MEDC Strategic Plan Overview. October 26, 2011
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1 MEDC Strategic Plan Overview October 26, 2011
2 Mission The mission of the MEDC is: To market Michigan and provide the tools and environment to drive job creation and investment. 2
3 Vision The vision of the MEDC is: To reinvent the Michigan economy by: growing and attracting business keeping talented residents here, and revitalizing our urban centers. As a result, Michigan will be a top ten state in: employment GDP growth per capita income, and young adult population growth. 3
4 Values The MEDC s values are aligned with the state s team culture: Excellence Vision - Believing in our vision, goals and culture Integrity - Always do what is right Measures - Results through measures that matter Transparency and Accountability - Acting decisively, delivering on commitments Customer Focus - Exceptional service and satisfaction Leadership Enthusiasm - Can do and will do attitude Courage - Expressing viewpoints constructively Duty - Commitment to Michigan in word and deed Focus - Addressing and solving critical issues Teamwork Results - Valuing team results and sharing credit Collaboration - Respecting and engaging colleagues Loyalty - Supporting decisions and those who make them Camaraderie - Having fun together, reinventing our State 4
5 Strategy The MEDC s jobs strategy consists of seven initiatives aligned to drive job growth. Unemployment rate in the lowest 10 states GDP growth in the top 10 states Real personal income per capita in top 10 states Population increase of people Strategic Initiatives Entrepreneurship Business Growth Access to Capital Vibrant Communities Talent Enhancement Image Seamless Delivery 100+ Supporting Activities MEDC Operations 5
6 Integration and Statewide Alignment The MEDC s jobs strategy is integrated into the statewide plan for reinvention. 6
7 Objectives and Key Activities 1 Entrepreneurship Promote a culture of entrepreneurship and the development of high-growth, technology ventures by: Facilitating the commercialization of technology Ensuring the availability of key entrepreneurial services Strengthening the state s entrepreneurial infrastructure 2 Business Growth Provide high-value services to retain, grow, and diversify existing Michigan businesses by: Delivering a toolbox of economic gardening services Growing exports Opportunistically attracting businesses to Michigan 7
8 Objectives and Key Activities (cont d) 3 Access to Capital Attract and leverage capital for business growth at all stages of the business lifecycle by : Providing loan enhancement to increase bank lending Expanding early-stage and venture capital access Pursuing legislation to facilitate the expansion of capital access 4 Vibrant Communities Deploy programs to facilitate the reinvigoration of city centers and rural communities across Michigan with a focus on: Optimizing available funding sources for community revitalization Accelerating and customizing economic development services for urban and rural centers Placemaking and facilitating cultural vitality 8
9 Objectives and Key Activities (cont d) 5 6 Talent Image Develop, retain, attract and match an exceptional talent base with guidance from the needs of Michigan s growing employers by: Improving talent matching Attracting and retaining talent Developing talent Improve Michigan s image as a business location and travel destination by: Deploying a multi-channel tourism advertising campaign Leveraging the Pure Michigan brand for business growth Coordinating Pure Michigan branding and messaging across state departments 7 Seamless Delivery Coordinate business service delivery across state government by: Continuous problem solving Interdepartmental coordination 9
10 FY12 Proposed Budget* The MEDC is budgeting $355M to deploy against the strategic plan in FY12 (from $471M of available funds, including $68M in corporate revenue). State Funds $136.0M Total Available Funds by Source MEDC 21 st CJF $75.0M Corporate Funds $68.3M Total Available Funds $471.5M - Operational Expenses $45.2M - Closing Balance** $71.4M Federal Funds $134.0M Other $8.6M 21 st CJF Permanent Fund $49.6M FY12 Program Budget $354.8M * Excludes $489.4 in predominantly pass-through federal Workforce Development Agency revenue and associated expenses ** Includes $21.7M in corporate reserves, $25.1M in the state s 21CJF Permanent Fund, $17.1M in federal carry-forward, and $7.5M other 10
11 Funding Sources MEDC staff will recommend a set of 21 st CJF Permanent Fund programs for the MSF s consideration that would account for approximately 7.0% of the MEDC s budget*. Proposed Deployment of 21 st CJF Permanent Fund (FY12-FY14) MEDC Program Budget by Funding Source* Program Amount Bank of Banks Fund $ 24,000,000 Urban-Oriented SBIC Program $ 15,000,000 Federal Funds 35.3% 21st Century Jobs Fund 20.2% 21st CJF Permanent Fund 7.0% Microlending Program $ 3,000,000 CDFI Match for Federal Grant $ 4,000,000 Venture Capital Matching Fund $ 9,000,000 Corporate Funds 7.7% Other 0.1% State Funds 29.7% CDBG RLF Matching Rollup Venture Capital Fund $ 3,000,000 Development Program $ 10,000,000 Total $ 68,000,000 * For FY12 excluding pass-through Workforce Development Agency funding. Mix of funding sources estimated to be substantially similar through FY14. 11
