Comprehensive Economic Development Strategy

Transcription

Comprehensive Economic
Development Strategy
Page 1 of 37
January 2010
Prepared for:
Frisco Economic Development Corporation
Frisco EDC Comprehensive Economic Development Strategy
August 2009
Table of Contents
Moving Frisco to a new level of economic development success ................................................... 1
Step 1 — Where are we now? ......................................................................................................... 3
Step 2 — Where do we want to be? ................................................................................................ 5
Step 3 — How will we get there? ..................................................................................................... 6
Goal: Attract Jobs from Outside the Area.................................................................................. 7
Strategic Initiative: Organize to Compete .............................................................................. 7
Strategic Initiative: Marketing for Lead Generation ............................................................. 10
Strategic Initiative: Proactive Sales ..................................................................................... 13
Goal: Retain and Expand Local Businesses ........................................................................... 16
Strategic Initiative: Research Local Businesses.................................................................. 16
Strategic Initiative: Outreach to Local Businesses .............................................................. 17
Strategic Initiative: Communications with Local Businesses............................................... 19
Goal: Enhance Frisco’s Innovation Culture through Entrepreneurship ................................... 20
Strategic Initiative: Increase Connections to Innovative Companies .................................. 20
Strategic Initiative: Foster Entrepreneurial Thinking with Frisco’s Students ....................... 21
Goal: Improve Product Readiness and Competitiveness........................................................ 22
Strategic Initiative: Establish an Incentive Policy ................................................................ 22
Strategic Initiative: Communicate Market Demands for Real Estate .................................. 23
Strategic Initiative: Greening of Frisco................................................................................. 24
Strategic Initiative: Enhance Innovation and Laborforce Skills ........................................... 25
Step 4 — Who will do what? .......................................................................................................... 26
Step 5 — How will we measure? ................................................................................................... 29
Communicating Results........................................................................................................... 31
Acknowledgements ........................................................................................................................ 32
January 2010
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Moving Frisco to a new level of economic
development success
The Frisco Economic Development Corporation has been extremely successful over the last ten
years, attracting over 190 companies, which account for over 23,000 new direct jobs occupying
over 23 million square feet of new space, and new capital investment in excess of $2.7 billion.
Complimentary to the recruitment of core industry jobs, the Frisco EDC has been instrumental in
attracting retailers, accounting for 80% growth in retail sales since 1995. This increase in sales
tax generators has also contributed to more resources for economic development: the
establishment of a medical technology incubator, opportunities for offering cash incentives and
expanded FEDC staff.
Yet, with all of this success, FEDC staff and board members were raising questions:
Are there new
ways we could
be approaching
our work with
greater
success?
What do our
stakeholders
consider success to
be for the FEDC?
Are we on
the right
track?
How does our
local economy
compare to our
competitors?
Should we
target
California?
What do our
clients
expect from
us?
Does the
FEDC have
too much
staff?
What could
we be
doing
better?
What do we need to do
to help businesses
through the economic
downturn?
How can we work
smarter instead
of harder to
achieve our goals?
Should we invest in
state and/or
regional marketing
groups?
What’s happening in
the market place
that may impact how
we operate?
Should we
award
incentives
differently?
These and other questions led to the efforts for the Frisco EDC to develop a comprehensive
economic development strategic plan. It is through an inclusive and comprehensive planning
process that an organization can step back, assess and refocus on what is important for the
future of Frisco.
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This plan was developed through a 5-step planning process. Chabin Concepts, in partnership
with Austin Consulting and Applied Economics, coached and advised the FEDC through the
process to develop this plan.
To assess and develop a plan that will achieve the goals of Frisco’s stakeholders, the following
tasks were completed during the planning process:

Economic Climate Analysis – benchmarking Frisco’s economic indicators to national,
state and similar-sized cities

Stakeholder Survey – feedback from 32 local businesses and stakeholders as to Frisco
assets, strengths and weaknesses

Business Climate Interviews – conducted 48 interviews to gather perceptions of
internal and external businesses and influencers to the decisions process, such as real
estate brokers ad site location consultants

Corporate Location Assessment – mock business recruitment exercise with sample
proposal and site visit to assess Frisco’s assets and the FEDC’s approach with clients

Competitiveness Worksession – Frisco’s report card for competitiveness presented in
a public meeting

Organizational & Marketing Capacity Assessment – audit of what’s working and
what’s not for marketing and client handling

Website Review – review the website for desired features, functionality and content
desired by FEDC’s target audiences

Target Industry Analysis – industry trend research coupled with findings from the
Stakeholder Survey, Business Climate Interviews and Corporate Location Assessment to
determine industries that the FEDC should target

Two Key Message Worksessions – building on the findings from the Business Climate
Interviews, two worksessions were held – one with local business leaders and one with
local economic development partners – to craft key messages

Stakeholder Worksession – meeting with FEDC board members and Frisco City
Council to build consensus on goals for the plan
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Step 1 — Where are we now?
The big news in Frisco is rapid population growth – more than quadrupling the population since
1995. This situation challenges Frisco to work hard to balance jobs and housing growth. Frisco’s
industry mix is relatively similar to the state with a few exceptions. The city has a significantly
lower share of employment in manufacturing (4% vs. 10%), and a larger share of service and
retail employment (72% vs. 59%) than the State as a whole. Basic industries, those that bring in
wealth from outside the area make up a smaller share of the city’s employment base, particularly
if most of the service industry employment is local-serving. Basic industry is very important in
terms of economic stability.
It is noteworthy that Frisco’s economy is still catching up to the rapid population growth of the
past decade and it will be important to focus on growing basic industries that have not kept pace
with overall industry growth locally.
Understanding how competitive Frisco is for attracting future basic industries will shape the
strategic plan, especially which industries to pursue. Based on feedback from local employers,
stakeholders and a comprehensive assessment from Austin Consulting (site location firm), the
following competitive advantages and areas for improvement standout to document Frisco’s
competitiveness:
Competitive Advantages

Visionary leadership

Committed to quality

Well-planned community

Strong pool of higher-skilled professionals – managers, sales/account executives, human
resources, accounting, technology – well-educated and skilled.

