THE OFFICE OF ECONOMIC AND SMALL BUSINESS DEVELOPMENT RECOMMENDS APPROVAL
This item supports the Board of County Commissioners' Vision of “Ensuring Economic Opportunities for Broward’s Diverse Population”, Goal 1: “Attract and retain all types of business, especially high-wage industries that offer employee benefits, through partnerships with the Alliance, Chambers of Commerce, colleges and universities, CareerSource, and any other available avenues."
The Office of Economic and Small Business Development (OESBD) reviewed the Fiscal Year 2018 Alliance Second Quarter Performance Report (Exhibit 1). The report has been summarized to highlight the Alliance’s primary objectives and accomplishments (Exhibit 1, page 3 of 8). OESBD staff provided a memorandum reviewing performance activity for the Alliance’s three departments: Business Development, Investor Relations and Business Intelligence (Exhibit 2):
1. The Alliance reports that goals for the number of domestic leads generated and investor relations for the 2nd quarter of Fiscal Year 2018 were exceeded. Goals for the number of new value-added jobs, retained jobs, international leads generated, number of corporate visits, and domestic and international capital investment were not achieved.
2. The Alliance job creation annual goal is to help create 1,600 new, value-added jobs in Fiscal Year 2018, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of 400. During the 2nd quarter of Fiscal Year 2018, the Alliance facilitated the creation of 35 new, value-added jobs. This represents 9% of the goal for the 2nd quarter of Fiscal Year 2018 and 17% goal attainment year to date.
Alliance Response: While this number is under goal at this time, there are a number of projects in the pipeline that are currently being finalized and as they are announced, it is anticipated they will bring the Alliance in line with goal as the year progresses.
3. The Alliance job retention annual goal is to help retain 1,400 jobs for Fiscal Year 2018, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of 350. During the 2nd quarter of Fiscal Year 2018, the Alliance reported the retention of 100 jobs. This represents 29% of the goal for the 2nd quarter of Fiscal Year 2018 and 114% goal attainment year to date.
4. The Alliance annual goal for new domestic and international leads is to develop 320 (220 domestic and 100 international) leads, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of 80 total leads (55 domestic and 25 international). During the 2nd quarter of Fiscal Year 2018, the Alliance pursued a total of 115 total leads (98 domestic and 17 international). This represents 178% of the goal for domestic leads and 68% of the goal for international leads for the 2nd quarter of Fiscal Year 2018 and 99% goal attainment for total leads year to date.
Alliance Response: The Alliance anticipates meeting this objective for the year and will be continuing its outreach to site consultants and corporate real estate decision makers through personal contacts, trade shows and international missions.
5. The Alliance annual goal for domestic and international direct capital investment is $110,000,000 ($100,000,000 domestic and $10,000,000 international) for Fiscal Year 2018, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of $27,500,000 ($25,000,000 domestic and $2,500,000 international). During the 2nd quarter of Fiscal Year 2018, the Alliance reported $1,300,000 and $200,000 in domestic and international capital investment respectively. This represents 5% of the goal for the 2nd quarter of Fiscal Year 2018 domestic capital investment, and 8% of the goal for the 2nd quarter of Fiscal Year 2018 for international capital investment. To date, the Alliance has met 32% of goal attainment for total capital investment.
Alliance Response: While this number is under goal at this time, there are a number of projects in the pipeline that are currently being finalized and as they are announced, it is anticipated they will bring the Alliance in line with goal as the year progresses.
6. The Alliance annual goal related to business retention and expansion is to conduct 200 corporate visits to Broward companies for Fiscal Year 2018, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of 50. During the 2nd quarter of Fiscal Year 2018, the Alliance conducted 27 visits. This represents 54% of the goal for the 2nd quarter of Fiscal Year 2018 and 65% goal attainment year to date.
Alliance Response: Alliance staff is focusing on this important objective through proactive outreach to local companies, and with additional visits planned for the next two quarters, it is anticipated this goal will be met for the year.
7. The Alliance Investor Relations annual goal is to raise and collect $2,126,200 from investors and partners to support the Alliance for Fiscal Year 2018, resulting in a goal for the 2nd quarter of Fiscal Year 2018 of $531,550. During the 2nd quarter of Fiscal Year 2018, the Alliance raised a total of $669,052. This represents 126% of the goal for the 2nd quarter of Fiscal Year 2018 and 112% goal attainment year to date.
Business Intelligence Function -
The Alliance indicated the following achievement of administrative objectives for the Business Intelligence Administrative Objectives:
1. Develop and maintain a new template marketing presentation that clearly and factually states the business case for establishing or growing specific target industry niches of strength and opportunity for Broward County (i.e., Aviation Maintenance, Repair and Overhaul; Pharmaceutical Manufacturing; IT Software Design).
The template marketing presentation has been developed and the presentations for the target industry niche segments are updated on a continual basis.
2. Complete a database highlighting Broward County’s competencies (leading employers, average salary by selected occupation, education data, etc.) to attract target industry niche sectors and post online for access by Alliance partners and prospects.
The database was developed and posted online in December 2015. It is updated on a continual basis.
3. Report on target industries niche subsets in its prospects and leads reports to develop a baseline and subsequent measurements indicating success in growing the niche markets.
Of the total 115 prospects and leads in the 2nd quarter, 23 were in the target niche industries of Aviation Maintenance, Repair and Overhaul; International and Regional Headquarters; Pharmaceutical Manufacturing; Medical Equipment/Device Development and Manufacturing; Custom Computer Programming; and Software Publishers.
4. Develop and utilize an expanded internship program with area universities for undergraduates and MBA candidates to assist with research projects designed to help grow jobs in Broward County.
This program has been created and the Alliance is utilizing interns to assist with research projects.
5. Prepare ongoing annual and updated data that will be used in the Six Pillars strategic planning process to grow high paying jobs in Broward County and engage community leaders in enhancing Broward County’s business and economic climate.
Updated data is prepared on an ongoing basis. The Six Pillars annual report and implementation plan are posted to
www.sixpillarsbroward.org.