Funded Initiatives
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Product Name
Predictive Analysis for Business Retention and Expansion
Project Description
The Predictive Analysis for Business Retention and Expansion project was intended to develop and utilize predictive analysis tools to identify companies that were most in need of economic development assistance, so that outreach could be conducted and local resources could be directed to targeted areas.
During the development of the project, the focus shifted slightly away from trying to determine exactly which companies are predicted to expand, and which are predicted to contract, to instead identify those companies which are deemed to be “high priority”.
Regular knowledge sharing sessions between economic development organizations took place to discuss targeted “high priority” companies and identify a lead agency to conduct outreach to those companies.
Outcome from Using the Product
- Identify the benefit(s) users will derive from replicating the product.
- Inform key regional partners about the types of businesses and industries expanding, contracting or deemed “high priority.”
- Foster understanding of business and industry trends to better direct workforce development program planning effort and provide the right kind of talent when and where it’s needed.
- Develop a better understanding of individual companies’ needs and make it easier to plug existing companies into new innovations occurring in the region, thereby helping them solidify and grow their businesses.
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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