Quality real estate product available

Competitive local incentive packages

Advanced telecommunication services

Competitively-priced electricity

Desirable livability attributes

Relatively low cost of living for a modern suburb community

Excellent access to major transportation routes and two major airports

Located in the regions major growth corridor

Small-town atmosphere in a urban setting

Highly-professional and experienced economic development staff who are known in the
market and respected by peers in the economic development profession
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Areas for Improvement

Packaging proposals into a persuasive case for locating in Frisco

City permitting process perceived to be arduous

Limited evidence of green values

Difficulty in drawing entry-level workers with significant commutes

Young professionals are less likely to reside in Frisco
Fundamentally, the Frisco EDC is doing an outstanding job working with clients and economic
development partners. The community’s visionary leadership and implementers of that vision are
successful in developing a growing city, attractive to workers and businesses. The question is,
“what do stakeholders consider success for the Frisco EDC?” In the next step, the FEDC board
and city council lay out what they would like the FEDC to accomplish.
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Step 2 — Where do we want to be?
The vision and attitude of Frisco’s leadership is a key
factor in Frisco’s current and future success. Through
the planning process, all stakeholders reinforced
core values of the community — its residents,
businesses and public servants. The culture fostered
by Frisco’s core values is the foundation for this
strategic plan. This plan recognizes and capitalizes
on Frisco’s core values.
Frisco stakeholders are in consensus for where they
want the local economy to go. Frisco City Council
Members and FEDC Board members prioritized
goals for the FEDC.
Core Values

Pro-business community

Leadership with a clear
vision to cultivate
economic and lifestyle
opportunities in Frisco

Working together for true
partnership relationships
so we can accomplish
more

Innovation and new
technology are important
to growing our economy

Quality development –
plan and implement the
right way first

Caring community

Small town atmosphere
Goals to focus the plan implementation are:
Attract jobs from outside the area.
Retain and expand local businesses.
Enhance Frisco’s innovation culture through
entrepreneurship.
Improve product readiness and competitiveness.
The desired long-term outcome of all four goals is for
Frisco to embody vibrant industry clusters. The result will be the establishment of Frisco as an
industry leader of interconnected, innovative companies, which will validate Frisco’s
attractiveness to more of the best and future leader companies.
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Step 3 — How will we get there?
Strategic initiatives and tactics are aligned in the plan to accomplish the prioritized goals An
overview of the complete plan is presented below:
To augment this strategy plan, there is a complimentary Implementation Guide with resources,
examples and templates.
January 2010
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Goal: Attract Jobs from Outside the Area
Strategic Initiative: Organize to Compete
Why Important? This plan will increase leads. FEDC staff will need to work more effectively.
Tactics:
1. Tools
a. Utilize Executive Pulse as a contact management system to track all external client
activity as well as local business interactions.

Purchase the Executive Pulse basic program (retention focused) and the Prospect
Tracking Module.
Participate in on-line training webinars, populate the database with local business
lists and business attraction portfolio.
Instill new habits for maintaining contact information current and tracking all
interactions.
b. Get subscriptions (free or fee-based) to Industry Research Resources, such as:

c.
First Research.
Google (Finance, news alerts and RSS feeds on companies and industry topics,
customize Google news page).
Standard & Poor’s (industry surveys).
Additional industry-specific resources are detailed in the Target Industry Analysis
report.
Maintain subscriptions to Co-Star and Xcelligent to track real estate as well as local
business lease expiration dates.
d. For use in proactively reaching companies, purchase/research the following sources for
leads:

Venture Wire and Venture Wire Alert from Dow Jones Technology.
idEXEC/Dunn & Bradstreet.
Hoover’s.
Applied Economics’ Site Selector Database.
e. Purchase MetroComp, an operating cost comparison analysis, populated with cost data
for operating in Frisco and competitive areas you determine. FEDC staff will be able to
use this tool to customize information for clients and demonstrate Frisco’s low cost
advantages. Additionally, where Frisco is not competitive on a cost basis, the FEDC will
be able to understand the gap, which may be addressed with incentives. Select source
and competitive areas to be included in the program; order; install; training.
f.
In addition to the data that has been researched consistently at the FEDC, it is advised to
enhance with:

Laborshed data: During the assessment phase of the planning process, there was
only a presentation of workforce data from Collin County. Frisco laborshed draws
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from across the Metroplex. This information needs to be documented based on wage
levels and/or skills/occupations. How? By interviewing local employers about their
labor draw. This data is considered primary research and very valuable to prospects
evaluating a location in Frisco.
Commission research on skills Location Quotient which represents the affinity for
specific skills in Frisco. See the Implementation Guide for research details.
g. Develop a new website focused on serving the needs of target audiences, with robust
data and resources.

Two potential site maps are presented in the Implementation Guide.
The recommended platform is EDsuite 2.0 – developed by and for economic
development with the flexibility for unlimited expansion and it is very easy to use. In
other words, the FEDC can manage the website internally without dependence on an
external webmaster.
A report of recommendations for Search Engine Optimization is available in the
Implementation Guide. More than 50% of internet users find websites with the use of
search engines – not by typing in the URL. The SEO recommendations will increase
FEDC’s rankings on search result pages.
Site selection data pages should have RSS feeds on each page so that when
updates are made, people interested in that data would be updated automatically.
h. With EDsuite 2.0 is an Online Proposal System for generating proposals. This tool is the
leading innovation in client proposals because it enables FEDC staff to easily create a
customized website of information for each client while being able to track when the client
reviews the proposal. Implementation steps involve training, preparation of draft content,
and finally customization of proposals for each client.
i.
Purchase e-news software for preparing professional and legal electronic
communications. Suggested programs are Vertical Response and Constant Contact.
j.
Purchase Community Prospect Assessment System (CPAS) for use as an internal tool to
evaluate the economic and fiscal impact of projects. Applied Economics researches and
populates the impact model with the city’s finance structure for relevant analysis. Output
from the model can be used for incentive due diligence and news releases. As well, this
tool will be useful in the development of the FEDC Incentive Policy as a variety of
scenarios can be evaluated.
2. Hire Business Attraction Coordinator to support Vice President
a. During the assessment, it was clear that the FEDC has an abundance of leads, but not all
leads contribute to the goal of attracting jobs from outside the area. The Vice President
has a full plate of client activity and will need to allocate more time to strategic targeting
to companies outside the area.
b. Key responsibilities for the Business Attraction Coordinator:

