Road Map to the Future Glenn McCullough, Jr. www.glennmcculloughjr.com Community Development Foundation Tupelo / Lee County, Mississippi
Dec 01, 2014
Road Map to the Future
Road Map to the Future
Glenn McCullough, Jr.www.glennmcculloughjr.com
Community Development FoundationTupelo / Lee County, Mississippi
Glenn McCullough, Jr.www.glennmcculloughjr.com
Community Development FoundationTupelo / Lee County, Mississippi
INTRODUCTIONS
• Case Analysis
• “Project Volunteer” Groups
‣ 10 groups of 4
‣ Discuss Ways to Recruit “Project Volunteer”
‣ 5 Minute Presentation
CREATING THE FUTURE
• Major Trends To A Brighter Future
‣ Talent Attraction– Successful community is a concentration of successful people.
‣ Regional Projects- Increased horizontal capacity.
‣ Commercialization/Venture Capital-Technology transfer from the lab to the marketplace.
‣ Business/Community Partnerships- Risk/Reward Mgt.
TALENT ATTRACTIONTALENT ATTRACTION• Knowledge Base Recruitment.
• Labor force is one of the top site selection criteria.
• An educated and talented workforce is pivotal to successful economic development.
TALENT ATTRACTIONTALENT ATTRACTION• Use of social media is a popular
medium
‣ i.e. Facebook, Twitter, MySpace, and LinkedIn
• Some communities have created a website devoted to talent attraction/retention.
REGIONAL ALLIANCE
• Cooperation between cities/communities in order to create expanded capacity.
• Allows regions to pool assets in order to compete for larger project(s).
REGIONAL ALLIANCE
• PUL Alliance/Wellspring Project
‣ Pontotoc, Union, Lee County in Mississippi
‣ Multi-County Partnership
‣ 1000 Acre Mega Site
REGIONAL ALLIANCE
• Tennessee Valley Corridor
• Tennessee, Kentucky, Alabama, North Carolina, and Virginia.
• Multi-State Partnership
•Oak Ridge National Labs- Oak Ridge, TN•Enterprise Technology Center- Chattanooga, TN•Med Tech Research Park- Tri Cities, TN
REGIONAL ALLIANCE• Research Triangle Partnership
• Duke University, University of North Carolina, North Carolina State University
• Multi-Community Partnership
• Benefits‣ 157 companies employing nearly 39,000 people‣ Home to IBM ‣ Over 130 R&D Facilities
COMMERCIALIZATION /VENTURE CAPITAL
• Venture Capital‣ Definition- Startup or growth equity capital or loan capital
provided by private investors or specialized financial institutions.
• Trend that requires injection of capital into entrepreneurial ventures within the community.
• Venture Capital• Angel Investors
‣ High net worth individuals‣ Invest in high growth early staged businesses‣ Invests between $25,000-$2,000,000 of there own money‣ Typically invests in sector that they are familiar with.
COMMERCIALIZATION /VENTURE CAPITAL
• Universities
• Local universities offer numerous opportunities for investment.
• 3 out of the top ten sources of patents in TN are universities
2007 2008 2009 2010 2011 TOTAL
UT-Battelle, LLC 49 29 31 70 56 235
Vanderbilt Univeristy
13 15 16 16 28 88
UT- Research Foundation
7 9 12 14 15 57
http://www.uspto.gov/web/offices/ac/ido/oeip/taf/asgstc/tn_ror.htm
Issued Patents from Universities in the state of Tennessee
BUSINESS / COMMUNITY PARTNERSHIPS
BUSINESS / COMMUNITY PARTNERSHIPS
• Shift in Business Operations
‣ Decrease Long Term Debt on Balance Sheets
‣ Shift from Debt(Notes Payable) to an Expense(Rent Expense).
• Used as a risk avoidance measure by companies.
• Requires the Community to have some risk exposure and interest in the success of a business.
BUSINESS / COMMUNITY PARTNERSHIPS•Examples
• MTD
• Private investors helped purchase new facility.
• General Atomics
• Private investor built the initial building and has now had seven (7) expansions with this company.
• Philips
• One of the first industries to locate in Tupelo works with a long term lease on its facility.
CASE ANALYSIS
• Project Volunteer
‣ Each group will be assigned one of the four trends discussed to use in developing a recruitment strategy for their community.
‣ 5 minute presentation after group discussion.