By: Tom Flavin & Jeff Marcell, enterpriseSeattle
Puget Sound Business Journal Special Supplement
In 1971, the predecessor organization of enterpriseSeattle, known at that time as the Economic Development Council of Seattle and King County, was formed by business and community leaders. These civic entrepreneurs were community stakeholders who volunteered both financial and human capital in a collective effort to improve the community.
Its formation was driven by a downturn in the primary industry cluster for the Puget Sound region — the aerospace industry anchored by The Boeing Co.
The leaders of the organization undertook two major initiatives: a marketing program for the Puget Sound region in which a group traveled to New York, Chicago and other business centers to communicate the message that “the lights were still on in Seattle,” despite the message scrawled on a billboard at the time telling the last resident to turn out the lights; along with an economic diversification strategy for the region. Thirty-five years later, the collective effort of these civic entrepreneurs has helped produce an economic base for this region that is the envy of many of our global competitors.
Just as the economy of the Seattle and the Puget Sound region has been transformed in the last three and half decades, the business of economic development has changed significantly. In the 1970s, most business relationships were local in nature. Today, the global economy impacts every business enterprise.
It was with that in mind that this year’s 35th Annual Economic Forecast Conference, held January 17 at the Washington State Convention and Trade Center, focused on the “Economics of Global Philanthropy” and the emerging opportunities this noble pursuit offers our community.
In addition to presenters from Seattle-based Global Partnerships, PATH and Social Venture Partners, enterpriseSeattle was honored to have as its keynote speaker Cheryl Scott, chief operating officer for the Bill & Melinda Gates Foundation. Her presentation entitled “Changing for Good” addressed how the foundation will be growing and evolving. It is this growth in direct and indirect jobs related to the Gates Foundation and other Seattle-based organizations that may serve as a welcome impetus for the establishment of yet another key economic cluster for the region -- one focused on global philanthropy.
Fortunately the ground work to support this and other emerging clusters has been set, in 2004, enterpriseSeattle recognized that the competition for quality jobs and the tax base necessary to support our current and emerging clusters was becoming more intense than ever before — country-to-country, state-to-state and region-to-region.
This is why the new, 21st Century generation of this region’s civic entrepreneurs committed to rejuvenate and recapitalize the economic development program for Seattle and King County.
In 2005, the board of directors of enterpriseSeattle adopted a new, competitive approach to guide the economic development efforts in King County. It included two components. The first was developing a client-based services delivery system to carry out the organization’s mission of building a world-class economy in King County and its 39 cities by creating, retaining and recruiting high-value companies and jobs to the region. The second is a goal of funding its economic development program at $1 per capita annually. Through 2006, significant progress has been made on both objectives.
In the client services area, 18 business retention, expansion and recruitment projects have been completed resulting in 1,000 new or retained primary jobs, 2,500 total jobs and more than $500 million in new economic activity in King County. With more than 100 potential projects now in the pipeline, the enterpriseSeattle business development team expects even greater economic results in 2007.
The second goal of funding the King County economic development program at $1 per capita per year was kicked off in 2006 with the Campaign to Compete and Prosper. As we enter the second year of the five-year campaign, the region is now funding its program at approximately $.75 per capita, and recently a “revenue diversification strategy” was adopted to supplement revenues provided through its nearly 80 public and private investors. It is essential that the $1 per capita annual threshold be reached since many of our regional competitors — Denver, San Diego, Phoenix and others — are funded at these levels or greater. Some of these competitors are currently targeting businesses in the Puget Sound area for recruitment to their region. With a growing resource base and a results-driven client services program, enterpriseSeattle will ensure that the region’s economic success story is told and that all available resources are brought into play to compete successfully for quality jobs and a growing tax base whether it is a business retention, expansion or recruitment opportunity.
With a new and emerging group of civic entrepreneurs leading the organization, enterpriseSeattle is positioned to help generate long-term economic results. The board of directors of enterpriseSeattle welcomes all civic entrepreneurs to the effort just as it did 35 years ago so that the same legacy of long-term community opportunity can be provided to future residents of this region.
TOM FLAVIN is the president and CEO of enterpriseSeattle and JEFF MARCELL is the executive vice president and COO of enterpriseSeattle, sponsor of this supplement to the Puget Sound Business Journal. Reach them at 206-389-8650.