Assemble proposals under direction of Vice President.
Provide support on client presentations, site visits and client follow-up.
Handle leads that are regional companies.
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3. Partner Alignment
a. Establish the Frisco Sales Team (or whatever you choose to name it) and coordinate
communications for better teamwork and client services.

Who is involved? All service providers involved in a client project (typically on a site
visit), such as Mayor (or designee), utilities, city public works, city development,
workforce, education and training.
Hold regular team meetings (quarterly, monthly) as desired by team for training,
sharing and project updates.
Establish protocols for 1.) confidentiality; 2.) using Executive Pulse; and 3.) Site
Visits.
Inventory business resources for use on website and other marketing materials.
Assist in collecting case study information (Marketing 2b).
b. Work with the City of Frisco to establish a Red Team to address perceptions of difficulty
through the permitting process.

Establish a Critical Path Timeline (example provided in Implementation Guide).
Communicate successes that dispel negative perceptions through case studies.
Lead Agency: FEDC
Partners for Initiative: City, utilities, education and training institutions, workforce development
January 2010
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Strategic Initiative: Marketing for Lead Generation
Why Important? FEDC’s marketing approach has been focused on awareness within the Dallas
Metroplex. All marketing materials are high quality and creative productions. In this plan,
marketing will take a targeted approach that will result in generation of leads from outside the
area. For the most part, the marketing tactics center on tools and messaging that will be utilized
in sales tactics.
Target Audiences:
In order to shape a compelling message for marketing and sales efforts it is important to
understand the target audiences’ points of view. We must first identify these targets markets.
Business owners and decisions-makers involved in the target industries of:

Light Manufacturing Industries

Computers and Electronics
Medical Devices
Office/Service Industries

Telecommunications
Software and Media
Financial Services
Entertainment and Recreation
Wind Energy
Key influencers for site search decisions

Site location consultants

Real estate brokers

Real estate developers

Incentive consultants

Tax advisors
Tactics:
1. Key Message Platform
a. A Key Message Platform helps guide content for marketing, in order to send a clear,
consistent and compelling message to various audiences. Perception interviews and
results of the Stakeholder Survey were utilized during Key Message Worksessions to
initiate the development of Frisco Key Message Platform. The findings from this work are
available in the Implementation Guide. This plan takes the platform further, applying it to
marketing and sales efforts.
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b. Document proof points to support the key message.

c.
Create a binder to accumulate examples, graphics, etc. for each key message.
Involve the Frisco Sales Team in documenting proof points – digging deeper that the
broad concepts generated from the Key Message Worksessions. See Key Message
Worksheet in the Implementation Guide as a starting point.
Develop You Tube videos for illustrations of each message/combination of
messages.
Conduct a resident survey (idea from Frisco Forum) to document why they chose
Frisco.
Conduct elevator pitch worksession with Frisco Sales Team and stakeholders – How to
articulate “Why Frisco?” in 30-seconds.
d. Implement organization-wide use of the key messages in all communications about
Frisco.
2. Marketing Collateral
a. Develop compelling Business Cases.

Research industries to understand industry drivers, issues and opportunities. Refer to
the Target Industry Analysis Report and Industry Research in Organize to Compete
1b.
Join Industry Associations relevant to target industries.
Audit industry events with the purpose to learn about the industry and if they may be
potential venues for marketing.
With industry intelligence, align Frisco’s assets and prepare business case for each
target industry. Refer to the Implementation Guide for step-by-step instructions and
examples.
b. Create Case Studies on Frisco businesses.

c.
Refer to the Implementation Guide for step-by-step instructions and examples.
Continue to produce city maps. FEDC distributes 3,000 aerial maps per year. They are a
terrific piece to illustrate Frisco’s assets and story of development. Enhancements
recommended:

Add more labeling of key assets.
Update at least annually.
Update as needed in conference rooms – excellent for meetings.
d. Print Post-It notes with custom message for mailing articles and other resources to
prospects.
e. Design and print postcard templates that emphasize Frisco’s key messages graphically.
The message section of the postcard should be blank allowing for customized (printed)
messages for use throughout the company and key-influencer campaigns.
3. Media Relations
a. Assemble a list of media contacts for local, regional, national industry publications.
Upload in Executive Pulse.
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b. Prepare and submit news release. See Implementation Guide for tips for effective news
releases.

