2017 Business Plan

ECONOMIC DEVELOPMENT REGINA INC.

2017 Business Plan AD VA N C I N G E C O N O M I C P R O S P E R I T Y F OR T H E G R E AT E R R E G I N A A R E A

The EDR Board of Directors and management are confident in achieving the objectives contained in our 2017 Business Plan.

Summary Economic Development Regina Inc. (EDR)’s role is to advance a bold, collaborative vision and to build a foundation to ensure economic prosperity and growth for the Greater Regina Area (GRA). As progress continues towards the objectives of the 2020 Strategic Plan, 2016 was a transitional year for EDR, moving from building a strong foundation, to now in 2017, prepared to be fully mobilized.

Smart growth in the strategic industry sectors is the primary focus for EDR. Key Performance Indicators (KPIs) were established that align with the strategic intents of the organization, and EDR has further integrated these KPIs to reflect the cross functional nature of each operating unit’s activities and the optimization of growth for each of our key sectors: Tourism; Events, Conventions & Tradeshows; Agri-value; and Manufacturing.

In order to execute our strategy effectively EDR is aligned with the City’s Official Community Plan, specifically the city’s provisions on economic growth, including: •

Establish and implement mechanisms to expand and diversify the economy, promote the attractiveness of the Greater Regina Area as a place to live, invest, do business and visit.

•

Collaborate with community economic development stakeholders across the region to leverage shared economic advantages and tourism opportunities.

•

Encourage innovative options to support and incubate new entrepreneurs and commercial ventures.

The subsequent business strategy to deliver on EDR’s vision was developed under the guidance of a fully engaged Board and our shareholder, the City of Regina, and through engagement and collaboration of the community, business leaders and other stakeholders.

The EDR Board of Directors and management are confident in achieving the objectives contained in our 2017 Business Plan.

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EDR 2017 Business Plan

Board of Directors Murad Al-Katib, Chair President and CEO AGT Foods & Ingredients Inc.

Michael Fougere Mayor City of Regina

Frank Hart, Vice-Chair President & Managing Director Greystone Managed Investments Inc.

Dale Griesser President Avison Young Commercial Real Estate

David Brundige, Q.C. Partner Willows, Wellsch, Orr & Brundige, LLP

Marty Klyne CEO RCMP Heritage Centre

Tony Coppola Chief Financial Officer MLT Aikins LLP

Mark Lang Office Managing Partner, Regina KPMG LLP

Jason Drummond Managing Partner York Plains Investment Corp.

Cari Lemieux General Manager & SK Operations Manager Days Inn (East)

Marla Preston Hospitality Consultant Dr. Vianne Timmons President and Vice-Chancellor University of Regina

President and CEO John D. Lee

EDR 2017 Business Plan

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EDR’s Vision of the Greater Regina Area Economy in 2020 and Beyond The Greater Regina Area prospers as a vibrant and diversified economy for investors, a strong destination experience for visitors, and a place of choice with a high standard and quality of life for residents.

Eight key sectors have emerged with sector teams who drive activity, awareness, intelligence and excellence.

Events, conventions and tradeshows drive over $50 million annually to the local economy.

The Greater Regina Area is perceived to be the most desirable place to invest, live, play and work in Canada.

Citizens of Regina are bursting with confidence and pride for their city.

EDR is the catalyst for driving economic growth and advancement in the Greater Regina Area.

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EDR 2017 Business Plan

Business Model

Tourism and ECT* Stakeholders

Industry Stakeholders

EDR

Community Stakeholders and Partners

Shared Vision & Outcomes

City of Regina Administration

Value Proposition •

EDR is a leader and catalyst for economic development

•

Facilitates the rapid advancement of strategic industry sectors

•

Coordinates sharing and exchange of ideas, pooling resources, and leveraging of community investments

•

Successful project implementation

•

Insights and idea generation which identifies promising and emerging opportunities/ needs

•

Industry intelligence to assist in informing and guiding industry and entire sectors on growth and expansion strategies

Tourism, ECT*

Enterprise

The Greater Regina Area prospers as a vibrant and diversified economy for investors, a strong destination experience for visitors, and a place of choice with a high standard and quality of life for residents.

*Events, Conventions and Tradeshows

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Strategic Intent EDR is responsible for providing leadership for economic growth to the City of Regina and the community, with specific accountability for the following core functions: •

Support industry growth and diversification through retention, development and attraction of business and tourism.

•

Find innovative ways to support the community in sustaining growth while effectively addressing the challenges of growth.

•

Market and promote the Greater Regina Area for business and tourism.

•

Ensure the Greater Regina Area prospers as a vibrant and diversified economy for investors, is a strong destination experience for visitors and a place of choice with a high quality of life for residents.

LONG-TERM GOALS Increase the Greater Regina Area’s (GRA) profile as an economic and entrepreneurial powerhouse in targeted sectors.

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•

The GRA is nationally recognized as an economic and entrepreneurial powerhouse in targeted sectors.

