In This Edition of Econ. Info:
Partnerships for Prosperity

Feature Article
Innovation Crescent Regional Partnership Becomes An Official Organization

Idea Corner
Will This Float?

New Resources
Development Proposal Score Sheet

Getting Prepared: Economic Development in a Transforming Energy Economy

Feature Article

The Innovation Crescent Regional Partnership, a 13-county region from Atlanta to Athens, Becomes An Official Organization

The Innovation Crescent, a 13-county region from Atlanta to Athens containing more than 95 percent of Georgia’s Life Science assets, became its own organization in May, with the 13 communities and organizations signing legal documentation to form the Innovation Crescent Regional Partnership (ICRP), LLC. The new organization will function as an economic development entity, focusing its efforts on job growth and wealth creation of the Life Sciences industry within its borders.

“The goal of any economic development organization is to focus on business development and retention, which is what we have been doing for the last two years of the cluster’s identifiable existence,” said ICRP Board Chairman and founding member, Nick Masino. “We hope that we can support the State’s efforts in the attraction of this industry with a renewed focus on cluster marketing and strategic planning via this newly formed organization of economic developers.”

The Innovation Crescent was one of seven initial regions identified by the Governor’s office of workforce development as a “cluster region,” meaning that a vast majority of assets and workforce development programs were already in place to support industry with a given focus. In the Crescent’s case, the area from Atlanta to Athens held more than 95 percent of the State’s assets in Life Science, everything from colleges and universities with programs designed around this industry, to corporations and companies like Merial, Ciba Vision, Kimberly-Clarke and more. Launching a brand and marketing strategy in 2008, the partnership continued to operate under a cloak of collaboration between communities until it could formalize. 

For more information, please visit the website at www.innovationcrescent.com

Idea Corner

Will This Float?

The City of Johnson City, Tennessee values the importance of entrepreneur spirit to their local economy. Faced with the growing problem of job losses in the manufacturing industry, Johnson City explored innovative ways to get skilled people back into the work force. The City dealt with this crushing loss by developing a creative forum and competition to assist entrepreneurs in chasing their dreams – Will This Float.

The mission of Will This Float is to have fun, bring people and ideas together, and change the world. More than 150 people attended the second annual Will This Float event.  Ed Johnson, with Life Changing Chair, won the event with a motorized wheelchair that greatly increases the mobility and access for wheelchair users.  The prize included $1,000 in start-up funds, support from the East Tennessee State University Innovation Lab and office space in Spark Plaza, a business co-working space in downtown Johnson City.  After the event the entrepreneurs were able to network with investors and other entrepreneurs to spark further business opportunities.

Beyond the annual competition, regional entrepreneurs often contact Will This Float to share ideas, ask for guidance and seek input on ways to get their business started.  It has led to additional efforts to establish a regional angel capital network to match investors with entrepreneurs.  The City of Johnson City is currently assisting two for-profit entities in creating a network in Johnson City. Will This Float was recognized by the State of Tennessee as well as the Kauffmann Foundation for its unique format in capturing innovative entrepreneurial activity. 

For more information, visit www.willthisfloat.com

New Resources

Development Proposal Score Sheet

Using a score sheet simplifies choosing the best development proposal. The DeLand Community Redevelopment Agency (CRA) used a score sheet when it met to interview two development firms that proposed bringing housing projects downtown. Review the Request for Community Redevelopment Action, including the ranking sheets and comparisons of two competing proposals. Plus a Final Tally Sheet that shows how the two proposals were scored.

Getting Prepared: Economic Development in a Transforming Energy Economy

Now more than ever, economic development has to adapt to a volatile energy market and policies that are emerging to shape that market, a process that holds both opportunities and challenges. While the specifics of the transition to a low-carbon economy are still being debated both nationally and internationally, it appears likely that some type of cap and trade or carbon pricing will emerge. A price on carbon will hold significant implications for U.S. industries, regions and the nation as a whole. This report is intended to help economic developers and those in related fields think about how they can position their economies to benefit from the transition.

Download the Report (pdf)