Strategic Plan 2022–2024
Contents Executive Summary....................................................... 4 About the 2020 Strategic Planning Process..............7 About Us............................................................................ 8 Our Territory............................................................................ 8 Our Mission + Vision............................................................. 9 Guiding Principles................................................................. 9
Strategic Pillars............................................................... 10 Key Objectives by Strategic Pillar............................. 12 1. Building Economic Development Capacity ...............12 2. Supporting Business Resilience and Growth.............14 3. Developing Human Capital...........................................15 4. Innovating and Advancing Key Sectors.......................16 5. Creating Value for the Economic Development Ecosystem............................................... 17
Executive Summary Established in 2006, the Province of BC endowed our organization with funds to support investment in initiatives that enhance the region’s competitive position in key sectors. With this Strategic Plan, our organization is entering a new chapter. In the summer of 2020, we carried out 15 consultations with diverse groups of stakeholders and conducted a survey to explore the region’s economic development needs/opportunities, and how our organization can contribute for the coming decade. We are very grateful to over 400 stakeholders who took the time to contribute to this process. These consultations were carried out with COVID-19 and its impacts on communities and businesses casting a large shadow over our conversations. We do not yet know the full extent of its impact on our economies going forward, but we do know that our organization’s mission to support strategic investments in economic development
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projects that will have long-lasting and measurable benefits to the Southern Interior region of BC remains relevant and needed. As part of this process of re-thinking how the organization will meet its mandate as it enters the next decade, the Board and staff have decided to rename the organization. We will be the Economic Trust of the Southern Interior (ETSI‑BC) going forward. We believe this simpler name clarifies our mandate and signals our new direction and strategic priorities, in line with our partner organizations in the North and in the IslandCoastal region of BC. In response to the input we received and deliberations with the Board, as of fiscal year 2021-22, we will be focused on contributing to our region through providing funding and support for communities and business support organizations in the five priority areas identified during our consultations:
Economic Trust of the Southern Interior 2021-24 Strategic Pillars
BUILDING
SUPPORTING
DEVELOPING
INNOVATING
CREATING
Economic
Business
Human
Value for the
Development
Resilience &
Capital
& Advancing Key Sectors
Capacity
Growth
Economic Development Ecosystem
Our plan for the coming three years is to invest in each of these Strategic Pillars by providing funding directly to communities and other partner organizations to help advance the region’s economic development capacity, its businesses, its people, and to provide support for certain key sectors of our region’s economy. Annually, the Board of ETSI‑BC will approve the budget allocation
and workplan for how the organization will support these strategic pillars for the coming year. The annual budget will be based on the income produced by the Trust’s investment fund in the prior year, plus any additional funds we receive. ETSI‑BC will issue several ‘funding intakes’ in the year, with priority being given to our region’s smaller, rural communities in funding decisions.
STRATEGIC PLAN 2022-24 | 5
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About the 2020 Strategic Planning Process During this year’s strategic planning process, we engaged with important stakeholders to gather input as to how ETSI‑BC can work with the other players in the economic development ecosystem of BC’s Southern Interior to contribute to our common goal of helping our region achieve economic growth and development. The stakeholder consultations focused on the following topics:
its 2022-24 Strategic Plan. The presentation of these results was open to all participants in the consultations, and dozens of them participated by Zoom in the discussions. In total, over 400 stakeholders provided input into this new strategic direction for ETSI‑BC, in 15 individual consultations with groups that represented: •
Tourism industry representatives and associations
gaps and needs within certain industry sectors
•
Chambers of Commerce
•
Economic Development practitioners
what is working and what could be adjusted with ETSI‑BC’s existing programs
•
Post-secondary education representatives
•
Development lenders
•
First Nations representatives
•
Regional Advisory Committee members
•
Emerging sectors and other industry representatives (innovation, forestry, cleantech, agrifood)
•
Provincial government representatives from the Ministry of Forests, Lands, Natural Resource Operations and Rural Development and the Ministry of Jobs, Economic Recovery and Innovation
•
economic development needs and opportunities within the Southern Interior
• •
•
possible future partnership opportunities
•
ways that ETSI‑BC could contribute and add value in supporting economic development
The results of these extensive stakeholder consultations were presented to the ETSI‑BC leadership team, its Board of Directors to assist in the creation of this new direction for the next chapter in the organization and for
400+
stakeholders
15+
consultations
9
regional districts
9
sectors
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About Us In 2006, our organization was launched with a one-time $50 million endowment from the Province of BC, following the adoption by the BC Legislature of the Southern Interior Development Initiative Trust Act. The Board of Directors of this Economic Trust were instructed to steward these funds to support strategic economic development initiatives that focus on regional benefits and diversifying local economies.
Our Territory Our service spans a large and diverse territory, ranging from Hope in the West, up through Kamloops and Clearwater to Blue River in the North, and is bounded by the Alberta border in the east and the US border in the south. The Southern Interior region served by ETSI‑BC encompasses 9 Regional Districts, more than 53 individual communities and over 700,000 residents.
