February 2003, Volume: 6, Issue: e/2, ISBN 1527-5175

~~~Reach beyond the average... Sign up for one of our profession-building courses! "THE PHYSICS OF MARKETING: An Uncommon Combination of Marketing and Sales for the Serious Economic Development Professional" - April 28-30, Chicago, http://www.blanecanada.com/BCL_marketing.html  "ADVANCED BUSINESS RETENTION: Beyond the Basics" - April 21 (noon) to 23 (noon), Chicago, http://www.blanecanada.com/BCL_retention.html

~~~Last month... we mentioned a source for grants. Have you considered having a business student review the local, regional or statewide foundations which fund local job training or other under-funded programs? Possible foundation monies tapped elsewhere include Home Depot, Best Buy, Wal-Mart and BellSouth foundations. Proactive strategies can make a difference!

~~~"Keeping Business Healthy, Happy and Local" 2nd edition... Business retention overview including contribution by Eric Canada, is available for $37.50.  Ginger Rich at GingerR@cted.wa.gov

~~~"Brain drain"... The Federal Reserve Bank of Minnesota recently addressed the topic of net out migration of educated young people. Several phrases caught our attention. "Human capital is one of, if not the most important factor in economic growth," stated Paul Gottlieb, economist at Rutgers. "Nobody's going to stay if they don't have jobs." One conclusion stated "there are either comparatively few opportunities available, particularly in high-tech fields, or better offers await elsewhere." So what are you doing to avoid brain drain?

~~~Polling leadership... One reader has asked if anyone has surveyed community leadership on economic development issues in preparation for an election. If you have, let us know about your research and the outcome. We will share. nblane@blanecanada.com

~~~Influencing public policy... Many ED professionals in Washington State use Synchronist. The Yakima County Development Association plotted Synchronist building and expansion data using GIS and developed building absorption estimates for the region. The absorption figures and investment forecast, part of a larger infrastructure report, helped justify public works investments at three business/industrial parks in the region. They invested over $1.6M in water, sewer, and road improvements at these sites. Yakima now has over 200 acres of property that are "shovel ready." "Although media coverage focused on cost estimates to improve key sites, the absorption figures became a key for making the public investment decision. Without measurable absorption and a solid demand forecast, we would have had a classic 'if we build it will they come' dilemma." Dave McFadden, Yakima, WA

~~~"PowerPoint... is the video of the 90's." Ron Kitchens, TX

~~~States vie for top employees... In PA, $12 million was spent on "Stay Invent the Future." In NE, a billionaire established a scholarship program to keep 150 of the top engineering and computer science students in state. For WI, the plan was to obtain loan forgiveness for college students who stayed within WI. But the issue of supply and demand cannot be ignored. Do the skills match the current need? Source: Minneapolis Federal Reserve

~~~E-mail addresses... are a precious commodity. We depend on them for basic communication. The trend in address selection has evolved to a standardized version. If your address is too unique or strange, you might lose a business contact. When in doubt, uniformity is the best approach.

~~~Color combinations... that look GREAT on the monitor as you create the "perfect PowerPoint presentation" will fade approximately 40% when they are projected even under the best of circumstances (good projector and dimly lit room). Make sure to compensate by choosing colors with the best projection qualities, not screen qualities.

~~~Competing with... a warm California afternoon and the allure of San Francisco just across the bay, Eric shared a new vision for retention and expansion with a standing-room-only crowd at IEDC's annual conference. Joined by research partners from Cinergy-IN and Greater Louisville Inc. the team presented findings from a 2-year research project on the Results and Outcomes of Retention and Expansion Programs in North America. Read the findings. "The Missing Link" http://www.blanecanada.com/frameset_free.html

~~~As I look around the room... I am struck by the average age, mid fifties and up. Many admit to getting tired and lament the absence of young leadership. It is, of course, more obvious in rural communities. What are you doing to recruit and engage young leaders in economic development?

~~~Prospect's checklists... are being shaped by lean manufacturing requirements, according to a speaker at the MidAmerican Economic Development Council's Competitiveness Conference. (Think of it as the newest management term for just-in-time inventory control.) The problem is these requirements are internal to the company and can vary from company to company. The advice. 1) Learn about lean manufacturing. It is influencing site selection. 2) Ask if the prospect's company is pursuing a lean manufacturing strategy as part of your due diligence. 3) Ask how lean criteria will affect the decision.