Sign-up for HARO, a reporter solicitation for stories (www.helpareporter.com).
Lead Agency: FEDC
Partners for Initiative: Frisco Sales Team for elevator pitch worksession
January 2010
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Strategic Initiative: Proactive Sales
Why Important? FEDC has a good reputation and will continue to receive interest from
companies and key influencers, especially from within the region. Being receptive and responsive
will maintain the status quo. The FEDC needs to aggressively target industries and companies in
order to shape the long-term future of Frisco’s economy.
Tactics:
1. Reaching Decisions-makers at Companies (Target Industries)
a. Identify target companies through strategic research

Utilize target industry resources (Organize to Compete 1b.).
Using the Target Industry Analysis Report, select priority areas where the industry
has a large concentration. Prioritize areas with aging infrastructure.
Access CoreNet and IAMC membership directories.
Review past leads in client list as there may be any opportunity to reignite interest if
they have not made a location decision. Most likely, companies deferred their
projects during the economic downtown.
b. Prospecting Campaigns

c.
CEO-to-CEO Campaign – Involve local companies to initiate mailing campaign. See
Implementation Guide for details.
Outbound Marketing Missions – initially utilize ROI (www.ROIvision.com) to schedule
appointments until Business Attraction Coordinator is on board to alleviate the Vice
President’s schedule for making calls.
Events

Participate in only one CoreNet Global Summit per year.
Participate in one IAMC Conference per year.
More emphasis for outbound events should be industry tradeshows and conferences.
However, a comprehensive approach should be planned. First, audit the potential
industry events (see Target Industry Analysis Report). For the selected events, not
only have a booth, but also schedule appointments with prospects, advertising to
present the business case customized to the specific industry, teasers to drive event
attendees to booth.
d. Social Networking

Establish Linked-In Groups for each Target Industry. Send update communications
on asset development and any industry-related events where FEDC will be
participating.
2. Networking with Key-influencers
a. International Site Selectors

Participate in Expansion Management’s Roundtable once per year.
Augment company-targeted marketing missions with site selector appointments.
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b. Local/Regional Brokers
Local and regional brokers are still important to attracting clients from outside the area. In
many cases, especially for office locations, real estate firms work through local/regional
contacts for national and international clients in order to have someone on the ground
evaluating the area. Although this group will not be the primary focus of the plan, they
play an important role and the relationships should be maintained.

c.
Annual tour of Frisco, highlighting new developments and plans for new
developments.
Bi-monthly local broker meetings to enhance communication and teamwork.
Schedule meetings with entire brokerage office or one-on-one.
North Texas Commercial Association of Realtors (NTCAR) – participate in regional
tradeshow and golf tournament sponsor.
Messaging to Key Influencers

Depending on the contact, learn their preferred communication medium (hardcopy or
electronic). Record in Executive Pulse.
Create and mail quarterly postcards to highlight successes and Frisco’s assets.
Develop a easy to read e-newsletter/e-postcard and link to website where more in
depth information on the topics is provided.
Conduct a Website Contest to launch new website. The contest is essentially a
drawing for an enticing prize if they review your website and answer a few questions
on a survey. FEDC benefits from feedback as well as raising awareness of the new
and improved website.
Establish a Linked-In Group for regional and local brokers to enhance communication
of events and new resources. This way they can also communicate to each other
within the group.
3. Leveraged Marketing
a. Continue membership in Texas One and participate in the schedule of events that fit with
the FEDC’s goals. Request participation in industry-related events.
b. Participate in Team Texas where it contributes to the FEDC goals. For instance, CNG or
IAMC may be opportunities to leverage participation beyond what the FEDC could do
alone.
c.
Participate in the DFW Regional Marketing Group for activities that align to the FEDC
goals. If it is teaming for CNG, IAMC or industry-related events this is a good use of
funds.
d. Participate with Collin County EDC for activities that align to the FEDC goals. For
instance, instead of advertising in the Dallas Metroplex, pool funds to hire ROI Vision for
outbound marketing missions.
e. Engage the Dallas Chamber of Commerce on informational tours as many of Frisco’s
leads will come from outside the area and contact the identified regional group first. This
is a normal process that can be anticipated so be sure that the Chamber is informed to
represent Frisco well.
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4. Retail Business Recruitment
Although retail businesses are not the focus of this plan, it is understood that sales tax
contributes to the city and FEDC budgets. As well, with Frisco’s population continuing to
grow, much retail development will continue in Frisco. The key will be to influence certain
retailers to choose Frisco over neighboring communities.
a. Participate in International Shopping Center Conferences (ICSC) twice per year.

National event in Las Vegas.
Regional event in San Antonio.
Lead Agency: FEDC
Partners for Initiative: Frisco Sales Team and stakeholders as desired on outbound marketing
missions
January 2010
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Goal: Retain and Expand Local Businesses
Strategic Initiative: Research Local Businesses
Why Important? To anticipate companies possibly leaving Frisco or downsizing jobs, the FEDC
needs to be on top of company happenings as well as industry trends that may challenge local
businesses.
Tactics:
1. Local Company Tracking
a. Lease expirations.
b. Mergers and acquisitions of local and parent company.
c.
Changes in CEO or company leadership (local or outside the area).
d. New product development.
e. Update Executive Pulse.
2. Industry Trends
a. Utilizing industry resources (Organize to Compete 1b), understand industry trends and
challenges to local companies within these industries.
b. Use research findings for topics of discussion in outreach meetings.
Lead Agency: FEDC
Partners for Initiative: none
January 2010
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Strategic Initiative: Outreach to Local Businesses
Why Important? With the downturn in the economy, every company is seeking ways to reduce
costs and increase profitability. Frisco’s local companies are another community’s business
attraction target and these competitors may be willing to offer them anything to move. Outreach
will demonstrate that local companies are wanted and appreciated in Frisco.
Tactics:
1. Company Meetings
a. Segment local company lists in Executive Pulse by:

Size of company.
Industry.
Contact (CEO/CFO/Manager/HR).
b. Prioritize list of major employers for scheduling meetings to include President or Vice
President.
c.
Schedule meetings at least two times per year.
d. Utilize research from previous tactic for meeting prep. An executive should never be
asked a question about their company that is available through research, unless it is for
confirmation.
e. The approach to the meeting should be on building relationships, identifying any needs
(research will contribute to insightful questions), and connecting businesses to resource
solutions.
f.
Update meeting and follow-on tasks in Executive Pulse.
g. Coordinate business resources/follow-up delivery of services with Frisco Sales Team.
h. Augment Outbound Marketing Missions (Proactive Sales 1b.) with visits to headquarter
locations of local businesses.
2. Work with NTEC for graduating companies
a. Introduction
b. Needs (i.e. facility)
c.
Coordinate Frisco Sales Team for resource solutions
3. Local Business Organizations
a. Frisco Forum.

