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Home My WebLink About8C-Economic Gardening ProgramECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: June 17, 2013 AGENDA #: 8C PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: ECONOMIC GARDENING PROGRAM DISCUSSION: Introduction The Scott County Board has provided funds to include this county in a regional Economic Gardening Program. This program aims to target participation from businesses who meet certain criteria (noted below). The EDA is being asked to identify potential businesses in Prior Lake to inquire about their interest in participation. History The Scott County Board of Commissioners agreed to provide funds that would allow all eligible businesses in the county to participate in a new "Economic Gardening Program" which targets ex- isting rg owth companies. This program, initiated by the Edward Lowe Foundation, supports entre- preneurship through research, recognition and education. Counties participating in 2013 include Anoka, Carver, Hennepin, Scott, and Suburban Ramsey. Current Circumstances Those businesses who may be eligible to appy include: (1) for - profit, privately held companies headquartered in the participating counties; (2) companies that generate annual revenue of between $1 and $50 million; (3) companies that employ between 10 and 99 full -time employees; (4) compa- nies that can demonstrate growth over the past five years; and (5) companies that provide products or services beyond the local area. Through the economic gardening program an eligible business can receive the flowing types of ben- efits: (1) identifying and prioritizing sales leads and business opportunities; (2) refining core strate- gies and business models; and (3) using social media to connect with customers. A regional network is then established to provide companies access to highly skilled research specialists that will be matched with the qualifying /selected companies. Conclusion The EDA should identify potential participants from this community; once identified, City staff can target those companies with information about the program. Applications are due by mid -July. ISSUES: Based on the selection criteria, this program may be better suited for communities with larger busi- nesses, such as Shakopee; however, what businesses here are potential participants? FINANCIAL None. IMPACT: ALTERNATIVES: 1. Provide direction to staff related to which local companies may be targeted as participants in the regional Economic Gardening Program. 2. Continue discussion at a future meeting. RECOMMENDED Alternative #1. MOTION: ATTACHMENTS: Economic Gardening Program Information. Better information, better decisions and a beta (--�r way to Delp your company! You know more about your company than anyone else. But like most CEOs you could probably use some help when it conies to decisions about new tuarkets, generating sales leads or deriving more v alue from your website. We realize You tcouldn't ty pically look to economic development or entrepreneur support organizations for this type of lielp but that 8 L/ Ilia) be changing as we i ipletment the Hennepin-Carver-Anoka-Ramsey-Scott Economic Gardening Program. Econornic Gardenin represents a new way of thinking about supporting growth companies and letting business owners kn how important they are to our local economies. So instead of offering traditional incentives like tax credits or real estate discounts, we're offering sonnething that tnight be even nnore valuable to you: information -- strategic information — gathered with your guidance and specifically for your connpany We've observed this nnodel it many other areas around the country and seen what kind of impressive results it produces. Who should apply? To be eiigib;e for the pr ogram, par must: • Be a for- profit privately held company that has been headquartered in Hennepin, Carver, Anoka, Ramsey or Scott County for at least the past two years. • Generate annual revenue or working capital of between $1 million and $50 million. • Employ between 10 and 99 full -time employees, • Demonstrate growth in employment and /o• revenue during two of the past five years. • Provide products or services beyond the local area to regional, national or global markets. • For more info, visit httpsl /hcrs.nationalcentereg.org Here's how it works: Partnering with the National Center for Economic Gardening, we've set up a ®� Y•. regional network to provide virtual access to teams of highly skilled research specialists t , that will be matched with a select group of qualifying companies. Using private conference c � calls and a secure online workspace this team will y interview the company to help identify specific issues. The team devotes about 60 hours to each company over the course of a few months as p the}' stork quickly to deliver action- oriented information. In addition to the research teann, the program also includes peer learning opportunities via CEO roundtables and forums. This program is available only to companies that meet certain criteria — and is offered to them at no cost. As a growing company, you snake a positive impact on our local economy. We want to help you make an even bigger impact. Econotic Gardening services are specifically designed to help growing companies make better decisions while navigating the challenges associated with growth. What to expect Fees: Costs arc covered by regional of state organizations who have pooled funds to support this program. Time: Accepted companies will spend about 60 hours over the course of eight months collaborating with their research team. Participants