“Innovation is the central issue
in economic prosperity.”
Michael Porter
Harvard Economist
Imagine. Innovate. Iowa.
ENTREPRENEURIAL AND EFFECTIVE:
KEY CHARACTERISTICS OF A NEW KIND OF
ECONOMIC DEVELOPMENT AGENCY
Debi Durham, Director
Iowa Economic Development Authority
The Governor’s Growth Agenda
200,000 Private Sector Jobs
Increase Family Income 25%
Cut the Cost of State Government by 15%
Re-establish Iowa’s World Class Educational System
Make Iowa the “Healthiest State”
New Economic Development Model
Partnership for Economic Progress
Economic Development Authority Structure
General Counsel/Legislative
Tim Whipple
Planning
Continuous Improvement
Vision Iowa/CATD
City Development Board
ICVS
Director
Debi V. Durham
C.O.O.
Craig Block
Marketing &
Communications/Tourism
Tina Hoffman
Small Business
Energy
Administration &
Finance
Terry Roberson
HR, IT,
Accounting
Foundation
Compliance
Business
Development
Sales
International Trade
Regulatory &
Workforce Asst.
Business Finance
Community
Development
Tim Waddell
Community
Investment
Main Street
Disaster
Recovery
Focus Provided by Battelle
» Financial Services
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Data Processing / hosting
Distribution Centers
Financial Services
Insurance
» Advanced Manufacturing
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Building supplies manufacturing, Chemical manufacturing
Construction related equipment, Farm & Ag related equipment, Vehicle manufacturing
Food & Ingredient Manufacturing, Foundries, Medical Devices, Printing
» Biosciences and Information Technology
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Animal processing, Grain processing, Support activities for animal production, Support activities
for crop production
Bio and alternative fuels, Biological Research, Chemical manufacturing, Pharmaceutical,
Cleantech, Energy Industry and Wind Industry
Audio & video equipment manufacturing, Communication Network Services, Data processing &
related, Electronic & communications equipment manufacturing, Electronic Instruments, Medical
equipment & supplies, Research and testing laboratories
Internet & e-commerce, internet publishing & broadcasting, software development
2012 IEDA Legislative Priorities
» Self-sustaining Financial Assistance Program
IEDA will propose adding a direct assistance component to the High Quality Jobs
program, which currently provides only tax incentives. The HQJ program’s ROI is $2
in tax revenues for every $1 spent on incentives, and a direct assistance component
will help continue this program’s success.
» Assistance for ESOP Formation by Iowa Companies
IEDA will seek money for grant assistance to help businesses investigate ESOP
formation and will seek a capital gain tax exclusion for sale of stock to an Iowa
ESOP in order to incent owners to help keep their business in Iowa.
» Supply-chain Development Initiative
The IEDA seeks a net business income adjustment for supply chain companies,
designed to help Iowa’s anchor manufacturers bring their supply chains into the
state.
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Economic Development Role
Accelerate good ideas into bankable ventures
Provide the infrastructure for an innovation ecosystem
Link and coordinate capital providers to invest in Iowa
ideas
» Current Legislative Initiatives
– New financial assistance fund
– Innovation initiatives
· Seed Fund Tax Credits
· DEMO Fund
· SBIR/STTR Funding
Rethink Iowa: Creating a Culture Shift
» Rebrand the state
– Promote Iowa throughout the world
– Leverage great Iowa events and
institutions (RAGBRAI, The World
Food Prize)
– Grow the Innovation/entrepreneurship
ecosystem
» Differentiate our Workforce
– Create work-ready certification
(NCRC) standards
» Grow our population
– Building communities where people
want to live
Entrepreneurs are rare doers—and because of
this, they are the most valuable people in the
world, at least as far as the pursuit of economic
development, GDP growth, and almighty job
creation are concerned.
Jim Clifton, The Coming Jobs War