In addition to electronic meeting notices, conduct calls for RSVP. These calls provide
an opportunity to visit with local businesses between their regular appointments.
b. HR Forum.

Establish a new local business organization tailored to the unique needs of human
resource managers. HR Managers should drive agenda and topics, not the FEDC or
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other service providers. Sharing information and connecting resources may lead to
new training and workforce development programs of value to local employers.
Link to the Dallas HR Group.
Lead Agency: FEDC
Partners for Initiative: Frisco Sales Team for delivery of business services, as identified
January 2010
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Strategic Initiative: Communications with Local Businesses
Why Important? Not all busy business leaders will be able to meet regularly. Augmenting
meetings with communications will get the word out about resources and happenings. The
important thing will be to keep all communications short and to the point. This initiative also
covers approaches to enhance B-2-B communications for connections among their peer network
in Frisco.
Tactics:
1. Social Networking
a. Establish Linked-In Groups for both Frisco Forum and HR Forum.
b. Utilize for communications to and among group members.
c.
Encourage communication and questions among group members.
d. Monitor for opportune topics and resources that the FEDC can bring to these groups.
2. E-newsletter
a. Determine timing (monthly, bi-monthly or quarterly)
b. Develop a brief message with link to website for more in-depth information and
resources. See tips on e-newsletters in the Implementation Guide.
Lead Agency: FEDC
Partners for Initiative: Frisco Forum, HR Forum
January 2010
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Goal: Enhance Frisco’s Innovation Culture through
Entrepreneurship
The FEDC, through the North Texas Enterprise Center (NTEC), has done a terrific job in focusing
on entrepreneurs within target industries for Frisco. This work should continue, especially the
contract with incubator companies to locate in Frisco after graduation from NTEC.
The following Strategic Initiatives will expand Frisco’s culture for innovation and advanced
technology.
Strategic Initiative: Increase Connections to Innovative Companies
Why Important? NTEC works with incubator clients to schedule appointments and facilitate
matchmaking with venture capital. Raising attention to Frisco through a compelling topic –
funding – will attract attention of local and regional entrepreneurs who could grow their business
in Frisco.
Tactics:
1. Host a Venture Capital Summit to draw out not only start-ups but innovative
companies
a. Venture Communities is a model program, where Golden Capital Network provides tools
and coaching to launch the first event. Information on hosting this event is included in the
Implementation Guide. The model affords a revenue stream for the FEDC or NTEC as
implementers. This program should be offered to local start-up companies and tied into
the BREP program as a resource for all existing businesses.
b. Contact Jon Gregory1 at Golden Capital Network for training on how put on the event as
well as a mini-assessment of Frisco’s growth company readiness. Golden Capital
Network can also provide a full-range of services to organize this event.
Lead Agency: FEDC/NTEC
Partners for Initiative: Frisco Forum, colleges and educational institutions
1
jon@goldencapital.net (530) 893-8828
January 2010
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Strategic Initiative: Foster Entrepreneurial Thinking with Frisco’s
Students
Why Important? Planting the seeds of entrepreneurship at an early age will transcend
community values and cultivate the business climate for business start-ups.
Tactics:
1. Sponsor a Student Entrepreneur Contest
a. Establish a committee of business volunteers to create a criteria and application process.
b. Consider two contests, one for High School level and the other for Community College.

c.
This contest could be for a business plan or new product idea.
The University of Texas at Dallas hosts the North Texas High School Business Plan
Competition. This competition may be an opportunity to pursue for possible
partnership in Frisco.
Other example programs are presented in the Implementation Guide.
Solicit sponsors to develop award monies.
d. Issue the challenge through all local schools.
e. Host a special event day at NTEC for presentations of business plans. Have local
business leaders serve as judges to expose students to mentors and community role
models.
f.
Awards Ceremony.
g. Publicize winners. Invite television coverage of awards program.
Lead Agency: FEDC / NTEC
Partners for Initiative: NTEC, Frisco Independent School District, all local post-secondary
education and training institutions, Frisco businesses
January 2010
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Goal: Improve Product Readiness and Competitiveness
Although there are many good assets and high-quality real estate product in Frisco, it will be
important to continue to strengthen and enhance Frisco’s product offering.
Strategic Initiative: Establish an Incentive Policy
Why Important? With an increasing awareness of FEDC’s incentive resources, more companies
and brokers are approaching the FEDC for cash incentives. Regardless of how much funding is
available for incentives, the money needs to be wisely allocated to support FEDC’s goals.
Tactics:
1. Develop a criteria that aligns with FEDC goals.
a. Hire a site location consultant who specializes in incentives to work with the FEDC Board
to offer client perspective. This approach also provides an opportunity to market Frisco to
the consultant.
b. Outline a pro forma for preferred projects – industry, employment, investment, function
(i.e., corporate headquarters).
c.
Possibly add more incentives for companies and developments instituting sustainable
(green) practices.
d. Possibly weight the value of incentives based on jobs, investment, etc.
e. Approve at FEDC Board meeting.
2. Benchmark contract performance to national indicators and industry trends as a
means to account for market shifts that are out of the control of local companies.
3. Work with struggling companies during economic downturns to defer payments.
4. Define clawbacks in agreements if company does not meet performance standards or
leaves Frisco.
Lead Agency: FEDC
Partners for Initiative: none
January 2010
Page 23 of 37
Strategic Initiative: Communicate Market Demands for Real Estate
Why Important? Frisco has a moderate level of availability for diverse office and light industrial
product. It is important to stay in front of desired real estate needs as more than fifty percent of
projects seek a building. Frisco does not want to be eliminated for lack of available product. The
goods news is that there is an active development community in Frisco.
Tactics:
1. Research and document
a. Target industry needs (Marketing 2a) identified with business case research.
b. Portfolio of client inquiries (refer to Executive Pulse) will document what clients are
seeking.
c.
Feedback from clients on proposals and site visits.
d. Feedback from site location consultants and brokers on networking meetings.
2. Summarize findings
3. Report quarterly to:
a. FEDC board.
b. Local real estate community with in-person meetings. For efficiency, FEDC may want to
host a local developer meeting bi-annually or quarterly.
Lead Agency: FEDC
Partners for Initiative: Real estate community
January 2010
Page 24 of 37
Strategic Initiative: Greening of Frisco
Why Important? Companies are placing a greater importance on sustainable development. They
are seeking communities who will partner with them to achieve their green goals.
Tactics:
1. Continue City Green Program
a. FEDC serves as a partner to the City.
2. Document Frisco’s carbon footprint
a. This tactic is not critical but certainly a competitive advantage to document Frisco’s
carbon footprint. Plus the increased awareness in gathering data will provide
opportunities to promote Frisco’s recycling program and other green practices. See
sample program in the Implementation Guide.
b. Prepare case studies on Frisco companies who have successfully implemented green
programs.
c.
Media releases on Frisco’s carbon footprint and green practices of the city and
companies.
Lead Agency: City
Partners for Initiative: Chamber of Commerce
January 2010
Page 25 of 37
Strategic Initiative: Enhance Innovation and Laborforce Skills
Why Important? Target industries for Frisco require a capable laborforce. Innovation and
business prosperity is dependent on how far the workforce can take businesses. Although not a
weakness, the FEDC and educational partners need to be alert to the needs of business.
Tactics:
1. Training Programs
a. Research.