53+
individual communities
700K+
residents
9
regional districts 8 |
Our Mission + Vision As the Economic Trust of the Southern Interior enters its next chapter, our mission, vision, and guiding principles remain consistent. The mission of ETSI‑BC is to support strategic investments in economic development projects that will have long-lasting and measurable benefits in the Southern Interior of BC. We envision a future for our region in which: •
economic opportunities are enabled by ETSI‑BC, providing long lasting measurable benefits to communities;
•
our investments create significant positive impacts across the region;
•
smaller communities are given support to remain or become economically sustainable, and
•
there is a strong and diversified economy in the Southern Interior that supports vital and sustainable communities throughout the region.
Guiding Principles The Board is committed to ensuring that the organization is: •
Responsive—to the diverse economic development needs and aspirations of the people and communities in the Southern Interior region;
•
Accountable—to its stakeholders for the organization’s decisions, activities, and outcomes;
•
Sustainable—to ensure the ongoing viability of the Trust’s operations and investments, and
•
Focused—on supporting economic initiatives that create employment, enhance business performance, leverage partnerships, and add value to the people and communities across our region
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Strategic Pillars for 2022-2024
BUILDING
SUPPORTING
DEVELOPING
INNOVATING
CREATING
Economic
Business
Human
Value for the
Development
Resilience &
Capital
& Advancing Key Sectors
Capacity
Growth
Economic Development Ecosystem
The 2020 Strategic Planning process identified 5 key themes which have become the pillars which we will be using to build our organization into the future. Here is what each of these strategic pillars will focus on:
1 Building Economic Development Capacity ETSI‑BC will focus on smaller and rural communities to help build economic development capacity and support regional Economic Development partnerships throughout the Southern Interior.
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2 Supporting Business Resilience and Growth Working with business support organizations and communities, ETSI‑BC will cultivate business programs and services to address unmet business and community support needs in the region.
3 Developing Human Capital ETSI‑BC will enhance the development of local talent by supporting entrepreneurship development, and partnerships among postsecondary institutions and businesses.
4 Innovating and Advancing Key Sectors ETSI‑BC will encourage initiatives in support of business growth and innovation and the advancement of key sectors, while also encouraging transition to a Net Zero economy in the region.
5 Creating Value for the Economic Development Ecosystem ETSI‑BC will add value to the economic development ecosystem by facilitating meaningful connections, collaboration & sharing of best practices. It will steward its assets in the best interests of the region.
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Key Objectives by Strategic Pillar 1. Building Economic Development Capacity Strategic Pillar Theme: ETSI‑BC will focus on supporting smaller and rural communities in building their economic development capacity as well as supporting regional partnerships in economic development throughout the Southern Interior.
Key Objectives: 1.1 Support for smaller scale projects that enhance the capacity of smaller Southern Interior communities and First Nations to fulfill their economic development aspirations Initiatives: • Support smaller rural communities and First Nations in economic development planning, business retention and expansion programs
Community Assistance Capacity Building
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• Provide first-in funding to assist with projects such as feasibility studies, plan development, grant writing and research • Provide seed funding for economic development projects 1.2 Support larger economic development projects within the Southern Interior with a priority on communities and First Nation with populations less that 25,000 Initiatives: • Fund economic development projects with a regional focus or benefit • Support for project planning and implementation • Assist communities in business diversification, sector development and revitalization
Regional Partnerships New Projects
1.3 Support initiatives that encourage collaboration between local government and First Nations communities, as well as support regional collaboration
Success Measures: •
Number of small-scale and large-scale community projects
•
Number of subscribers to economic development research, data and training services
•
Number of economic development strategies in smaller/rural communities and/or First Nations
•
Number of economic development intern positions within the Southern Interior, that involve a joint initiative between a smaller community and/or local First Nations
•
Regional/subregional meetings of economic development groups
•
Number of regional projects throughout the Southern Interior
Initiatives: • Fund collaborative economic development projects between local governments and First Nations communities • Support economic development internships involving local communities and First Nations • Provide grants for regional collaboration projects 1.4 Help develop economic development capacity and knowledge Initiatives: • Support for regional economic development networking and dialogue • Support economic development training delivery within the Southern Interior • Support the provision of meaningful economic development data to be shared with stakeholders • Help pathfind economic development resources and information
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2. Supporting Business Resilience and Growth Strategic Pillar Theme: Working with business support agencies and rural communities, ETSI‑BC will cultivate business programs and services to address unmet business support needs in the region.