•

The GRA is one of the top places to start and grow a business.

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The Agri-value sector has grown from $300 million of GDP to over $1billion, and has doubled total employment in the sector.

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The Manufacturing sector has grown from $6.8 billion in sales, to over $10 billion, and from 6,500 employees to over 10,000.

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Events, Conventions, and Tradeshows has grown from $25 million in economic impact, to $50 million.

•

The Tourism sector has grown the GRA to be a destination of choice for over 2.5 million visitors annually.

EDR 2017 Business Plan

Strategic Execution

EDR’s six strategic pillars are essential elements that form the foundation for a balanced scorecard. We sometimes use the analogy of strategic pillars as “load bearing” walls. They support the entire structure of your building, but their placement and design may actually dictate what you can and cannot do in terms of redesigning the layout and function.

For EDR, the six strategic pillars provide structure, focus, support and boundaries for the EDR 2020 strategic plan. They apply to every part of the organization and define what major strategic thrusts EDR will pursue to achieve its vision. They affect all four of the balanced scorecard perspectives (1.0 – Organizational; 2.0 – Operational; 3.0 – Financial; and 4.0 – Customer.

If we excel at these six strategic pillars, we will achieve our vision and the strategic results (targets) in the balanced scorecard.

EDR 2017 Business Plan

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2017 Strategic Priorities The 2017 Business Plan will lead EDR to a successful execution of its balanced scorecard and the 2020 strategic plan, approved by the Board. The annual balanced scorecard has several established targets and key performance indicators.

High level priorities and critical new investments for 2017 include:

1.45 MILLION OF INCREMENTAL INVESTMENT Projected stakeholder and partner contributions total over $1.45 million in cash and value-in-kind, offsetting budgeted items that are critical to the success of the business plan. This represented a projected 70% increase over 2016. For every $1 invested by the City, EDR will secure another $0.75 from partners and third parties. In 2016 the ratio was approximately $0.50 for every dollar.

This includes the launch of an investment partnership program to generate in excess of $500,000 to support EDR’s growth strategy and launch of the Regina Advantage.

INDUSTRIAL LAND INVENTORY & SERVICING ANALYSIS Completion of a land inventory and key sector service analysis to be done in collaboration with the City of Regina and other regional stakeholders to complement with the City’s Industrial Land Strategy. The long-term Industrial Land Growth Strategy will support strategic sector growth and investment attraction.

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EDR 2017 Business Plan

STRONG, COMPETITIVE IDENTITY Launch the ‘Regina Advantage’ program which will articulate the Greater Regina Area’s strategic advantages and assets to create a defined and succinct competitive identity, focused on growing Regina.

ROBUST ENTREPRENEURIAL ECOSYSTEM Implementation of Regina’s first Entrepreneurial Strategy is a critical piece of our overall smart-growth strategy. The goal is to create an innovative, robust and best in class entrepreneurial ecosystem.

SMART GROWTH SECTOR STRATEGIES Over the last two years with the help of the business community we have built madein Regina sector strategies. We continue through a number of initiatives to advance these strategies that primarily focus on long-term growth prospects to ensure stable growth, diversity and prosperity for the Greater Regina Area, including the Tourism; Events, Conventions & Tradeshows; Manufacturing; and Agri-value sectors.

EDR 2017 Business Plan

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2017 Strategy Map

1.0

EDR has developed a “best in class” organizational culture, structure and competency to support its strategy now and in the future Organizational Perspective // To achieve our organizational goals, how must we learn and improve?

1.1 Excellence in relationship building and collaboration

DR excels at developing and delivering E on its economic development priorities and core functions for the Greater Regina Area

Operational Perspective // To succeed, what must we excel at?

2.1 Strategic utilization/leverage of key industry hubs where the Greater Regina Area has a distinct advantage

2.2 Aggregator of strategic and competitive intelligence (S&CI) to support informed business decisions for both EDR and stakeholders

2.3 Lead projects where opportunities or initiatives exceed scope of our core functions

2.4 Communications with stakeholders, shareholder and partners

1.2 Excellence in performance management and reporting

1.3 Scalable and fluid systems and structures that respond to change and opportunity

3.0

2.0

Key Performance Indicators

Key Performance Indicators

1.11 Key partnerships and relationships are supported by actionable agreements

2.11 Industry stakeholder satisfaction with EDR relationship

2.21 Internal and external stakeholder satisfaction with strategic and competitive intelligence

2.31 Project benefits are realized

2.41 Stakeholder, partner and shareholder awareness and satisfaction levels relative to EDR services and objectives

1.21 Quarterly reporting to metrics

1.31 Organizational assessment

2017 Targets

2017 Targets

1.11.1 Surveying of partners to establish success in achieving defined relationship objectives

2.11.1 Industry stakeholder survey measuring effectiveness of EDR’s industry development strategies and initiatives (e.g. EDR’s value-add contribution in facilitating growth and development initiatives, value-add in leading S&CI, collaboration effectiveness, etc.)