Target industry needs (Marketing 2a.) identified with business case research.
Feedback from clients on proposals and site visits.
Feedback from site location consultants and brokers on networking meetings.
HR Forum discussed needs.
b. Develop an inventory of successful training programs as discovered through industry
research.
c.
As needs arise, work with education and training providers to develop new or improved
training offerings.

The FEDC, although not a provider of training, should document information from
business and industry researched needs to communicate demand for skill
development.
The HR Forum, along with local business outreach meetings, will be an excellent
venue for understanding the needs of local businesses.
Findings from industry conferences and marketing missions outside the region should
also be taken into consideration when developing programs.
2. Develop a Young Professionals Networking Group
a. Engage the Chamber of Commerce to initiate and coordinate a Young Professionals
Group for Frisco residents and workers.
b. The young professionals themselves should drive the agenda and get-together so that
they have ownership of the group.
c.
Chamber should report on:

Participation levels.
Activities per year.
Survey of participants – what they like about Frisco; improvements they would like to
see happen or develop in Frisco.
Lead Agency: FEDC
Partners for Initiative: Education and training institutions, Frisco Forum, HR Forum, Chamber of
Commerce
January 2010
Page 26 of 37
Step 4 — Who will do what?
During a worksession, the FEDC staff worked as a team to align responsibilities for
implementation of the plan. The following table identifies who will take lead responsibility for
specific projects. The individual(s) with lead responsibility will serve as the “champion” for the
initiative and coordinate the entire team’s efforts for completing the tactic. They are also
responsible for communicating updates to the President for Board Progress Reports on the Plan.
See Implementation Guide for sample Progress Report Template.
Strategic Initiative/Tactic
Lead Responsibility
Attract Jobs: Organize to Compete

Executive Pulse (CRM)
Industry Research Resources
Co-Star/Xcelligent (real estate database)
Lead Sources
MetroComp (operating cost analysis)
Site Selection Data
Website
Online Proposal System
E-news Software
Fiscal & Economic Impact Model
Hire Business Attraction Coordinator
Frisco Sales Team
City Red Team

Shelley Stone
Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
Julie Floyd
Stefanie Wagoner, Kathleen Stewart
Kathleen Stewart
Kathleen Stewart, Nancy Windham
Kathleen Stewart
Jim Gandy
Jim Gandy
Stefanie Wagoner
Jim Gandy
Attract Jobs: Marketing for Lead Generation

Key Message Platform
Business Case
Case Studies
Maps
Post-it Notes
Postcard Templates
Media

Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
Kathleen Stewart
January 2010
Page 27 of 37
Strategic Initiative/Tactic
Lead Responsibility
Attract Jobs: Proactive Sales

