2019-2024 Economic Development Strategic Plan

Primary Business Retention, Expansion, Attraction, Creation & Transition (R.E.A.C.T.)

Create a current database that accounts for all the businesses in Spencer (Clay County) in order to effectively identify industry clusters and expansion opportunities.

Retain consultant or other appropriate entity to compile the research for a business inventory and perform validation (mail, in- person visits, etc.)

Share results with partner organizations (Chamber, Corridor, etc.) and use in efforts to support existing business expansions

Complete a Spencer Business Inventory

Develop and Execute a Business Expansion Outreach Campaign

Using data from a business inventory, do targeted marketing to clusters of existing businesses to encourage expansion and communicate available resources (from city and its partners)

City marketing initiative (with or without partners) to encourage existing business expansions.

Establish a methodology for following up on business expansion leads (city, corridor and SIF)

1. Determine whether City should increase marketing investment 2. Select targeted industry(ies) or business(es) for marketing 3. Develop a marketing plan and budget 4. Invest in creating and controlling needed buildings and sites to support target industries (e.g. acquisition and white-boxing of space to meet tech company specifications) 4. Prioritize commercial air service as a targeted industry prerequisite to airport related industries identified in the target industry analysis Work with partners (e.g. SIF, Chamber, Corridor, OEI) to locate new entrepreneurs and businesses in Spencer and identify entrepreneur related educational and networking events that can be created for or held in Spencer in to introduced Spencer to targeted businesses and opportunities (e.g. million cups, young entrepreneur, Entrefest, etc.)

Develop and Execute on a Multi-year Targeted Business

1. Initiate marketing (by city or partner) that is specific to one or more targeted industry(ies) or business(es)

Market Spencer to specific, targeted businesses such as 3rd stage ag tech companies.

Attraction Campaign

Establish a working group (city and partners) that secure hosting of events or create events (in the case of million cups) in order to attract early stage and entrepreneurial businesses (include available buildings tour in your downtown)

Implement a Sustainable Program for Hosting Target Entrepreneurial Businesses in Spencer

Create a multi-year program of events which the City and its partners implement to bring prospective businesses to Spencer

1. Identify businesses that are or could be for sale 2. Identify a strategy for marketing these opportunities to former Spencer/Clay County residents 3. Enact support programs (mentoring, incentives, etc.) to facilitate purchase and succession 4. Market purchase and succession opportunities

With the help of partners, create a "Return to Succeed" campaign that identifies existing businesses for sale (or likely to be for sale), markets them to former Spencer residents and works to support talent returning through purchase of businesses.

Adopt a City Initiative to

Create a partnership with organizations such as SIF, SCORE and SBDC to determine the potential

Support Business Succession & the Return of Critical Talent

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