2.2 Provide access to meaningful business resources Initiatives: • Collect and share business development data from business service providers and other partners
Key Objectives:
• Fill economic research and intelligence data gaps by collecting and disseminating meaningful economic intelligence to partner economic development agencies and business service providers
2.1 Support business competitiveness, adaptation, and resiliency within the Southern Interior Initiatives: • Provide funding to business support organizations and rural communities to access tools and resources to help with economic recovery, resilience and growth • Assist existing business support organizations to provide enhanced COVID-19 business recovery services to their local businesses • Provide communities with support to hire community recovery advisors to help implement economic development strategies that will help their community and its businesses recover, be resilient and grow
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Success Measures: •
Number of people supported to provide business and community recovery advisory services
•
Number of businesses assisted by those organizations and individuals
•
Number of meetings to share best practices and common challenges
•
Semi-annual distribution of economic development data to business support agencies
3. Developing Human Capital Strategic Pillar Theme: ETSI-BC will enhance the development of local talent by supporting entrepreneurship development, and partnerships among postsecondary institutions and businesses.
3.2 Support regional research projects that connect post-secondary and industry to help develop practical skills of local students and recent graduates Initiatives: • Provide matching funding for application-based research and development by students and recent grads to help develop their practical skills while also helping local businesses address their business challenges or opportunities
Key Objectives: 3.1 Invest in educational programming, at post-secondary institutions, that is focused on practical business applications Initiatives: • Support entrepreneurship centres and initiatives at post-secondary institutions that are focused on practical business applications • Prioritize projects that are focused on business development and connecting with the local business community • Fund student internships focused on current business needs such as digital adaptation, social media, market research etc. • Connect post-secondary institutions in the region, to share experiences and resources
• Ensure programming is open and inclusive to all, including First Nations students and businesses
Success Measures: •
Number of initiatives at post-secondary institutions
•
Number of student internships for postsecondary students and recent graduates
•
Demonstrated collaboration between post-secondary, economic development stakeholder in addressing business issues, challenges, and opportunities
•
Projects that support the employment of students within the Southern Interior
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4. Innovating and Advancing Key Sectors Strategic Pillar Theme:
assist the sector in reducing energy use and or repurposing waste
ETSI‑BC will encourage initiatives in support of business growth and innovation and the advancement of key sectors, while also encouraging transition to a Net Zero economy in the region.
• Provide meaningful information that assist businesses in achieving the Province’s and federal government’s carbon and energy reduction targets • Support networking between key sectors and clean-tech sector
Key Objectives: 4.1 Support for sector-based initiatives, collaboration, and partnerships that help stimulate business growth and innovation
4.3 Support initiatives that will increase investment in emerging local businesses Initiatives:
Initiatives:
• Explore ways to help expand local investment options
• Provide funding for the advancement of new or established economic sectors in the region • Provide seed funding to support industry or community groups to solve/address a common challenge or opportunity 4.2 Support industry to become more environmentally sustainable and help transition to a Net Zero economy Initiatives: • Provide grant funding to industry or community groups to undertake activities such as research, planning and strategic partnerships that will
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• Link traditional and non-traditional lenders through lender forums
Success Measures: •
Number of sector initiatives funded and matching investments
•
Number of joint industry projects focused on environmental sustainability and waste reduction
•
Number of gatherings of lenders in the region
•
Number of alternative investment initiatives considered
5. Creating Value for the Economic Development Ecosystem Strategic Pillar Theme: ETSI‑BC will add value to the economic development ecosystem by facilitating meaningful connections, collaboration & sharing of best practices. It will steward its assets in the best interests of the region.
5.3 Provide effective stewardship of the capital assets, brand, internal operations and partnerships of ETSI‑BC to ensure long-term viability and credibility. Initiatives: • Effectively steward the organization and funds in the investment pool
Key Objectives:
• Create and build a strong brand in relationships with partners and funders
5.1 Build and support collaborative networks throughout the Southern Interior.
• Maximize the commitment to partnerships through all activities
Initiatives:
• Focus on building governance knowledge and expertise for both Board and Staff
• Support Regional Advisory Committee engagement in the granting process • Engagement with key stakeholders within the Southern Interior • Provide economic development education, dialogue and connections with communities and First Nations • Host gatherings of lenders, postsecondary institutions, economic development practitioners
• Strengthen and safeguard corporate knowledge and best practices
Success Measures: •
Ongoing engagement of RACs in the granting process
•
Number of economic development practitioner groups and meetings
•
Initiatives:
Number of meetings hosted with lenders and post-secondary institutions
•
• Engagement with key stakeholders within the Southern Interior
Results from annual stakeholder and brand awareness surveys
•
Inclusion in regional initiatives
•
Update of board governance and policies
•
Results of board self-assessments
•
Number of partnerships
5.2 Ensure ETSI‑BC’s programs are relevant to the region’s stakeholders.
• Seek feedback to learn and adapt ETSI‑BC programs • Communicate to key stakeholders relevant intelligence and updates about ETSI‑BC’s funding opportunities, programs and accomplishments
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We’d love to hear from you! Economic Trust of the Southern Interior 201-384 Bernard Avenue, Kelowna B.C. V1Y 6N5 Phone: 236-420-3680 Fax: 236-420-3687