Identifying Companies

Kathleen Stewart

CEO-to-CEO Campaign

Kathleen Stewart, Stefanie Wagoner, Nancy

Outbound Marketing Missions

Nancy Windham

CoreNet Global

Nancy Windham

Industrial Asset Management Council

Nancy Windham

Industry Events

Nancy Windham

Social Networking – Industry Targets

Kathleen Stewart

Expansion Management’s Roundtable

Nancy Windham

Site Selector Appointments

Jim Gandy, Nancy Windham

Broker Tour of Frisco

Kathleen Stewart

Regional Broker Meetings

Jim Gandy, Nancy Windham, Kathleen Stewart

NTCAR Events

Kathleen Stewart

NTCAR Board Member

Nancy Windham

Messaging to Key-Influencers

Kathleen Stewart

Texas One

Nancy Windham

Team Texas

Nancy Windham

DFW Regional Marketing Group

Nancy Windham, Kathleen Stewart

Collin County EDC

Nancy Windham, Kathleen Stewart

Dallas Chamber tour of Frisco

Kathleen Stewart
Windham
Retain & Expand Local Businesses

Research Local Businesses

Stefanie Wagoner

Company Meetings

Stefanie Wagoner, Jim Gandy, Nancy Windham

NTEC Graduates

Stefanie Wagoner

Frisco Forum

Stefanie Wagoner

HR Forum

Stefanie Wagoner

Communications

Stefanie Wagoner
Enhance Frisco’s Innovation Culture through
Entrepreneurship

Venture Capital Summit

Jim Gandy, Larry Calton

Student Entrepreneur Contest

Jim Gandy, Larry Calton
Improve Product Readiness and
Competitiveness

Incentive Policy

Jim Gandy, FEDC Board

Communicate Real Estate Market Demand

Jim Gandy

Greening of Frisco

Kathleen Stewart, City of Frisco

Training Programs for Skill Development

Stefanie Wagoner

Young Professionals Networking Group

Stefanie Wagoner, Frisco Chamber of
Commerce
January 2010
Page 28 of 37
Also during the staff worksession, priorities for implementation were agreed upon. The priority
goals are:
Attract Jobs from Outside the Area
Retain and Expand Local Businesses
Priority tactics include:
Executive Pulse – purchasing and using a contact management system
Develop new Website because marketing and sales initiatives rely on this communication tool
Key Message Platform documented for use in marketing collateral and other communications
Establish an Incentive Policy
A detailed implementation timeline is available in the Implementation Guide. The following 30-6090-day Launch Schedule is suggested for immediate implementation to kick-off the plan.
30 days
60 days
90 days

FEDC Board approval and
budget allocation
Review demonstration of
Executive Pulse; purchase
Renew Co-Star & Xcelligent
licenses (if not already done)
MetroComp
Select metro areas for
MetroComp comparison;
place order
Initiate research with local
businesses for labor shed
maps
EDsuite 2.0 and Online
Proposal System
Review site maps in
Implementation Guide;
schedule web design meeting
CPAS (fiscal and economic
impact model); order
Initiate key message
assembly of proof points
Order maps for printing
TexasOne Signature Event
with Team Texas @ NBA AllStar Game

City Council approval
News release on plan to local
media
Presentations on plan to
community groups
Training on Executive Pulse
Begin population of data in
Executive Pulse
Procure Industry Research
Resources
Local employer interviews for
laborshed mapping
Web Design and
Programming
Assemble content for website
Purchase e-news software
Prepare confidentiality
agreement for Frisco Sales
Team
Frisco Sales Team Kick-off
Meeting
Initiate City of Frisco Red
Team
Document Key Message
proof points
Decade in Review (case
studies)
TexasOne Board Meeting
Expansion Management
Roundtable
Prep for ICSC Las Vegas
events (schedule
appointments)
Contact Margaret Grissom for
Incentive Worksession

Presentations on plan to
community groups
Follow-up training on
Executive Pulse; continue
data entry
Populate website
Continue local employer
interviews for laborshed
mapping
Assemble media list
Commission skill location
quotient research for labor
data
Delivery and training on
MetroComp and CPAS
(impact model)
FEDC Board Worksession
with site consultant
specializing in incentives
Team Texas Quarter Meeting
IAMC Professional Forum
Prep for ICSC Las Vegas
events (schedule
appointments)
January 2010
Page 29 of 37
Step 5 — How will we measure?
The results of the plan should be measured and monitored on a regular basis. Various tangible
results can be tracked for a comprehensive review of the success of FEDC efforts.
1. Job Growth and Marketing Benchmarks
a. An obvious indicator of success is the number of companies located in Frisco. Following
is a table of indicators that may be measured and evaluated. Executive Pulse (contact
management system) will be helpful in assembling the results.
Indicator
Measurements
Located Companies

Expanded Companies

Foreign Direct Investment

Retained Companies.
(if threat of leaving)

