Pitch Presentation for LA County Strategic Plan for Economic Dev

L.A. County Strategic Plan for Economic Development (2016 -2020) TRANSITIONING INTO INFORMATION AGE TO BE GLOBALLY COMPETITIVE

The Strategic Plan Was Created to Increase Widely-Shared Prosperity and Improve Standards of Living • L.A. leads the nation in some dubious distinctions related to poverty, unemployment and income inequality.

• Much of the recent job growth has been in low paying jobs.

Where will we find the well-paying jobs of tomorrow?

• How can we create more opportunity for people to access those jobs?

• How can our region take advantage of the unprecedented economic transition that is underway?

• Rationale • Key Impacts

“…But air and space jobs in Southern California have evolved from blue-collar assembly work to more technical positions.

"Status: Not qualified," said one blunt rejection letter he shared with me.”

- The Los Angeles Times

Transition from Manufacturing Economy to Information Age Economy

How the L.A. County Strategic Plan for Economic Development Was Formulated • Conducted L.A. County Business Survey research • Surveyed best practices in economic development strategic planning globally • Consensus process with 26 input sessions involving 500+ people and organizations from throughout the county, with representatives from government, business, education, labor, environment, non-profit, and community-based organizations.

How the L.A. County Strategic Plan for Economic Development Was Formulated Continued…

• Combined public input from each session to create 7 aspirational goals, with objectives and actionable strategies within each goal • This truly is a plan of the people! We thank the many participants who developed this consensus, collaborative plan.

• L.A. County Board of Supervisors took action on January 5, 2016, beginning the governmental implementation.

Next Steps ….

1.

L.A. County CEO's office, in collaboration with the LAEDC and relevant county agencies, will develop strategy for the plan’s implementation, tracking, and reporting

2.

L.A. County’s new Economic Development Policy Committee will advise the county regarding the strategy for implementation

3.

Implementation will require coordinated action, inside and outside of government

4.

The County’s strong lead sets a high bar for private sector implementation efforts.

Will we rise to the challenge?

7 Aspirational Goals 1.

Invest in our people to provide greater opportunity

2.

Strengthen our leading export-oriented industry clusters

3.

Accelerate innovation and entrepreneurship

4.

Be more business-friendly

5.

Remove barriers to critical infrastructure development, financing and delivery

6.

Increase global connectedness

7.

Build more livable communities

GOAL 1: Invest in Our People to Provide Greater Opportunity 1.

Build human development support infrastructure to focus on the “whole” child.

2.

Establish a strong foundation for future learning and success by improving access to quality early childhood programs and family engagement in each child’s development.

3.

Integrate data systems and technology across agencies to improve education and career training outcomes.

GOAL 1: Invest in Our People to Provide Greater Opportunity Continued‌ 4.

Re-skill pre-K through 12 education for the information age economy.

5.

Improve high school graduation, college matriculation, and postsecondary attainment rates.

6.

Link all levels of education to regional industry demand to upskill the workforce.

GOAL 2: Strengthen Our Leading Export-Oriented Industry Clusters 1.

Align regional economic, networking and physical assets to build capacity in key clusters.

2.

Provide technical assistance support to businesses, from startups to established firms, in key clusters.

3.

Promote a legislative, regulatory and policy environment that supports key clusters.

GOAL 2: Strengthen Our Leading Export-Oriented Industry Clusters Continued 4.

Market and globally promote regional strength in key clusters, and proactively attract new “anchor� entrants from other states and nations.

5.

Promote convergence opportunities within, between and across key clusters.

GOAL 3: Accelerate Innovation and Entrepreneurship 1.

Support a culture of entrepreneurship, invention and start-ups.

2.

Promote and market the Los Angeles region as a key innovation destination for entrepreneurs, talent, startups, and anchor companies.

3.

Stimulate research and development (R&D).

4.

Foster capital access for development and commercialization.

GOAL 4: Be More Business-Friendly 1.

Make economic development and business friendliness explicit priorities.

2.

Embrace local coordination but a regional focus, approach and collaboration in economic development activities.

3.

Cut red tape and keep costs of doing business competitive with other regions.

4.

Implement industry-targeted incentives, special zones and other programs for key industries.

GOAL 5: Remove Barriers to Critical Infrastructure Development, Financing and Delivery 1.

Maintain physical infrastructure in good repair and ensure its resilience to disaster.

2.

Account for regional economic trends in infrastructure development.

3.

Improve infrastructure finance, entitlement and construction processes.

4.

Operationalize innovative financing, delivery and post-construction management models

GOAL 6: Increase Global Connectedness 1.

Attract and retain high quality foreign direct investment (FDI).

2.

Coordinate existing trade services in the region.

3.

Coordinate international trade mission and delegation system.

4.

Establish a marketing/ promotion program for L.A. County.

GOAL 7: Build More Livable Communities 1.

Invest in basic community infrastructure.

2.

Advance physical and mental wellness for individual residents

3.

Enhance social, environmental and community wellness

LAEDC’s Focus 3 Aspirational Goals LAEDC will be directly involved in from 2016 -2020: GOAL 2: Strengthen our leading export-oriented industry clusters GOAL 3: Accelerate innovation and entrepreneurship GOAL 6: Increase global connectedness

Changing for Continuous Improvement LAEDC internal changes to support 2016 -2020 strategic economic development priorities • Departmental reorganization • Strategic initiatives department • Restructuring of strategic advisory committees • Bolstered budget to support implementation of plan

Implementation Champions for Strategic Plan for Economic Development (2016 -2020) LAEDC is currently in conversations with potential implementation champions to take the lead on the following goals of the Plan.

Goal 1 - Invest in our people to provide greater opportunity Goal 4 - Be more business-friendly Goal 5 - Remove barriers to critical infrastructure development, financing, delivery Goal 7 - Build more livable communities Implementation champions will perform outreach & engagement as well as develop and execute tactical initiatives.

Measuring the Success PERFORMANCE MEASURES • Currently, there are 80+ performance measures under evaluation for the 7 aspirational goals.

• Click here for performance measures

JOIN THE CONVERSATION

Via Internet www.LACountyStrategicPlan.com www.LAEDC.org Via Email StrategicPlan@LAEDC.org

How to Get Involved • Endorse, Educate & Advocate …

– Spread the word and ask organizations to act on strategies that are relevant to them.

• As more people engage, more will be accomplished.

Special thanks to JPMorgan Chase & Co. and the Morgan Family Foundation, whose generous support made the 2016-2020 Strategic Plan for Economic Development possible.