will also attend CEO roundtables and forunns. (Attendance is nnandatory for at least six of the eight roundtable sessions and three of the four forums.) Potential issues: Identifying and prioritizing sales leads and business opportunities; refining your core strategies and business model and using social nnedia to connect with customers and create buzz about your products or services Logistics: For the research component, you don't even have. to leave your office. All communications are handled through the phone and a secure online portal where a -workspace will be assigned to your company Feedback fi CEOs Hundreds of companies across the cot miry hive tested crud irnplernent:ed this progran) with outstanding results: "Economic Gardening is like a shot of adrenaline for a business... There are things you know you should be doing to grow, but there simply aren't enough hours in the day to get to them.The program creates structure and deadlines, and gives you resources to research some of those strategic issues" 4 jC� The Edward Lowe Foundation is a nonprofit crgonizotion that supports entrepreneurship through research 4.1 P. recognition and educationol prvgrarns, which ore deGvercd through entrepreneur support organizations (ECf Nj The Notional Center for Ecenortrc Gardening is a partnership betw een Uie foundation and Ch +is Grbbons. NATIONAI. CENTER FOR NCEG defilers economic Gardening Serv;ces and maintains notional standards in truiriAg and certification for ECoN04uC GARDENING both regionoi cud stotewide net works. For more info, visit vA-nvedwordlowe.org 'The three [research, roundtables and forums] were synergistic. Discussion on how other roundtable members used or planned to use the research techniques or information from the forums helped illustrate how I might possibly use them for my business:' — Stevphen Doas, COO of Global Tax Network (GTN), on international assignment tax firm in Maple Grove, Minn. "My roundtable group also confirmed that our game plan for growth was on track, which was really helpful. Knowing what you're doing right can be just as beneficial as knowing what to do differently." How to get started 'lo learn more about eligibility requirements, visit littps://Iici:s.tiatioiialceiitereg.org Complete the online application. Among other things, you'll be asked to subrtut revenue and employment numbers for the past five years. You'll also be asked to list strategic business issues you need help with. Someone from our organization swill contact you within 24 hours. lj Your application will be reviewed by the selection teats. �> Once accepted into the program, we'll schedule an interview between you and the research team to start the process. -- Mike Fox, CEO of Ingenuity IEQ, a provider of indoor air quality solutions based in Midland, Mich. — Loren O'Brien, CEO of B &F Fastener Supply, a Minneopolis -bored distributor of industrial and construction supplies Value for your time Our Economic Gardening program inclu not only research services, but also a peer- learning component in the form of CEO roundtables and forums. The goal of combining these three educational experiences is to accelerate the value that entrepreneurs receive and make every interaction more nnearungfiil. For example, the research assistance provides just -in -time information to roadblocks that CEOs are facing. Forums give participants an opportunity to learn from a seasoned entrepreneur who has successfully exited second stage and roundtables enable participants to learn from other second- stagers, in addition, roundtable facilitators make introductions to CLo s in other roundtables or at quarterly forums — and recognize when the research team could address a specific issue for participants. Bottomline, this is a holistic program that's geared to arm second - stagers with the right information, resources and referrals so they can make better decisions and grow their businesses faster. For more info, contact: Anoka, Carver, Hennepin, Scott & Suburban Ramsey Economic Gardening Plot s Twin Cities Regional Economic Gardening Partnership Recognizing the need for sustained growth of second -stage growth companies the Counties of Hennepin, Carver, Anoka, Scott and Suburban Ramsey established the Regional Economic Gardening Partnership to provide select growth companies with free business research and enhanement. Companies who participate in this free opportunity must show potential for job creation and long business growth. Applications are submitted on line until July 15, 2013. Hennepin County previously funded a "Pilot" Economic Gardening project which assisted in the design of this current Partnership program. Hennepin County is the lead Agency with support from Ramsey, Scott and Carver Counties. The Counties will implement the Edward Lowe Foundation's Economic Gardening Program to provide practical tools and techniques designed specifically for growing regional second stage companies within the Counties (see map) including provision of: Custom Research: Forty (40) hours per CEO of three "pods" of fifteen (15) selected core companies (for a total of forty five (45) companies); CEO Roundtable Sessions: eight (8) half -day sessions for the CEO's of the forty -five (45) selected core companies; and CEO Forum Events: Four (4) sessions for CEO's of up to 100 additional companies per session. Contacts in each of the Counties are: Hennepin and Carver - Ron White I •on.white@co.henn e in.mn.us 952 -881 -6577 Scott County- Larry Raddatz lraddatzL&co.scott.mn.us 612 -518 -3142 Suburban Ramsey- Denise Beigbeder Denise. bei bg ederReco.ramsey.mn.us 651 -266 -8005