Client Activity

Marketing

Number of jobs
Average wage
Capital investment
Square feet leased
Square feet constructed
Number of jobs
Average wage
Capital investment
Square feet leased
Square feet constructed
Number of foreign-owned companies
Country of ownership
Jobs saved
Economic impact if company lost
Pipeline
Total number of clients in pipeline (and jobs they
represent)
Number of companies from outside the area in pipeline
(and jobs they represent)
Number of outbound meetings with
Companies
Key influencers
Number of site visits
Exit interviews – win or lose
Number of BRE company outreach meetings
Results by campaign
Leads
Wins
Results by event
Leads
Wins
Value of earned media
Marketing dollar per lead in pipeline
January 2010
Page 30 of 37
b. Trend data to compare previous year and five to ten year increments.
2. Economic Climate Analysis
The Economic Climate Analysis research in preparation of this plan can serve as a
benchmark for comparison. Update and compare:
a. Frisco historic data (by year).
b. National data.
c.
Texas data.
d. Dallas MetroPlex data.
e. Option: Comparable cities.
3. Perceptions
How has implementing the plan changed the perceptions of local businesses, local and
regional real estate brokers and developers, and international site location consultants? With
FEDC staff making the calls instead of a consultant, there will be an added benefit of
marketing – another outreach to target contacts.
a. Develop list of contacts to interview that represents a random sampling of companies and
key influencers.
b. Approach with letter or email requesting a brief interview.
c.
Conduct interviews.
d. Summarize findings in report.
e. Compare to previous interviews.
f.
Document improvements or weaknesses.
Lead Agency: FEDC
Partners for Initiative: None
Although a comprehensive planning process is not necessary every year, take the findings from
these results to evaluate what worked and what needs to adjust the following year.
January 2010
Page 31 of 37
Communicating Results
The results are useful for internal planning but there is also an opportunity to share this
information with the community to partner in the celebrations of the FEDC and local companies.
Suggested communication tactics are presented below:
1. E-newsletter to local stakeholders.
a. Include non-confidential
activities/events.
announcements,
year-to-date
updates
and
upcoming
b. Link back to website for case studies, feature stories, marketing venues, etc.
2. Annual Event Celebration.
a. Transition from Town Hall presentation at City Hall on FEDC accomplishments to special
event - luncheon or reception - to celebrate new and existing employers.
b. Ask new/expanding employers to talk about their company.
c.
Possibly link with NTEC graduation event.
d. Invite community – donation/registration to cover meal.
3. Annual Report of Accomplishments.
a. Include Job Growth and Marketing Benchmarks.
b. Feature local companies in case studies.
c.
Distribute at Annual Event and throughout the year to interested parties.
Lead Agency: FEDC
Partners for Initiative: Stakeholders, Frisco Sales Team
January 2010
Page 32 of 37
Acknowledgements
The Chabin Team would like to thank the following individuals for their contributions to this plan.
We had the privilege of working with many committed, enthusiastic and hard-working people in
Frisco.
Jim Gandy, Frisco EDC
Nancy Windham, Frisco EDC
Stefanie Wagoner, Frisco EDC
Kathleen Stewart, Frisco EDC
Julie Floyd, Frisco EDC
Shelley Stone, Frisco EDC
Jerry Holder, Chairman, FEDC Board
Jim Kildeback, FEDC Board
Richard Beaver, FEDC Board
David Porter, FEDC Board
Jeff Snowden, FEDC Board
June Taylor, FEDC Board
Bob Allen, FEDC Board, Frisco City Council
Mayor Maher Maso, Frisco City Council
Jeff Cheney, Frisco City Council
Bart Crowder, Frisco City Council
Scott Johnson, Frisco City Council
David Prince, Frisco City Council
Pat Fallon, Frisco City Council
George Purefoy, City of Frisco
John Lettelleir, City of Frisco
Jenny Page, City of Frisco
Paul Boyd, EFA Processing
Charlie Buescher, CORE Construction
Steve Crowther, Transplace
Bill Darling, Darling Homes
Jim Davis, Centennial Medical Center
Mark Depker, Hall Financial
Steve Engelman, GE Money
Tim Erickson, CORE Construction
Jean Farris, Hall Financial Group, Inc.
Rick Fletcher, Hrchitect
Gene Galaviz, T-Mobile Frisco Technical Care
Center
Jay Kleinman, Conifer Health Solutions
Matt Lafata, Hrchitect
Stephen Paz, Buckman Partnership
Tim Nelligan, The Hartford
Paul Sander, Strasburger & Price
Andy Sirjord, Sanyo Energy USA
Dave Stiles, ErgoNurse
Bryon Stricker, Convenience Food Systems
Joe Thomason, Centennial Medical Center
Pamela Wendland, Mario Sinacola and Sons
Mark Whaley, BMC West
Tim Wing, EFA Processing
Larry Cartlon, NTEC, Inc.
Wes Cunningham, Frisco ISD
Tony Felker, Frisco Chamber of Commerce
Marta Frey, Small Business Development
Center
Natalie Greenwell, Collin College
Janie Havel, Office of the Governor, Econ Dev
& Tourism
Cary Israel, Collin College
Toni Jenkins, Collin College: Preston Ridge
Stan Kroder, University of Dallas
Robert Love, North Central Texas Workforce
Liz Oliver, North Central Texas Workforce
Gerald Perrin, Oncor
Marie Piet, Business Solutions Group
Miriam Raphael, Atmos Energy Corp.
Marla Roe, Frisco Convention & Visitors Bureau
Jay Young, CoServ Electric
Hubert Zajicek, NTEC, Inc.
Margaret Grissom, Peake Consulting LLC
Ed McCallum, McCallum Sweeney Consulting
Kate McEnroe, Kate McEnroe Consulting
Don Schjeldahl, Austin Consulting
Jerry Szatan, Szatan & Associates
Raj Vohra, Deloitte & Touche
Charlie Adams, The Stratford Group
John Amend, The Amend Group
Scott Colliers, Jones Lang LaSalle Americas
Randy Cooper, Cushman & Wakefield
Bernard Deaton, Bradford Companies
Jeff Ellerman, CB Richard Ellis
Steve Eqing, Edge Realty Partners
Randy Garrett, Transwestern Commercial
Services
Bob Hogewood, Stream Realty Partners
Calvin Hull, Jones Lang LaSalle Americas
Mari Jones, Cushman & Wakefield
Bill McClung, Cushman & Wakefield
Perry Molubhoy, Atlantic Hotels Group, Ltd.
Jesse Pruitt, CMC Commercial Realty
Chase Sutton, Stream Realty Partners
Steve Thelen, Jones Lang LaSalle Americas
Jake Wagoner, Republic Property Group
Steve Wentz, Cushman & Wakefield
Brent Wicker, Wicker & Associates, Inc.
Mike Wyatt, Cushman & Wakefield
January 2010
Page 33 of 37
About the Consulting Team
Chabin Concepts’ core competency is in realistic, achievable and measurable actions.
We are more than a consulting group – we are a solutions network. We use our network to bring our clients the best
practices of renowned experts in urban and rural economic development, site location analysis and hands-on experience
in implementing and managing competitive and results-oriented economic development programs.
We value every client and project, respecting the characteristics, heritage and goals of each community, their
stakeholders and their economic development team. We commit to integrating our values, integrity and philosophy to
create success through:
Involvement of the community and all partner organizations.
Research that is tailored to specific areas of interest, program implementation or industry focus.
A team of experienced and diverse professionals to bring specialized techniques, knowledge, and expertise.
Innovative strategies and creative economic development tools.
Tactical plans designed for implementation.
Effective and successful economic development roadmaps – integrating resources, innovative tools and creative
marketing – for communities to accomplish their goals consistent with their values.
The consulting team for the Frisco Comprehensive Economic Development Strategy included Allison Larsen, Project
Manager, Audrey Taylor, President, and Lindy Hoppough, Editorial Director of Chabin Concepts. Strategic partners
involved in the project included: Michelle Comerfored, Managing Director and Frank Spano, Assistant Director of Austin
Consulting; and Sarah Murley, Partner of Applied Economics.
Chabin Concepts
2515 Ceanothus Suite 100
Chico, CA 95973
Phone: 530-345-0364 | Fax: 530-345-6417 | Toll Free: 800-676-8455
www.chabinconcepts.com
January 2010

Comprehensive Economic Development Strategy

Transcription

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