enterpriseSeattle has adopted some fundamental policy positions and objectives to guide the organization in delivering services and reporting results to its investor base and the broader community. These policies include:
enterpriseSeattle provides customized client services on a confidential basis to businesses in a retention, expansion or recruitment mode.
enterpriseSeattle is not proactively involved in public policy issues; it can provide expert testimony on issues when requested to do so.
enterpriseSeattle’s work plan is aligned with the policies and objectives of the Prosperity Partnership.
enterpriseSeattle’s franchise area is King County and its 39 cities; however, it works collaboratively with its partners in the Puget Sound region and statewide for long-term economic vitality because of King County’s unique role as an economic engine with over 50% of the regional population, 60% of its workforce and nearly 70% of the regional economic output.
enterpriseSeattle determines its performance outcomes based on:
ü closed client cases;
ü cluster growth it supports directly or indirectly from its industry cluster focus;
ü economic growth it helps facilitate through its partnership with King County local jurisdictions;
ü regional economic growth resulting from collaboration with its Puget Sound partners; and,
ü statewide economic growth resulting from its cluster focus, marketing initiatives and statewide cooperative efforts.
enterpriseSeattle’s 2006 performance outcomes during a “ramp up” year include:
ü 1074 primary jobs
ü 2409 total jobs
ü $496M in direct economic impact
enterpriseSeattle’s 2011 economic impact goals are to achieve the results outlined in the Campaign to Compete and Prosper:
ü 15,000 primary jobs
ü 35,000 total jobs
ü $1.39B in wages and benefits
ü $1.51B in new private investment
ü 2.5% growth in local tax base (.5% annually)
enterpriseSeattle’s 2011 financial and investor goals are:
ü $2 million in public and private annual investments
ü 120 public and private investors
ü 60%-40% private to public funding ratio
enterpriseSeattle’s cumulative primary job targets are:
ü Through 2007 - 2500 primary jobs
ü Through 2008 - 5000 primary jobs
ü Through 2009 – 8000 primary jobs
ü Through 2010 - 11,500 primary jobs
ü Through 2011 - 15,000 primary jobs
enterpriseSeattle will achieve these primary job targets only if projected resource levels are available.
Section 2 - Programs This Five-Year Business Plan has the following program areas: Business Development; Investor Relations; Marketing and Communications: Leadership, Staff and Management System Development; and, Financial Management and Revenue Diversification. Specific strategies and tactics for each program are outlined below:
Business Development: Retention/Expansion/Recruitment
Industry Cluster Development
q Expand the business client outreach program and assign a business development manager for each of the five economic clusters prioritized in “A Regional Economic Strategy for the Central Puget Sound Region” (Regional Economic Strategy) developed by the Prosperity Partnership. These clusters are: Information Technology, Aerospace, Life Sciences, International Trade/ Logistics and Clean Technologies.
q Identify new clusters and develop appropriate strategies to maximize potential for women and minority businesses, global health and philanthropy, and, other emerging economic sectors in the Puget Sound region.
q Respond to economic opportunities for the region in industry clusters not identified specifically in the Regional Economic Strategy but which bring value-added jobs and increased tax base to the region.
q Counsel individual existing companies to mitigate local impediments to business retention and expansion and leverage competitive advantages.
q Connect target industry companies with relationships and resources in the region essential to economic growth and prosperity.
q Provide important target industry and economic base information to key community decision-makers.
q Enhance relationships with top consultants/brokers in key markets: New York, Chicago, Atlanta, San Francisco, San Jose, Los Angeles, San Diego, Boston, and Dallas.
q Host tours for relocation prospects and site decision-makers.
q Execute peer-to-peer selling strategies for regional stakeholders.
q Promote and advance regional economic development collaboration throughout the Puget Sound region.
q Collaborate with regional economic development organizations to convene site selector tours of the region and implement joint recruiting trips to strategic markets.
q Promote and advance regional economic development collaboration throughout the Puget Sound region through monthly meetings of the regional EDC Presidents and joint meetings of the regional EDC Boards.
q Deploy Commuter Challenge program to deliver customized solutions for individual companies to manage workforce transportation issues.
Proactively educate local government agencies on ways to enhance a business-friendly environment in King County and its 39 cities.
Research and Economic Impact Assessment
q Build and maintain a network of economic intelligence within the target industries to identify business expansion opportunities in King County and the Puget Sound Region.
q Develop and maintain a comprehensive industry and economic database for the Puget Sound region.
q Expand lead generation, deep targeting research and prospect management capacity on identified companies for expanded regular contact in other domestic and international markets.
q Provide customized, current and market driven information to prospects and enterpriseSeattle investors.
q Upgrade analytical and presentation tools to ensure state-of-the-art, user-friendly formats.
q Maintain strong working relationships with national, state regional and local public officials and provide key data to policymakers deliberating critical economic issues.