12 Proposed 21 st CJF PF Program Descriptions The proposed programs would increase capital access for entrepreneurial, business growth and community development. Program Description Amount Bank of Banks Fund Urban-Oriented SBIC Program A business development corporation formed by cooperating private banks to provide mezzaine financing to growth firms Invests in a qualified private firm which provides alternative financing vehicles to minority-owned businesses and businesses in urban communities $ 24,000,000 $ 15,000,000 Microlending Program A microlending program with a maximum MSF loan participation of $500,000 $ 3,000,000 CDFI Match for Federal Grant Venture Capital Matching Fund Match for a potential of $100,000,000 in federal funding to recapitalize existing and new Community Development Financial Insitutions in Michigan Invests in Michigan based companies alongside qualified venture capital funds with a maximum MSF participation of $500,000 $ 4,000,000 $ 9,000,000 CDBG RLF Matching Rollup Provide additional funds to be deployed in regional RLF entitlement communities $ 3,000,000 Venture Capital Fund Development Program Provide $200,000 per year for two years to each of up to five new venture capital funds in order to finance upfront fundraising expenses, and invest an additional $2,000,000 in each of up to four funds that have raised $8,000,000 $ 10,000,000 Total $ 68,000,000 12
13 The Potential 21CJFPF Role in MEDC s Strategy The 21 st Century Jobs Fund Permanent Fund can provide critical funding flexibility and support to execution of the MEDC s jobs strategy over the next three years. Unemployment rate in the lowest 10 states GDP growth in the top 10 states Real personal income per capita in top 10 states Population increase of people Strategic Initiatives Entrepreneurship Business Growth Access to Capital Vibrant Communities Talent Enhancement Image Seamless Delivery MEDC Budget 21 st Century Jobs Fund Permanent Fund: $68,000,000 Over Three Years* * Approximately 7.0% of total budget for the Entrepreneurship, Business Growth, Access to Capital and Vibrant Communities initiatives. 13
14 Resource Allocation by Strategic Initiative Just over half of FY12 program resources are deployed against Business Growth objectives. FY12 Program Budget Excluding Workforce Development* Talent Enhancement 0.6% Image 9.2% Vibrant Communities 20.1% Seamless Delivery 0.3% Entrepreneurship 15.4% Business Growth 54.5% Access to Capital** 29.1% FY12 Program Budget Including Workforce Development Image 4.0% Seamless Delivery 0.1% Workforce Development 56.7% Entrepreneurship 6.6% Business Growth 23.6% * Excludes $489.4 in predominantly pass-through, non-discretionary federal Workforce Development Agency revenue and associated expenses **Access to Capital programs directly support Business Growth and Entrepreneurship activities Access to Capital** 12.6% Vibrant Communities 8.7% Talent Enhancement 0.3% 14
15 Resource Allocation by Strategic Initiative Funding sources constrain how resources are allocated. FY12 Program Budget Excluding Workforce Development* Talent Enhancement 0.6% Image 9.2% Vibrant Communities 20.1% Seamless Delivery 0.3% Entrepreneurship 15.4% Access to Capital** 29.1% Program Michigan Incentives Funds Michigan Business Growth Fund Community Development Block Grants Major Programs Funding Source State Strategic Initiative Constraints Business Growth or Vibrant Communities Amount $100M Federal Business Growth $64.3M Federal Vibrant Communities $47.0M Film Incentives State Business Growth $25.0M Business Growth 54.5% Tourism Marketing State Image $25.0M Total $261.3M Total (% of Budget) 73.7% * Excludes $489.4 in predominantly pass-through, non-discretionary federal Workforce Development Agency revenue and associated expenses **Access to Capital programs directly support Business Growth and Entrepreneurship activities 15
16 Resource Allocation by Activity Type Over two-thirds of FY12 program resources are for core activities that only MEDC is in a position to execute. Enabling activities accelerate local economic development efforts. FY12 Budget by Activity Type Core vs. Enabling Activities Strategic Initiative Core Activities Entrepreneurship Enabling Activities Enable regional entrepreneurship strategies Enabling Activities 30.9% Core Activities 69.1% Access to Capital Business Growth Vibrant Cities Talent Attract federal funding Manage investments Attract businesses Support major corporations Develop sector strategies Manage incentives Coordinate and provide best practices for urban redevelopment Attract talent to Michigan Facilitate third party risk capital Enable regional sector strategies Support regional economic gardening efforts Support regional urban redevelopment strategies Retain and develop regional talent Image Market Michigan Seamless Delivery Coordinate across state government Develop tools and educate 16
17 Performance Outcomes The MEDC is committed to transparent assessments of performance against the plan. Strategic Initiative Measured Outcomes Entrepreneurship High-tech business starts Venture-backed companies Business Growth Jobs committed Wages committed ($/hr) Private investment leveraged ($) SME export value ($) Access to Capital Deployed capital ($) Capital leverage ratio Vibrant Communities Downtown redevelopment projects Downtown private investment leveraged ($) Rural private investment leveraged ($) Attendance supported by MCACA grants (attendees / $) Talent Retained college graduates Employment matches (%) Image Business climate perception Visitor spending ($) Travel advertising ROI ($) Seamless Delivery Cross-departmental platforms and processes implemented 17
18 Communication and Alignment The organization is actively communicating its strategic plan to staff, partners and customers to maximize alignment and output. 18
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