Transcript Dept. of Economic & Community Development November 19, 2012 Presented by Allen Borden, Assistant Commissioner.

Dept. of Economic & Community Development
November 19, 2012
Presented by Allen Borden, Assistant Commissioner
Jobs4TN
Strategy 1
Prioritize Key
Clusters and
Existing
Businesses
Strategy 4
Reduce
Business
Regulation
Strategy 2
Establish
Regional “Jobs
Base Camps”
#1 location
in the
Southeast
for High
Quality Jobs
Strategy 3
Invest in
Innovation
Department Reorganization
 Reorganized the department into a regional structure
 Recruiting assets in direct, day-to-day contact with businesses
 Nine regional Jobs Base Camps established

Led by a Regional Director

Serve as a single point of contact for all jobs and businessrelated issues in the region
Leaner department
with overall
reduction in staff
size by more than
At the same time,
business
recruitment team
grew by more than
42%
70%
Key Clusters
Automotive
Chemical Products &
Plastics
Transportation, Logistics,
& Distribution Services
Motor Vehicles
Automotive Parts
Automotive Components
Forgings & Stampings
Flat Glass
Production Equipment
Small Vehicles & Trailers
Tires & Inner Tubes
Intermediate Chemicals & Gases
Packaged Chemical Products
Other Processed Chemicals
Refractories
Ammunition
Plastic Materials, Resins & Products
Paints & Allied Products
Synthetic Rubber
Carbon Fiber & Advanced Composite
Air & Land Transport
Transportation Arrangement &
Warehousing
Merchandise, Apparel, Accessories,
Food Products, Farm Material &
Supplies Wholesaling
Catalog & Mail-order
Airports & Bus Terminals
Trucking Terminals
Business Services
Health Care
Advanced Manufacturing
& Energy Technologies
Headquarters
Data and Call Centers
Financial Services
Online Information Services
Computer Services & Programming
Facilities Support Services
Surgical Instruments & Supplies
Dental Instruments & Supplies
Medical Devices & Equipment
Diagnostic Substances
Healthcare Services
Healthcare IT
Biological and Biotechnology Products
Health Insurance Products
Motors, Generators & Batteries
Refrigeration & Heating Equipment
Appliances
Lighting Fixtures & Electrical Parts
Turbines & Turbine Generators
Clean Energy Products
Electric Services
Healthcare
Jobs Base Camps
Job Creation and Outreach
From January 2011 – October 2012:
 More than 35,174 new jobs announced
 More than $6.2 billion announced
 3,887 stakeholder meetings held
 6,057 existing company visits
Major Announcements: 2012
Smyrna, TN
Rutherford, County
Decherd, TN
Franklin County
Clarksville, TN
Montgomery County
HCA, Parallon,
Sarah Cannon
Nashville, TN
Davidson County
Bristol, TN
Sullivan County
Chattanooga, TN
Hamilton County
Spring Hill, TN
Maury County
Pulaski, TN
Giles County
Dayton, TN
Rhea County
Major Announcements
Knoxville, TN
Knox County
Knoxville, TN
Knox County
Union City, TN
Obion County
Memphis, TN
Shelby County
LaVergne, TN
Rutherford County
Nashville, TN
Davidson County
Trenton, TN
Gibson County
New Economic Development Fund
 ECD’s FastTrack program expanded to create economic development fund
providing additional grant support for projects
 Reimbursable grants made to local
industrial development boards
 Supports projects in a variety of
ways: relocation expenses,
temporary office space, capital
improvements, retrofitting and
other expenditures not previously
covered
 Only to be used in exceptional
cases where the impact of
the project on a given
community is significant
ECD Trade Missions
China and South Korea
 Trade mission on April 15-21, 2012, focusing on TN’s medical device
manufacturers and other health care companies
 Companies attending: ABT Molecular Imaging, Christie Medical Holdings, Dream
Systems, E-Spin Technologies, Fillauer, Gryphus Diagnostics, Hollywog, iScreen
Vision, Silicone Arts Laboratories, Stinger Medical, VenX Medical
Mexico
 Trade mission on July 17 - 20, 2012, focusing on the
state’s automotive industry
 Companies attending: Andersen Flaps, BPS Engineering,
Colonial Diversified Polymer Products, eSpin
Technologies, Global Industrial Components,
Gayle Technologies, Quality Filtration
SEUS Japan
 Tennessee served as host state
for the 35th Annual Joint
Meeting of the Southeast
U.S./Japan and Japan-U.S.
Southeast associations in Tokyo
from Sept. 13-15, 2012
 Promotes trade, investment,
understanding and friendship
between Japan and member
states of the Southeast U.S.
 Hosted the Tennessee Existing Industry Luncheon for the
Tennessee delegation and officials of Japanese companies
operating in the state
International Offices
Investment Promotion
 Contracts for investment promotion offices awarded through a
competitive bid process in Japan, Canada and Germany, with the UK in
process
Trade