~~~60%... of Minnesota agricultural exports go down the Mississippi River. Source: MN Dept. of Transportation & the Fed Reserve of MN

~~~1=225=870... The capacity of one 15-barge tow = 225 jumbo hopper rail cars = 870 large semis. Source: IA Dept. of Transportation & the Fed Reserve of MN

~~~Read the EULA before hitting "agree"...Beware! More and more "freeware" comes with hidden features which can collect information about you and your computer habits. Always read the EULA (End User's License Agreement). Here's part of the EULA from the Alexa Web site: "Note: Alexa's browser companion software ("toolbar service") collects and stores information about the web pages you view, the data you enter in online forms and search fields, and, with versions 5.0 and higher, the products you purchase online while using the toolbar service. Although Alexa does not attempt to analyze web usage data to determine the identity of any Alexa user, some information collected by the toolbar service is personally identifiable. Alexa aggregates and analyzes the information it collects to improve its service and to prepare reports about aggregate web usage and shopping habits."  NOTE: Alexa Web Search, an Amazon.com company, list links to top Internet sites and offers free toolbar software to monitor site traffic. Source: John Kalpus (DrDscovery@aol.com), via SpeakerNetNews

~~~Mentoring... Shelley Cadamy of Edmond, OK facilitates a mentor program at the local Center for Emerging Technologies. Local technology executives are paired with a business student(s) at the local university. Funded by the National Science Foundation, the goal is to better prepare students for technology companies upon graduation. Another program she mentors in is GirlTech, which pairs females with "alternative" careers in technology.  Isn't this another clever path to recruiting the best and the brightest?

~~~Two points worth repeating... "The Internet is not the most important invention since fire. It's just another technology that has as much cosmic significance as the electric tooth brush and less economic impact than the air conditioner. The economy does not center on technology, media, and telecommunications companies - the darlings of the business press. It centers on prosaic industries offering prosaic products that real people and real companies actually want and need." Quote: Fast Company 11/02

~~~Incentives... We've asked for your feedback before. However, considering the sluggish economy, lay offs, closings... how do you feel about incentives now? And what about claw backs? The Indianapolis Star News refers to the "war between the states"..."governors, economic developers and corporations are reluctant to stop the deals." From the Minneapolis Federal Reserve, their economist writes: "The winners aren't cities and states. It's the company and the entrepreneur who wins. This is just a corporate subsidy." Does the incentive package translate into $8K, $40K, or even $57K for each job? Yep, that's the size of the per employee incentive in some GM and Toyota deals. Source: http://matr.net/article-5318.html

~~~Change... "I don't mind change. I just don't like to be there when it happens." Source: "Monk" a USA TV Network show.

~~~A+ Resource... The Thriving Hometowns Network is a compilation of more than 50 community economic development case studies drawn from small communities (most less than 10,000 population). It is a fully searchable electronic database. All case studies may be reprinted and distributed, if credit is given to National Center for Small Communities (NCSC). http://www.smallcommunities.org/ncsc/THN.htm Source: Nancy Stark, NCSC

~~~I read your quote, "the only difference between business and government..." attributed to Michael Bloomberg, NYC Mayor. I think he stole it from Robert Reich, the former Secretary of Labor under Bill Clinton. Thanks, Greg Prestemon, St. Charles County, MO

~~~Months ago... we asked for your feedback on innovative incentives targeted at smaller, knowledge-based businesses. Several respondents thought we were asking for the company names. Bubba Weir in MS addressed the request from the point of view of the Mississippi Tech Alliance. The Alliance helps towns form technology councils, venture capital clubs and technology incubators. That's an ideal strategy for gathering the small entrepreneurial companies which have been spun off from major manufacturers. Will it play in Peoria? In Philadelphia?

~~~SIC and NAICS... You know what it is but does your staff? Have they ever walked through one of the directories to understand its usefulness? Right now is a good time to start!

~~~Booklet..."Welcoming New Iowans: A Guide for Manager and Supervisor" is available at  www.bcs.uni.edu/idm/newsiowans for $5.

~~~Some say... the retail sector can be the growth engine during the sluggish economy. An ED exec we know states that he annually attends the International Council of Shopping Centers for prospects and that it has yielded a positive return for their underserved regional market. He also notes that in the past four years the number of economic development professionals attending the show has increased from a few to MANY.

Blane, Canada Ltd.
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Wheaton, IL 60187-7380
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