Comprehensive Economic Development Strategy (Ceds) 1
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COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY (CEDS) 1. COMPETITIVE ASSESSMENT 2. TARGET BUSINESS REVIEW 3. STRATEGIC PLAN 4. IMPLEMENTATION PLAN INDIANAPOLIS REGION, INDIANA September 2015 TABLE OF CONTENTS Project Overview ................................................................................................................................................................................................... 1 Steering Committee ............................................................................................................................................................................................. 2 1. Competitive Assessment .......................................................................................................................................................... 4 The Indianapolis Identity: Dilemma and Dichotomy .................................................................................................................... 6 Growth within the Indianapolis Region: a Reemerging Core.................................................................................................... 8 Workforce Sustainability: Attracting and Retaining Talent ...................................................................................................... 13 Workforce Sustainability: Developing “Homegrown” Talent .................................................................................................. 19 Education & Incomes: Consequences of Slow Improvement ................................................................................................. 23 Growth & Diversity: The Indianapolis Regional Economy ........................................................................................................ 27 Business Climate Considerations ........................................................................................................................................................ 31 Transportation Infrastructure: An Asset and a Challenge......................................................................................................... 34 In Search of Entrepreneurs: Building a Startup Culture............................................................................................................. 37 Quality of Life in the Indianapolis Region ....................................................................................................................................... 42 2. Target Business Review ......................................................................................................................................................... 48 Target Sector Development: A Primer .............................................................................................................................................. 50 Existing Target Sector Initiatives ......................................................................................................................................................... 55 The Indy Region’s Targeted Approach to Technology-Driven Economic Development ............................................ 60 Life Sciences ....................................................................................................................................................................................... 61 Manufacturing ................................................................................................................................................................................... 71 Logistics ................................................................................................................................................................................................ 83 Information Technology ................................................................................................................................................................ 91 Sports ................................................................................................................................................................................................. 100 3. Strategic Plan ......................................................................................................................................................................... 108 Educated & Talented Workers .......................................................................................................................................................... 110 Innovative & Enterprising Businesses ............................................................................................................................................ 120 Attractive & Connected Places ......................................................................................................................................................... 131 Vibrant & Inviting Image ..................................................................................................................................................................... 139 4. Implementation Plan ............................................................................................................................................................ 145 Implementation Capacity: Roles and Responsibilities ............................................................................................................ 145 Volunteer Leadership: The Implementation Committee .............................................................................................. 145 Organizational Leadership: The Indy Chamber ................................................................................................................ 150 Organizational Leadership: Implementation Partners ................................................................................................... 157 Implementation Schedule ................................................................................................................................................................... 159 Budget and Fundraising ...................................................................................................................................................................... 169 Performance Measurement ................................................................................................................................................................ 173 Appendix A: Pre-Existing Research Relevant to Sector Competitiveness ................................................................................ 177 Appendix B: Target Sector Data Tables .................................................................................................................................................. 178 Appendix C: Best Practices ........................................................................................................................................................................... 181 Comprehensive Economic Development Strategy (CEDS) Indianapolis Region, Indiana PROJECT OVERVIEW The Indianapolis Regional Comprehensive Economic Development Strategy (CEDS) is a transformative, ten month process that will initiate a coordinated, aggressive multi-year effort to advance the economic opportunity and wellbeing in the Indianapolis region. The Indianapolis Regional Comprehensive Economic Development Strategy will be informed by extensive resident and business input gathered through focus groups, a community survey, and guidance from a Steering Committee composed of key regional business leaders and community stakeholders. PHASE 1: COMPETITIVE ASSESSMENT The Competitive Assessment examines the Indianapolis region’s trends along three areas of distinction – People, Prosperity, and Place – benchmarking regional performance to peer metros, the state, and the nation. The Competitive Assessment also highlights dynamics specific to the metro’s core, Indianapolis-Marion County, and its relationship to surrounding counties. Stakeholder input sessions will augment the perspectives brought by the Steering Committee and serve as an opportunity for diverse constituents to offer solutions and innovative ideas for the comprehensive economic development strategy. Findings from the research phases will frame the challenges and opportunities that need to be addressed in the forthcoming Strategy and Implementation Plan. PHASE 2: TARGET BUSINESS REVIEW As leaders of Greater Indianapolis know well, it is imperative that strategic efforts target those areas of economic activity that have the greatest potential to create new jobs for existing and prospective new residents, retain existing jobs, spur innovation, and raise incomes in their community. To this end, the Indy Partnership is at the forefront of regional target marketing efforts whose focus is life sciences; transportation, distribution, and logistics; advanced manufacturing; clean-tech energy; information technology; motorsports; and sports business. Market Street will provide refreshed target recommendations by confirming or retiring existing targets as well as identifying niche opportunity areas, entrepreneurship activity, and specific workforce dynamics which should be marketed or mitigated to maximize the region’s competitive potential. PHASE 3: COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY The Indianapolis Regional Comprehensive Economic Development Strategy will clarify and enhance a Chamber mission to conduct and execute regional and urban economic development