find out more about our innovation assets?
Slide22Our Fastest Growing Companies:
Second-Stage FirmsMost economic growth comes from 2nd-Stage firmsPrivately-held firms10-99 employees$750K-10 million in annual revenueDealing with growth issues instead of survival issuesIntend and capacity to keep growing
Slide23What Do Second-Stage
Businesses Need?Help in re-articulating and realigning with their Core Business StrategyMarket Intelligence to answer important questionsLeadership & management team development to makes sure people are slotted right
Slide24Second-Stage Firms: Ideas in Action
Littleton, ColoradoLittleton, CO developed and began to execute the strategy in 1989Focused on “wealth” creation not “job” creationEliminated all incentives and tax breaks for business recruitmentSince 1989, more than doubled the number of jobs from 15,000 to 35,000Sales tax revenue tripled from $6.8 million to $19.6 million
Slide25Second Stage Firms in Our Community
EstablishmentsJobsSize of FirmIndianaLaPorteIndianaLaPorte
Self-Employed 29.4%
29.4%
2.9%
3.9
%
Stage 1 (1-9)
59.8%
59.8%
22.4%
23.1%
Stage 2 (10-99)
9.9%
9.9%
36.4%
41.7%
Stage 3 (100-499)
.7%
0.7%
22.2%
22.3%
Stage 4 (500+)
0.1%
0.1%16.1%10.2%
Slide26Second-Stage Firms:
Questions to ConsiderWhat insights do we gain by considering the role of second-stage companies in our local economy?What do we currently offer our second-stage firms?Companies to WatchParticipation in the Indiana Business Growth Network
Slide27Our Unique Story
Every community has a unique story that is being created.We need to pay attention to the story we are telling ourselves and the one those outside our community are hearing about us.We have the power to shape these stories.
Slide28Lots of Ways to Create Stories…
Slide29New Narratives: Ideas in Action
L.A.’s Sunset StripThe Sunset Strip in LA was in decline The ownership of the famed “Roxy” nightclub began using TwitterOthers followed, a new story emerged, and the neighborhood has been transformed
Slide30Our Stories: What’s the Buzz
Slide31Our Stories: What’s the Buzz
Slide32Our Stories: What’s the Buzz
Slide33Our Stories: What’s the Buzz
Slide34Our Stories: What’s the Buzz
Slide35Our Special Places: Infrastructure
TraditionalRoads & InterstatesRailWaterElectricityWater & SewerEmergingPublic SpacesSidewalksTrailsBike LanesThird PlacesBroadbandWiFi
Slide36Public Spaces: Creating Economic, Social, and Environmental Value
Public space is all around us, a vital part of everyday urban life: the streets we pass through on the way to school or work, the places where children play, or where we encounter nature and wildlife; the local parks in which we enjoy sports, walk the dog and sit at lunchtime; or simply somewhere quiet to get away for a moment from the bustle of a busy daily life. In other words, public space is our open-air living room, our outdoor leisure centre.The Value of Public Spaces: How High Quality Parks & Public Spaces Create Economic, Social, & Environmental Value,
Bartlett School of Planning, University College London.
Slide37Public Spaces: Ideas in Action
Three Oaks, MIRenovated dilapidated downtown theatre to show classic films – Opened in 1996 with a showing of Citizen Kane.Opened art gallery in the lobbyNow a ‘fine arts” theatreAverages over 1,000 customers per weekCommunity now hosts film festivals
Slide38Public Spaces
115.6
Slide39Public Spaces
108.6
Slide40The Real Power Is in…
Combining Assets in New and Innovative Ways – Linking and Leveraging
Slide41Small Successes Add Up
No Single Big ANYTHING Many Modest SOMETHINGS
Slide42Contact
Mary Foell219-324-9407 (officemfoell@purdue.eduScott Hutcheson, Ph.D.765-479-7704 (mobile)hutcheson@purdue.edu
Slide43More Information
Occupational Clusters - http://www.statsamerica.org/innovation/data.htmlInnovation Index - http://www.statsamerica.org/innovation/data.htmlSecond Stage Firms - http://www.youreconomy.org/Economic Gardening - http://www.littletongov.org/bia/economicgardening/Industry Clusters - http://www.statsamerica.org/innovation/data.htmlACEnet (Salsa Cluster) - http://www.acenetworks.org/Twitter Search - http://twitter.com/#!/search-advancedBall State Community Assets -
http://asset.cberdata.org/