Road Map to the Future

Road Map to the Future

Glenn McCullough, Jr.www.glennmcculloughjr.com

Community Development FoundationTupelo / Lee County, Mississippi

Glenn McCullough, Jr.www.glennmcculloughjr.com

Community Development FoundationTupelo / Lee County, Mississippi

INTRODUCTIONS

• Case Analysis

• “Project Volunteer” Groups

‣ 10 groups of 4

‣ Discuss Ways to Recruit “Project Volunteer”

‣ 5 Minute Presentation

CREATING THE FUTURE

• Major Trends To A Brighter Future

‣ Talent Attraction– Successful community is a concentration of successful people.

‣ Regional Projects- Increased horizontal capacity.

‣ Commercialization/Venture Capital-Technology transfer from the lab to the marketplace.

‣ Business/Community Partnerships- Risk/Reward Mgt.

TALENT ATTRACTIONTALENT ATTRACTION• Knowledge Base Recruitment.

• Labor force is one of the top site selection criteria.

• An educated and talented workforce is pivotal to successful economic development.

TALENT ATTRACTIONTALENT ATTRACTION• Use of social media is a popular

medium

‣ i.e. Facebook, Twitter, MySpace, and LinkedIn

• Some communities have created a website devoted to talent attraction/retention.

REGIONAL ALLIANCE

• Cooperation between cities/communities in order to create expanded capacity.

• Allows regions to pool assets in order to compete for larger project(s).

REGIONAL ALLIANCE

• PUL Alliance/Wellspring Project

‣ Pontotoc, Union, Lee County in Mississippi

‣ Multi-County Partnership

‣ 1000 Acre Mega Site

REGIONAL ALLIANCE

• Tennessee Valley Corridor

• Tennessee, Kentucky, Alabama, North Carolina, and Virginia.

• Multi-State Partnership

•Oak Ridge National Labs- Oak Ridge, TN•Enterprise Technology Center- Chattanooga, TN•Med Tech Research Park- Tri Cities, TN

REGIONAL ALLIANCE• Research Triangle Partnership

• Duke University, University of North Carolina, North Carolina State University

• Multi-Community Partnership

• Benefits‣ 157 companies employing nearly 39,000 people‣ Home to IBM ‣ Over 130 R&D Facilities

COMMERCIALIZATION /VENTURE CAPITAL

• Venture Capital‣ Definition- Startup or growth equity capital or loan capital

provided by private investors or specialized financial institutions.

• Trend that requires injection of capital into entrepreneurial ventures within the community.

• Venture Capital• Angel Investors

‣ High net worth individuals‣ Invest in high growth early staged businesses‣ Invests between $25,000-$2,000,000 of there own money‣ Typically invests in sector that they are familiar with.

COMMERCIALIZATION /VENTURE CAPITAL

• Universities

• Local universities offer numerous opportunities for investment.

• 3 out of the top ten sources of patents in TN are universities

2007 2008 2009 2010 2011 TOTAL

UT-Battelle, LLC 49 29 31 70 56 235

Vanderbilt Univeristy

13 15 16 16 28 88

UT- Research Foundation

7 9 12 14 15 57

http://www.uspto.gov/web/offices/ac/ido/oeip/taf/asgstc/tn_ror.htm

Issued Patents from Universities in the state of Tennessee

BUSINESS / COMMUNITY PARTNERSHIPS

BUSINESS / COMMUNITY PARTNERSHIPS

• Shift in Business Operations

‣ Decrease Long Term Debt on Balance Sheets

‣ Shift from Debt(Notes Payable) to an Expense(Rent Expense).

• Used as a risk avoidance measure by companies.

• Requires the Community to have some risk exposure and interest in the success of a business.

BUSINESS / COMMUNITY PARTNERSHIPS•Examples

• MTD

• Private investors helped purchase new facility.

• General Atomics

• Private investor built the initial building and has now had seven (7) expansions with this company.

• Philips

• One of the first industries to locate in Tupelo works with a long term lease on its facility.

CASE ANALYSIS

• Project Volunteer

‣ Each group will be assigned one of the four trends discussed to use in developing a recruitment strategy for their community.

‣ 5 minute presentation after group discussion.