Investor Relations Investor Retention and Recruitment
q Form an Investor Relations Committee comprised of enterpriseSeattle Board members to develop and implement an investor retention and recruitment program.
q Maintain and build the investor base of enterpriseSeattle through business and personal relationships, special events, investor surveys and visitation programs and other techniques. Investor Engagement and Value
q Implement an organizational structure to ensure proper investor oversight of all organizational activities.
q Provide formal and informal opportunities for investor input through the annual investor meeting, special events, specific subject matter forums and personal and electronic communications methods.
q Provide for meaningful participation for enterpriseSeattle investors to strategically assist business development managers to identify and serve business clients.
q Develop an outreach program to recruit and train women and minority business leaders to assume leadership positions within the organization.
Develop a “Directory of Service Providers” to assist investors maximize their involvement as a business development opportunity.
Marketing and Communications
Organizational Profile
Develop and implement a communications strategy that positions enterpriseSeattle to effectively interface with the regional business community and expand its case portfolio. This includes an organizational newsletter, press releases, key speaking opportunities, use of industry experts for topical economic issues, partnering with media outlets and other marketing techniques.
q Develop and implement a communications strategy that increases the visibility of enterpriseSeattle in the community and region. This will include the Economic Forecast Conference, Economic Update Breakfasts, and other special economic events as required.
q Develop strategic partnerships with key community stakeholders to host or co-host events.
q Develop a branding strategy for enterpriseSeattle volunteers as “civic entrepreneurs.”
q Monitor the public profile of enterpriseSeattle through periodic convening of community stakeholders, opinion-makers, and the public.
Product Branding
q Deploy appropriate marketing materials including web-based and multi-media that promote King County, its 39 cities and the greater Puget Sound region nationally.
q Develop and implement a cooperative national and international campaign promoting the diversity and unique strengths of the Puget Sound region and the State of Washington.
Leadership, Staff and Management Systems
Volunteer Leadership
q Ensure that the Executive Committee and Board of Directors are fully informed on organizational matters and receive pertinent and timely information on emerging economic trends and opportunities.
q Provide regular forums for Board review and input through quarterly meetings, the annual retreat and goal setting meeting and regular electronic and personal communications.
q Develop and implement an investor leadership program that identifies and develops volunteer leadership for the organization.
Staff Development
q Recruit and train a team of high-performance business development specialists with industry expertise for designated industry clusters.
q Provide an on-going professional development program for enterpriseSeattle team through the International Economic Development Council; the Washington Economic Development Association; continuing professional education programs; and specific skills programs as required.
q Implement a consistent and fair employee evaluation and compensation system that provides constructive feedback and fosters a collaborative and friendly workplace environment.
Management Systems
q Develop and implement improved management systems for investors, clients and staff including performance and communications systems such as IMPLAN, ACT, VPN and other organizational efficiency tools.
q Provide formal and informal avenues for investor input into the development of organizational programs and priorities.
Financial Management/Revenue Diversification
q Develop an investor revenue base that grows 10% annually to establish a $1.10 per capita investment in enterpriseSeattle by 2011.
Develop a connected work and resource allocation plan which ensures that annual program priorities are adequately funded.
q Develop a cash reserve policy for the organization.
q Develop an entrepreneurial culture that identifies and presents new revenue opportunities to diversify the organization’s revenue base.
Program Costs
The distribution of organizational resources in 2007 for enterpriseSeattle programs on a $1.26M budget is as follows:
ü Business Development: 50%
Information Technology Cluster – 10%
Life Sciences Cluster – 10%
Clean Technologies Cluster – 10%
Aerospace Cluster* - 5%
International Trade/Logistics Cluster*- 5%
Research Support – 5%
Women/Minority Business Cluster* - 2.5%
Commuter Challenge – 2.5%
ü Investor Relations: 22%
ü Marketing and Communications: 20%
ü Leadership, Staff, Management Systems: 4%
ü Financial Management/Revenue Diversification: 4%
* Clusters currently under assessment to determine appropriate organizational role.
q Investors and Board members set program priorities and resource allocation plan at the Annual Board Retreat and Annual Investor Meeting.
q The Executive Committee reviews organizational progress and adjusts the annual Work Plan monthly.
Performance Measures
enterpriseSeattle evaluates organizational performance based on the following set of criteria:
q Total number of jobs
q Number of primary jobs
q Cost per primary job
q Direct economic impact
q Local tax base growth
Organizational revenue growth enterpriseSeattle will use the IMPLAN economic assessment system to determine performance outcomes. Presently, one of these measures - local tax base growth - is not currently available through IMPLAN but staff will work with vendor to customize this performance measure.
Reporting Results
enterpriseSeattle’s objectives in reporting results are twofold: (1) present organizational accomplishments in an easily understood format, and (2) educate investors and the community about the process of economic development. To accomplish this, the organization has developed the enterpriseSeattle Performance Pyramid illustrated below.
