Driving Washington’s Prosperity: Egils Milbergs strategic plan update

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<ul><li> 1. Driving Washingtons ProsperityA Strategy for Job Creation and Competitiveness January 9, 2013Egils Milbergs Executive Director Washington Economic Development Commission Olympia, Washingtonwww.wedc.wa.gov egilsm@wedc.wa.gov 360-586-5661 WA Economic Development Commission 1</li></ul> <p> 2. Commission Members WA Economic Development Commission 2 3. A Ten Year VisionMake Washington the most attractive, creative and fertile environment for Economic Development Commission world by 2020 3 WAinnovation in the 4. New Approach for Economic Development Traditional Model Innovation ModelAttracting companies Investing in talent, ideas and infrastructureJobs IncomesTop Down Development Bottom-up organic growthClosed innovationOpen innovationCompeting regionsCollaborating regionsGeographic clustersGlobally linked networksWA Economic Development Commission4 5. The problem we need to solve!50 0Difference with Initial Period Employment (Thousands of Workers)-50 -75.67 -100 2001 Recession (3 quarters) Since Q4 2007 -150 -2001 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 Months of RecoveryWA Economic Development Commission 5 Data source: U.S. Bureau of Labor Statistics 6. Largest Absolute Changes in EmploymentOctober 2012 year-over-year, based on 3 month moving averageWA Economic Development Commission 6Data source: Washington State Employment Security Department. 7. The Great Policy Reset FROM TO Job Preservation Job Creation Shovel Ready Innovation Expand Safety Net Upgrading Skills Consumption Investment Debt Exports Top-down macro Bottom-up organicstrategiesstrategies WA Economic Development Commission 7 8. What do we need to do?Progress needed along five drivers IntellectInvestmentInfrastructure Regulations International WA Economic Development Commission 8 9. Driver One: Fueling the FutureMakingTalent a Top Priority Prof Prof Technical Technical UnskilledUnskilled1. Create jobs for Washingtonians and industry needs by achieving 60% post-secondary degrees &amp; credentials.2. Increase pool of qualified workers by emphasis on STEM proficiencies and career and technical education at the HS level.3. Fill critical skills gaps and grow new enterprises by attracting and retaining worlds best and brightest minds and funding education in high demand occupations.4. Upgrade skills of the unemployed through expanded flexibility of unemployment programs to support training where job vacancies exist.WA Economic Development Commission9 10. Driver Two: Adding HorsepowerInvestingin Entrepreneurship1. Improve tax and regulatory policy to foster growth of start-ups and job creating business clusters2. Invest in World class research talent, assist new enterprise formation and connect the states research base to industry, entrepreneurs and investors.3. Leverage job creating potential of the innovation ecosystems through large scale collaboration and competing aggressively for federal, foundation and private funds.WA Economic Development Commission10 11. Pillar Three: Paving the WayConnectingthrough Reliable Infrastructure1. Implement alternative financing mechanisms for transportation infrastructure for asset preservation, freight mobility and investment in economic corridors.2. Prioritize the most critical infrastructure challenges and lead globally in energy efficiency, clean water, advanced manufacturing, cyber-security, sustainable urban design and broadband deployment.3. Require economic development and long term job creation criteria the capital budgeting process.WA Economic Development Commission 11 12. Driver Four: Running LeanRegulatingSmarter1. Systematically review on sector-by-sector basis all state regulations for their cost- effectiveness and determine overlaps, excessive costs, obsolescence, redundancy and solutions.2. Expand agency use of lean process improvement to lower cost of regulatory compliance and reduce time delays.3. Create navigator service for industry to manage their interaction with the regulatory system, including a comprehensive online portal for regulatory compliance.WA Economic Development Commission 12 13. Pillar Five: Firing on all Cylinders--ExpandingInternational Business1. Intensify innovation and collaboration in the Pacific Northwest economic region and support cross-border projects for economic diversification, expanded trade and jobs.2. Drive job creation through a coordinated system of trade services between the programs of Washington State and regional and federal programs.3. Strengthen export assistance services and re-establish overseas representation.4. Double state-led, cluster based trade missions to increase new-to-market exporting firms.WA Economic Development Commission 13 14. 15 Innovation Partnership Zones Bellingham Innovation Zone Aerospace Convergence Zone North Olympic IPZ Tri-Cities Research District S. Lake Union Life Science IPZ Spokane University District IPZ Bothell Biomedical Manufacturing Corridor Central Washington Resource Energy Collaborative Grays Harbor Sustainable Industries Pullman Clean Tech Industries Walla Walla IPZ Interactive Media and Digital Arts King County Financial Services Collaborative Urban Center for Innovative Partnerships, Auburn Urban Clean Water Technology Zone, TacomaWA Economic Development Commission14 15. IPZ Innovation Framework Strengths &amp;Joint Innovation WeaknessesOpportunitiesBottom-up Engagement Strategy Investments ProjectsBarriers to Interaction Relationship CollectiveIPZ EcosystemCapitalEfficiencyIndustryResearchWorkforceEntrepreneursCapitalInfrastructureOUTCOMESEDCsEtc.. Prepared by Egils Milbergs v.1.1 WA Economic Development Commission 15 16. September 2012 we celebrated Commerce &amp;Innovation Economy with 25 events, symposiaand demonstrations. Link: www.thenextfifty.orgWA Economic Development Commission 17 17. Thank you!Sooner or later, we sit down toa banquet of consequences Robert Louis StevensonWA Economic Development Commission 18 </p>