2.21.1 Improve key industry stakeholder satisfaction levels through further development of the three foundational S&CI pillars - internal capacity, organizational alliances and private sector partnerships

2.31.1 Measure the intended economic development outcomes on projects/ initiatives undertaken by EDR that fall outside its core functions

2.41.1 Improve key industry stakeholder satisfaction levels

1.11.2 New partnerships/alliances developed that allow EDR to deliver on emerging 2017 priorities

1.31.2 Staff engagement and enablement survey

Financial Perspective //

3.1 Maintain/ enhance investment commitment from City of Regina to maintain core organizational functions

Key Performance Indicators 3.11 Current revenue (2017) and two year projected revenues (2018 and 2019) are secure and sufficient to resource core functions

2017 Targets

1.21.1 2017 quarterly reports submitted to the EDR Board

1.31.1 Shareholder and partner survey measuring responsiveness to opportunities (e.g. leadership, effectiveness/value of relationship, outcomes against objectives, etc.)

EDR has the necessary resources and systems

3.11.1 Approval of 2017 City of Regina minimum core investment of $1,969,500

that support the long term effectiveness of the organization

If we succeed how will we look to our shareholder?

3.2 Develop resource models to support incremental growth initiatives and projects

4.0

Vision

EDR contributes to the strength of the economy and vibrancy of the Greater Regina Area as a place to visit and live

The Greater Regina Area prospers as a vibrant and diversified economy for investors, a strong destination experience for visitors, and a place of choice with a high standard and quality of life for residents.

Customer Perspective // If we succeed, how will we look to our Stakeholders/Citizens of Regina?

4.1 The entrepreneurial spirit has powered the Greater Regina Area to consistently achieve superior economic performance; and to have a top performing regional tourism ecosystem

Key Performance Indicators 4.12 Start ups within key industries/supply chains

4.13 Investment attraction to the Greater Regina Area

4.14 Marketing metrics for the regional audience

4.15 Number of visitors and impact to the Greater Regina Area

4.11.1 Identify ten products or services not presently manufactured in the Greater Regina Area that have identifiable and willing buyers; and that a local business has the capacity to manufacture/ provide

4.11.5 Execute the growth strategies developed for each of the three ECTs identified in 2016 – and identify gaps and opportunities for the retention and growth of an additional two existing ECTs

4.12.3 Complete and implement an entrepreneurial strategy

4.13.4 Secure one major event in 2017 with an EEI of no less than $10 million

4.15.2 40,000 projected ‘person nights’ for future secured ECTs

4.11.2 The manufacture/ service offering of one product or service arising from the those identified in 2016 or 2017 – and where EDR has contributed to the result in a meaningful and measurable way

4.11.6 Provide activation and servicing activities to four targeted events and nine conferences

4.13.1 Investment attraction activities will result in two new businesses from outside Saskatchewan locating – or announcing their intention to locate – to the Greater Regina Area

4.13.5 Execute the Regina Advantage initiative

4.15.3 Confirm the efficacy of the online ‘person nights’ conversion model – and establish future targets

4.11.3 Four key industry hub companies with which EDR has partnered will report an expansion; or alternatively announce their intention to expand

4.12.1 Contribute to/ facilitate five new business start-ups of which at least two will be in Machinery & Equipment Manufacturing, Food Manufacturing & Processing, Fabricated Metal Manufacturing or ECT

4.13.2 In collaboration with the City of Regina and other Greater Regina Area stakeholders, develop a long term regional industrial land inventory and servicing requirements analysis that supports strategic sector growth/investment attraction

4.14.1 Increase Tourism’s marketing metrics in all initiatives by 10 percent in targeted regional areas

4.15.4 Execute the Integrated Services Model (IVS) for improving the visitor experience based on defined priorities and tracking a pathway of defined initiatives

4.11.4 Contribute to the development of fifty new jobs (FTEs) in the Greater Regina Area

4.12.2 Develop and implement a concept plan for a potential signature ECT for the Greater Regina Area, with specific emphasis on supporting EDR’s sector strategy

4.13.3 Estimated economic impact (EEI) of future secured ECTs will provide a contribution of $30 million to the Greater Regina Area

4.15.1 12,500 overnight visitors attracted to Greater Regina Area for future secured ECTs

4.11 Business growth, expansion and retention

2017 Targets

3.21 Current and projected projects/initiatives have sufficient internal resources and/or partnerships to support project costs

3.21.1 Partner/alliance investment (cash & VIK) and third-party contracts in 2017 totalling in excess of $1,450,000 3.21.2 Undertake and complete an opportunities analysis of meaningful and sustainable diversified funding options

EDR is the lead economic development agency for the Greater Regina Area.

CONTACT US Economic Development Regina Inc. P: 306-789-5099 TF: 1-800-661-5099 F: 306-352-1630 info@economicdevelopmentregina.com economicdevelopmentregina.com tourismregina.com