Funded Initiatives
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Product Name
Predictive Analysis For Business Attraction
Project Description
This program is designed to augment and improve business attraction efforts in the Finger Lakes region. The predictive analysis efforts use deep-industry research to identify companies and sectors that are growing and then target recruitment efforts to attract those businesses to locate or relocate in the local region.
Program components include:
- Development of robust knowledge of regional assets by industry and cluster,
- Identification high-growth sub sectors of those clusters and leading companies within those clusters nationally,
- Performing deep-research to understand business strategy of determined targets,
- Mapping regional assets to target companies,
- Engaging “community rolodex” to identify potential for “relationships” with senior level execs in target companies, and
- Conducting mission trips of ED, senior business leaders, public officials to proactively visit target companies
- The project also added Zoom Prospector, a GIS mapping tool, to the local economic development agency website to allow corporate site locators to better identify potential sites in the region.
Outcome from Using the Product
- Identify the benefit(s) users will derive from replicating the product.
- Positive, productive, more effective business attraction effort.
Updated 1.10
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“Competing effectively in the 21st century is going to require that some of these communities really begin to find ways to compete with communities of 3-5 million people. People understand the challenges that all communities are facing are quite large and it is going to take a team approach to help communities move forward and if we do that al working together we’ really creating an environment where we have a much greater community promoting itself and that can only be good for this region.” Jay Martinez, Executive Director, Technology Council of Upstate New York
Strategic Outcomes
To be supported by Finger Lakes Wired initiatives
- Increase job growth relative to national average
- Increase average wages relative to national average
- Increase retention of 20-34 age workers
- Adoption of a regional identity resulting in collaborative networking and communication in support of regional economic strategies
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