 RFPs for trade offices issued for India, Germany, China, Mexico and the UK
within the next few months. These offices will be supported by federal
STEP funding from the SBA.
Film, Entertainment and Music
 Incentive delivery process streamlined
 Refundable tax credit repealed
 ABC’s “Nashville” television show filming in Music City has met with
early critical acclaim
 Renewed focus on music and entertainment company recruitment
Marketing
 New collateral created
 Fact sheets include: Japan investment; Memphis
Regional Megasite; Transportation, Logistics and
Distribution; Advanced Manufacturing;
Automotive Industry; European Investment;
Canadian Investment; Incentive Snapshot and
ECD Accolades
 New reports: ECD 2011 Annual Report, ECD
Regulatory Reform Report
 New directories: 2012 Automotive Supplier
Directory, Foreign Investment Guide
 New quarterly e-newsletter for site selectors: Site
Select TN
 New megasite website launched
 Renewed focus on social media and growing
audience and engagement
Accolades
 Area Development: 2012 Gold Shovel Award, for
states that have achieved significant success in
terms of job creation and economic impact
 Chief Executive: Named Tennessee one of the top
four states in the nation for business in its annual
survey of Best and Worst States for Business
 Area Development: Tennessee ranked seventh in
Top States for Doing Business list; also scored the
#1 ranking for overall infrastructure and global
access and #1 for distribution/logistics hub access
 Business Facilities: Tennessee ranked No. 1 state in
the nation for Automotive Manufacturing Strength
for an unprecedented third consecutive year
 Site Selection: ranked Tennessee the nation’s eighth best state for
business climate for the second year in a row
Three Star
 Simplified and tied to measurable outcomes
 Focus on Governor’s five key priorities
 Retain the state’s incentive dollar match for economic
development projects
 Provide grant dollars to assist rural communities
 Based on MORE principle: Measureable, Outcome
oriented, Reward results, Efficient
Select Tennessee Certified Sites
 A new, statewide site certification program
to help Tennessee communities prepare
available sites for investment and expansion
consistent with modern global standards
 Sets a consistent and rigorous standard
upon which companies can rely in making
critical location decisions
 ECD partnered with Austin Consulting and
The Foote Consulting Group to develop and
administer the program
 42 applicants, 20 more in the pipeline
 Helps further distinguish Tennessee in the site selection community
 Helps our communities understand the global competitive environment for
their sites and target modernization efforts to achieve certification
Creative Community Summits
 Tennessee Main Street and
Tennessee Downtowns held a
series of Creative Community
Summits in Jackson, Franklin and
Greeneville
 Focused on innovative solutions
and strategies to generate
economic growth in rural
communities
 Free of charge to participants, sponsored by ECD and USDA Rural
Development
Transparency
 Launched the transparency
website OpenECD.tn.gov
 Easily accessible public
information and documents
pertaining to ECD grants and
incentives
 Updated quarterly
 Public can sign up to receive
email alerts when
information has been added
and/or updated
INCITE Initiative
$50 million initiative to support innovation across the state
Called INCITE for its focus on Innovation, Commercialization,
Investment, Technology and Entrepreneurship
Goal is to raise Tennessee’s profile in innovation-based
economic development and drive growth in the creation of
knowledge-based jobs
Four areas of focus:
 Innovation Coordination
 Commercialization
 Entrepreneurship
 Co-Investment Funds
Launch Tennessee
 A 5-year strategic initiative with ECD and the Tennessee Technology
Development Corporation to create new innovation opportunities in the
state
 Four key areas of focus: entrepreneurship, commercialization, capital
and outreach
 In 2012, the nine regional
accelerators have screened nearly
500 companies, raised over $10
million in private sector capital,
and engaged over 300 mentors
INCITE Fund
 Began taking qualified investment applications in February
 Since inception, the $30 million INCITE co-investment fund
has invested $6.8 million in 17 companies, representing
investments in software, internet services, health care and
consumer services companies
 This investment has directly resulted in follow-on investment
of $17.7 million, resulting in cumulative investment of $24.5
million into Tennessee-based businesses
 The co-investment fund has $21.8 million of capital which will
continue to be invested on a first-come, first-serve basis