MCEDC
ST R AT E G I C FY20
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FY20 OVERVIEW ALIGNING STRATEGIES TO THE COUNTY
MCEDC created this FY20 work plan based on a variety of information, including high-level economic indicators and trends, individual business input, cumulative comments from specific industries, and other relevant quantitative data.
As the designated non-profit economic development corporation for Montgomery County, Montgomery County Economic Development Corporation (MCEDC) creates and implements an annual strategic work plan that complements the broader County Council-adopted Comprehensive Economic Strategy.
The FY20 work plan objectives and performance metrics were unanimously approved by the MCEDC Board of Directors on June 10, 2019, and became effective on July 1, 2019. The proposed tactics and deliverables necessary to achieve the metrics may be modified as the fiscal year progresses.
In general, the objectives of the annual work plan are to: • Support industry diversification and growth • Foster entrepreneurial activity • Respond to the needs of targeted and emerging industries
Pike District
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GOAL 1: GROW AND DIVERSIFY THE LOCAL ECONOMY COUNTYWIDE ECONOMIC INDICATORS
OBJECTIVE 2 SUPPORT INCLUSIVE ECONOMIC GROWTH THROUGH BUSINESS EXPANSION
• Net new establishments • Office vacancy rate
Proposed Tactics*:
• Net migration into Montgomery County
• C ontinue implementation of Bio Lab Pilot Project
• Total employment
• I mplement co-packer feasibility study recommendations
• Unemployment rate gap • Average wage
• C ontinue development of small-scale manufacturing framework
• Median home price to household income ratio • VC investments in County businesses
• C reate B2B Pilot with anchors institutions, large corporations and small businesses
OBJECTIVE 1 RECRUIT TARGET INDUSTRY BUSINESSES TO MONTGOMERY COUNTY
• I mplement data-driven outreach strategy for all business development visits • I mplement data-driven value proposition to facilitate expansion projects in targeted industries
Proposed Tactics*:
• F acilitate the growth of middle-income jobs
• U se a data-driven value proposition to target businesses in specific regions
Metrics:
• D evelop relationships with regional/national brokers & site selectors
• I ncrease wet lab space by 75,000 SF • I ncrease expansion pipeline of businesses led by women and people of color by 25%
Metrics: • I ncrease recruitment pipeline projects by 25%
• F acilitate 3 agreements between federal labs and existing businesses
• I ncrease recruitment pipeline of businesses led by women and people of color by 25%
• I ncrease expansion projects in the pipeline by 25% • I ncrease closed/won expansion projects by 10%
* The tactics are proposed and subject to change.
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GOAL 1: GROW AND DIVERSIFY THE LOCAL ECONOMY OBJECTIVE 3 PROMOTE MONTGOMERY COUNTY AND ITS BUSINESSES OUTSIDE OF THE REGION
OBJECTIVE 4 REALIGN TRADITIONAL ECONOMIC DEVELOPMENT RESOURCES TO ADDRESS TARGETED-INDUSTRY TALENT DEMANDS
Proposed Tactics*:
Proposed Tactics*:
• D eploy marketing campaigns in three out of state locations • C onnect local businesses to outside investors
• W ork with partners to identify gaps in the talent pipeline
• S upport Visit Montgomery’s creation of conference/entertainment/sports strategy
• B uild relationships with talent resources outside of Montgomery County
Metric:
• P artner with WorkSource to enhance business development efforts
• C onvert marketing efforts into 100 new business leads
Metric: • Create a customized talent development pilot for 10 technology businesses
• I ncrease unique hits to website from outside of the County by 15% • I ncrease the length of website visits by 15%
Built For Bio Campaign at Boston Logan International Airport
* The tactics are proposed and subject to change.
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GOAL 2: CULTIVATE AN ECOSYSTEM OF ENTREPRENEURSHIP & INNOVATION
OBJECTIVE 1 INCREASE START-UPS’ ACCESS TO CAPITAL, MENTORS AND CUSTOMERS
OBJECTIVE 2 INCREASE THE NUMBER OF ENTREPRENEURS COMMERCIALIZING FEDERAL IP/TECHNOLOGIES
Proposed Tactics*:
Proposed Tactics*:
• A ppoint an entrepreneurship fellow to create product development strategy/start-up pilot
• I mplement MCEDC’s federal tech transfer strategy • D evelop new partnerships with tech transfer mentors and funders
• E xpand investment network and matching funds, particularly for female and minority founders
Metric:
• W ork with the County to modernize County-owned incubator program
• F acilitate two agreements between federal labs and entrepreneurs
• E xplore a hospitality accelerator concept with Visit Montgomery Metric: • I ncrease start-up pipeline projects by 10% • I ncrease assistance to start-ups led by women and people of color by 25%
Pike District
* The tactics are proposed and subject to change.
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GOAL 3: MAKE MONTGOMERY COUNTY A TOP 5 COUNTY TO LIVE & WORK IN THE U.S. OBJECTIVE 1 PROMOTE DIVERSE, MIXED-INCOME NEIGHBORHOODS SUPPORTED BY LOCAL BUSINESSES
OBJECTIVE 2 ENGAGE BUSINESS OWNERS IN POLICY-MAKING AND PLANNING Proposed Tactics*:
Proposed Tactics*:
• Increase CEO participation in relevant local, state and federal legislative processes
• I mplement a County-wide Opportunity Zone strategy
• Engage the business community in master plan and zoning processes that affect employment hubs or emerging markets
• C hampion innovation districts and targeted land developments • F aciliate developer/investor tours in core communities (Wheaton, Silver Spring, Gaithersburg, and Rockville)
Metric: • Engage 20 CEOs in the policy process
Metric: • C ommit at least 30% of total staff time, across departments, to projects/initiatives located within core communities (Wheaton, Silver Spring, Gaithersburg, and Rockville)
Wheaton Revitalization
* The tactics are proposed and subject to change.
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GOAL 4: GROW AND SUSTAIN INCOME TO SUPPORT MCEDC’S LONG-TERM MISSION OBJECTIVE 1 GENERATE ALTERNATIVE REVENUE SOURCES FOR MCEDC Proposed Tactics*: • E xplore non-County grant and investment opportunities • E stablish and maintain a reserve fund equivalent to three months of basic operating expenses Metric: • R aise $350,000 from non-County government sources
Silver Spring
* The tactics are proposed and subject to change.
1801 Rockville Pike, Suite 320, Rockville, MD 20852
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240.640.6700
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