The CREDability Initiative Creative and Restorative Economic Development “Innovate Globally, Engage Locally” November 13th St. Michael’s College Burlington, VT

Mission Statement Identify an economic development “recipe” that: 1.Attracts and retains innovators to develop creative knowledge-based businesses with high paid employees that can compete in the global marketplace 2.Advances value-added businesses that reinforce our sense of place and have a soft environmental impact 3.Compliments/augments ongoing economic development efforts

Vermont Unique Benchmarks Working landscape Authentic town centers, under utilized downtowns Power of small business/privately-held High number of socially responsible businesses Density of higher education Social/community values Well developed networks among businesses Strong arts/culture

Criteria for Key Sector Choice Creates jobs (high-paying) Importation of capital Sustainable Leverages Vermont values and strengths Growing faster than the average economic sector Higher than average multiplier Above average contribution to social/ environmental quality Triple Bottom Line Financial Community/ Social Equity Environmental

Identified Key Sectors Higher education Value-added agriculture Software development/IT Social venture innovation Mail order Alternative/renewable energy Communication, Media, and Design Arts

Taking the Pulse…

Survey Pre-Test Respondents asked to rate each category: 1)How important are the following 2) How well does Vermont provide the following? Not Imp./ Vermont does poorly Very Imp./ Vermont does well

Pre-Test Results

Another View…

Possible Architecture of Future Policy Value-Added Working Landscape Asset Mapping Strategic Higher Ed. Investment Exporting Entrepreneurship/Innovation Training Access to early stage capital Incubation Downtown Revitalization Permit reform Broadband Brownfields Cultural activities grants Tools: Broadband Strategic Higher Education Investment Access to Capital Transportation

“If you don’t know the destination it’s easy to get there”

A Parting Thought “If your goal is to understand what it takes to attract business(es) like mine, I am afraid your survey doesn’t really get at the issues. I employ a fair number of people, but in reality, I am an entrepreneur. If you try to attract businesses, I can’t see how you win that battle. Too many other places have WAY too much going for them for Vermont to compete on a business level. But people like me aren’t always looking to make the best business decisions. If that was the prime motivator, we wouldn’t be here at all. Instead, you need to compete for individual entrepreneurs.”