Owensboro Economic Development Strategy

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e 4 g rowth Economic Development Strategy The economic development strategy for a Greater Owensboro is based on a formula of supporting e xisting businesses, e ntrepreneurship, promoting higher e ducation and research, and creating an e nvironment in Owensboro as a destination for talent. Support for e xisting businesses is a top priority, since a majority of the new jobs in any given region are created by existing companies. EDC will partner with local businesses and industries to remain engaged in our community, assist them with expansion projects, and increase their competitiveness in the wider marketplace. Initiatives OwensboroWorks.com Existing Business Program GO Intern Program Owensboro International Trade Office Cluster development strategy New business development marketing Port Authority Priorities Infrastructure projects, such as Interstate 69 Workforce development programs at OCTC Enhanced incentives (local/ creative industries) e ducation is a top economic development tool. A skilled, tech-savvy workforce is a magnet for economic growth. Research and development are particularly important, as the university has become the catalyst for economic development in the innovation- based economy. Initiatives The Learning Community WKU-Owensboro GO Higher! Project Lead the Way Allied Health Academies Priorities Expansion of public higher education Funding for Downtown Arts Academy Research and development vouchers

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The economic development strategy for the Greater Owensboro region

Transcript of Owensboro Economic Development Strategy

Page 1: Owensboro Economic Development Strategy

e4 growth

Economic Development StrategyThe economic development strategy for a Greater Owensboro is based

on a formula of supporting existing businesses, entrepreneurship,

promoting higher education and research, and creating an

environment in Owensboro as a destination for talent.

Support for existing businesses is a top priority, since a majority of the new jobs in any given region are created by existing companies. EDC will partner with local businesses and industries to remain engaged in our community, assist them with expansion projects, and increase their competitiveness in the wider marketplace.

InitiativesOwensboroWorks.comExisting Business ProgramGO Intern ProgramOwensboro International Trade OfficeCluster development strategyNew business development marketingPort Authority

PrioritiesInfrastructure projects, such as Interstate 69Workforce development programs at OCTCEnhanced incentives (local/ creative industries)

education is a top economic development tool. A skilled, tech-savvy workforce is a magnet for economic growth. Research and development are particularly important, as the university has become the catalyst for economic development in the innovation-based economy.

InitiativesThe Learning CommunityWKU-OwensboroGO Higher! Project Lead the WayAllied Health Academies

PrioritiesExpansion of public higher educationFunding for Downtown Arts AcademyResearch and development vouchers

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environment, amenities, and livability are the key factor for people in today’s world when choosing a place to live. Many professionals and entrepreneurs are choosing smaller towns to avoid the business unfriendly environments of large urban areas, yet the urban appeal of a vibrant downtown with loft spaces and an “urban villages” are critical components in winning the competition for talent.

InitiativesPlace Making InitiativeShared Investment PolicyCarnegie Village

PrioritiesFunding for Downtown Master PlanFrederica Street Tram LineRetail developmentDowntown residential development

entrepreneurship is the lifeblood of the 21st century economy. In today’s increasingly competitive global economy innovation is the critical component to the economic growth of regions. The best long-term strategy for sustained economic growth is to build on the talent in the community through new business startup and the commercialization of ideas.

InitiativesEmerging Ventures Center for InnovationCentre for Business and ResearchLife Science PartnershipEmerging Ventures Seed FundNorthwest Kentucky “Green”

PrioritiesKentucky Innovation Center FundingCentre for Business and ResearchResearch and Development VouchersVenture/ Seed/ Angel CapitalFunding for KBP and OCRP at OMHS

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Economic Development Initiatives

GREATER OWENSBOROGREATER OWENSBORO

Emerging Ventures Center for Innovation- business startup center that supports entrepreneurs with business planning and funding, part of the Kentucky Innovation and Commercialization Center network. Emerging Ventures Seed Fund- fund created by the City of Owensboro to provide seed funds for innovative business ideas.Centre for Business and Research- a 37,000square foot business accelerator equipped with labs for biotech company use.

Existing Business Program- supports growth and development of existing companies with full-time staff person and single point of contact assisting with expansions, workforce issues, and community advocacy.GO Intern!- clearinghouse managed to help business find college interns match positions that are hard to recruit and retain in the region.Owensboro International Trade Office- provides assistance to businesses with trade and international markets.

Northwest Kentucky Green- joint marketing effort with Henderson branding the region as a center for green technology with opportunities for growth in renewable energy and plant biotechnology.Life Science Partnership- between EDC, KBP, OMHS, colleges and universities to help Owensboro become the world center of plant based natural products and plant pharmaceuticals.Port Authority- creating integrated logistics hub with the combined resources of the Owensboro Riverport Authority and Regional Airport.

Cluster Development Strategy- through data analysis of the region’s existing and emerging economic clusters in order to develop a marketing strategy in emerging and established clusters. Current existing clusters include advanced manufacturing, food production, logistics and distribution, and back office/ professional services. Emerging clusters include plant biotechnology, and, renewable energy

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Owensboro Downtown Placemaking Initiative- A new master plan will result in a $79 million local public investment over the next 5 years to match the $40 million federal investment in the Owensboro riverfront. The recommended Phase I public amenities and private investment calls for a new 200+ room hotel to replace the Executive Inn, a Multi-Purpose Indoor Events Center suitable for sports and conventions, and a Market Square Plaza connecting the courthouse to the Riverfront Park. Downtown Arts Academy would offer students an opportunity to study the arts in a residential program connected to performance and production components in Owensboro. Students can begin the program in the junior year of high schools and will complete the program with a bachelor’s degree from one of the local colleges.

GO Higher Workforce Development Strategy- partnership with the P-16 and Learning Community focusing on the expansion of public four-year higher education and increased enrollment of undergraduates in the Owensboro region to reach the goal of 10,000 more college graduates by 2020.

Project Lead the Way and Futures Engineers of America- improved opportunities for high school students in science and technology linked to biotech and engineering and leading to dual credit with local colleges.

OwensboroWorks.com is a web-based regional talent pool that offers businesses access to human capital. Through linkages to postsecondary education, OwensboroWorks stresses continuous education and training to enhance the skill development of the workforce.

Shared Investment Policy- a progressive local incentive policy that emphasizes sustainable development and redevelopment of the downtown and urban core.

Kentucky Movie/ Creative Industry Incentive- State tax credits to encourage motion picture and creative industry development in the region.

Leadership, Inc.- partnership with the Chamber to develop young leaders and retain talent in the region.