Regional Economic Forum
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1 Minneapolis Saint Paul Regional Economic Forum April 14, 2011
2 Today s agenda Welcome Regional business plan Overview of featured regional initiatives Accelerate MSP 4FRONT Minneapolis Saint Paul Regional Economic Development Partnership Panel discussion 1
3 Today s objectives Build on current spirit of regionalism Inform regional leaders on status of important regional economic initiatives 2
4 About the Regional Allies More partners joining Deepen regional coordination and linkages to increase economic growth and job creation 3
5 Today s speakers Charlie Zelle Kathy Tunheim R. T. Rybak Mayor of Minneapolis Chris Coleman Mayor of Saint Paul John Foley Michael Langley Minneapolis Saint Paul Regional Economic Development Partnership 4
6 Today s agenda Welcome Regional business plan Overview of featured regional initiatives Accelerate MSP 4FRONT Minneapolis Saint Paul Regional Economic Development Partnership Panel discussion 5
7 Metropolitan business planning in MSP 6
8 The Minneapolis Saint Paul region has a wealth of assets Highly educated workforce MSP ranks 8th out of largest 100 metros in educational attainment Robust R&D environment MN ranks 7th among states in R&D dollars per capita High quality of life MSP ranks #1 in quality of life 7
9 Yet it faces challenges as well Modest wage Persistent Flagging Innovation growth achievement talent contraction gap attraction 2.7% wage growth from 2000 to 2008 Over 30 point difference in graduation rates between white and black students Negative workforce growth expected after 2010 Fallen from 22 nd to 48 th in entrepreneurs per capita in 2 years 8
10 Future success requires regional focus and unity FLOUR MILL MINING DISCOUNT STORE GENERAL MILLS 3M TARGET 9
11 There are many efforts under the region s economic development umbrella Regional economic development activities Example initiatives not exhaustive Talent Transportation/land use Entrepreneurship/ innovation Strategy and growth Green Corridors of Opportunity Accelerate MSP REDP: Regional Economic Development Partnership Sustainable Communities Business Plan Minnesota FastTRAC Transit ROI study Regional Cluster Initiative Housing Initiative Coordination required to maximize i impact 10
12 There are many efforts under the region s economic development umbrella Regional economic development activities Example initiatives not exhaustive Talent Transportation/land use Entrepreneurship/ innovation Strategy and growth Green Corridors of Opportunity Accelerate MSP REDP: Regional Economic Development Partnership Sustainable Communities Business Plan Minnesota FastTRAC Transit ROI study Regional Cluster Initiative Housing Initiative Coordination required to maximize i impact 11
13 Today s agenda Welcome Regional business plan Overview of featured regional initiatives Accelerate MSP 4FRONT Minneapolis Saint Paul Regional Economic Development Partnership Panel discussion 12
14 Accelerate MSP will enrich the environment for future innovation Innovation investment timeline Mobilizing resources for... Incubation Demonstration Market entry Amount of Ideas Amount of Funding Effort will increase funding and coordinate support in the early stages so more ideas can move forward in the innovation timeline 13
15 Accelerate MSP will help entrepreneurs move ideas to market Plan development Fundraising Execution 2-year timeline Map the existing Develop an investment Launch combined landscape of activities pool to support gaps in funding, mentorship to identify specific gaps existing funding and technical support organization 14
16 Accelerate MSP is expected to have significant impact Raised more than $70 million in capital Invested in more than 50 opportunities Helped raise more than $300 million in follow-on capital Created more than 2,300 new jobs Generated more than $200 million in new revenue 15
17 Minneapolis Saint Paul Regional Economic Development Partnership
18 The Minneapolis Saint Paul Region 13 county MSA More than 3 million residents $164 billion in GMP Strong human capital St base of well-educated workers R&D environment with potential Unparalleled l dquality of life 17
19 Why a Regional Economic Development Partnership? Coordinated Effort Leads To Increased: Site Selection Consultants say... You probably have lost a significant amount of corporate prospects due to a lack of regional agency. Capital Job Regional Investment Growth Prosperity Local Business Leaders say... There isn t one common voice (public or private) that t speaks to job creation or owns it. 18
20 Regional Success Cycle Regional assets Philanthropy and reinvestment Jobs and wealth Collaborative Regional Leadership Marketing & Promotion Strategy & Research Advocacy Tourism and visitors Trade Capital investment 19
21 MSP REDP Organization Objectives & Design Collaborative Regional Leadership Model MSP REDP Design In scope for REDP Private-public partnership Non-partisan agenda Clear & measurable objectives Advocacy Focus on job retention, expansion, attraction 20
22 What to expect from the MSP REDP Regional Brand Identity & Marketing Resources Regional Strategy & Research Excellence Client-Focused Project Management One Voice Stakeholder Engagement & Support 21
23 Today s agenda Welcome Regional business plan Overview of featured regional initiatives Accelerate MSP 4FRONT Minneapolis Saint Paul Regional Economic Development Partnership Panel discussion 22
24 Panel discussion Kathy Tunheim R. T. Rybak Mayor of Minneapolis Chris Coleman Mayor of Saint Paul John Foley Michael Langley Minneapolis Saint Paul Regional Economic Development Partnership 23
25 Minneapolis Saint Paul Regional Economic Forum April 14, 2011
26 Minneapolis Saint Paul Regional Economic Forum Appendix April 14, 2011
27 Five integrated regional strategies will be key to our success Regional Economic Development Partnership MSP Regional Cluster Initiative Entrepreneurship Accelerator Corridors of Opportunity 26
28 The time is now to bring together the many individual regional efforts NOT EXHAUSTIVE Corridors of Opportunity Sustainable Communities Over 20 individual id projects under way Metropolitan Business Plan will unify efforts forming critical partnerships 27
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