strategic plan

The Economic Development Administration (EDA) has updated its Comprehensive Economic Development Strategy (CEDS) Content Guidelines, effective April 2023. CEDS are strategy-driven plans for economic development prepared through a regionally owned planning process. Designed to build regional capacity and economic resilience, an active CEDS is a prerequisite for EDA designation as an Economic Development District (EDD), which serves as the main conduit through which TBED organizations may seek funding from EDA’s Public Works and Economic Adjustment Assistance program.

Taking what Gov. Mike Parson called a “bold step to support high-tech entrepreneurship, innovation and growth,” the Missouri Technology Corporation (MTC) released an Implementation Plan built off an earlier strategic plan (Catalyzing Innovation Report) designed to build the state’s innovation and entrepreneurship ecosystems. A key element in the implementation plan is the creation of a $17 million grant program to expand entrepreneurial capacity, with $8.5 million of that funded through MTC’s FY 2023 general revenue appropriation and a match of $8.5 million through the IDEA Fund Co-Investment Program’s venture capital activities.

The recently-passed CHIPS and Science Act included $54.2 billion in appropriations, largely for semiconductor manufacturing incentives ($39 billion) and R&D ($11 billion). The administration is releasing information about its planned distribution of funds. Recent resources include: a strategic plan from the U.S. Department of Commerce, the agency administering the bulk of the funding; a research recommendations report from the President’s Council of Advisors on Science and Technology (PCAST); and, a new CHIPS.gov website from Commerce.

Missouri has a new tool to support the advancement of entrepreneurship and innovation across the state. The Missouri Technology Corporation (MTC), in partnership with TEConomy Partners LLC., identified strategic recommendations and actions to drive innovation and entrepreneurship in Missouri developed under the Missouri Innovation and Entrepreneurship Strategy Steering Committee. The report says that MTC has had significant impacts on the state's economy, revealing that its total program portfolio has generated an economic activity return of $100.74 back to the state for every $1 invested.

A “fire breathing economic development initiative” is unfolding at Kansas State University, and if it succeeds, it could add 3,000 jobs and $3 billion in new, outside investment to the state in the next 10 years.

Building on takeaways from Appalachian stakeholders that included a preference to grow their own jobs through entrepreneurship and small business development rather than the traditional approach of business recruitment and new job creation, the Appalachian Regional Commission (ARC) developed a four-year strategic plan.  The Appalachia Envisioned: A New Era of Opportunity plan sets strategic investment goals and objectives to build Appalachian businesses, workforce, infrastructure, culture and tourism, and community leaders.   

The New Mexico Economic Development Department released a new strategic plan that identifies core challenges to the state and a multi-part approach to the future. The six challenges include talent attraction, misalignment between higher education and industry, public sector “dominance” of innovation, and concentration in a few industries. The plan includes recommendations related to the state’s innovation economy: develop state-sponsored investment funds to match investments in target industries; help academic researchers to advance new technologies; establish persistent funding for incubators and accelerators; fund university-industry research partnerships; and, develop a mentorship network across entrepreneurship support organizations in the state.

A new strategic plan for the Appalachian region reaffirms the Appalachian Regional Commission’s (ARC) primary investment goals emphasizing economic development. It benefits from insights gathered from more than 1,800 stakeholders and is built on multistate and regional collaboration.

Whether or not your state embraced strict measures in an attempt to reduce virus spread, the current pandemic has created the need for reflection and revision of how each of us go about our lives. The same opportunity has arisen for the public and private sectors to rethink how they engage in many core functions.  Civic leaders in Arkansas did just that and today released a strategic plan with recommendations to guide economic development in the new era.  Its central themes, including strong focus on innovation, entrepreneurship, and talent, could have broader applicability to other states as we move forward.

West Virginia has updated its Vision 2025: West Virginia Science & Technology Plan (S&T Plan), which identifies four areas (life sciences, computer and data science, advanced manufacturing, and advanced energy) representing significant and growing university-based research and educational activities that align with the state’s target industries and workforce development goals.