State of Missouri – Strategic Initiative for Economic Growth

The Strategic Initiative for Economic Growth was a comprehensive, research-based, data-driven and holistic process to define Missouri’s future roadmap for economic success. It engaged hundreds of Missourians in regional meetings, online surveys and the delivery of research papers informing the process over the course of the nine-month process. Quite simply, the Initiative represented the perspectives of the state’s top leaders on what Missouri must do to be competitive for the high-value jobs being created in today’s economy and the talent that will fill those jobs.

Funded entirely by a generous grant from the Hawthorn Foundation, the process was been spearheaded by the Missouri Department of Economic Development (DED). The state retained Market Street Services to facilitate the process, which was overseen by a diverse steering committee of public and private sector leadership from around the state. The components of this process were:

 

Demographic and Economic Analysis: This provided a breadth of research to demonstrate the State of Missouri’s position to accommodate visionary growth and development. A combination of factors that determine a state’s strengths as a place to live, work, and do business were assessed, including indicators related to education and workforce development, infrastructure and land use, business costs, and quality of life.

Round One of Regional Forums: This component of the process provided a critically important opportunity to get feedback from department staff, business leaders, regional organization representatives, and other stakeholders on the challenges and opportunities facing the State of Missouri and its six regions.

Marketing Analysis: An analysis of the State of Missouri’s economic development marketing efforts for target industries complemented the Target Cluster Analysis’ research and conclusions by confirming the viability of existing programs and identifying potential enhancements to future efforts. To that end, Market Street reviewed the State of Missouri’s website (appearance, content, effectiveness, and utility), advertising and collateral materials, inbound/outbound marketing events, public relations, trade shows, site selection professional visits, and branding and identity-building efforts.

Target Cluster Analysis: Building on the extensive input gathered to date and quantitative data provided by MERIC, the Target Cluster Analysis was a blend of quantitative and qualitative research with significant technical information including location quotients, economic base analysis, and industry-by-occupation employment data. This deliverable provided a list of clearly defined target sectors and the opportunities and challenges involved in effectively growing them. The targets and niches approved by the Strategic Initiative Steering Committee were:
• Advanced Manufacturing
• Energy Solutions
• Bioscience
• Health Sciences & Services
• Information Technology
• Financial & Professional Services
• Transportation & Logistics

Legislative Initiatives: After gaining the perspectives of the steering committee, draft Legislative Initiatives to support economic development statewide were submitted on December 1, 2010 to Governor Jay Nixon. Key elements of these initiatives were proposed for approval in the Missouri legislature's 2011 session. The recommendations also directly informed this Strategic Initiative plan. The proposals were:
• Policy Recommendation #1: Improve Business Incentive Programs
• Policy Recommendation #2: Develop a Science and Technology/Innovation Fund
• Policy Recommendation #3: Improve Workforce Development Incentives

Round Two of Regional Forums: The second round of regional forums informed stakeholders of target and legislative recommendations and solicited feedback on tactics supportive of the eight high-level strategies approved by the steering committee for inclusion in the Strategic Initiative plan.

While the first series of Regional Forums contributed to the development of the target clusters/niches, proposed legislative initiatives and high-level strategies, Round Two then reviewed these elements for the attendees and provided them an opportunity to suggest proposed tactics under each strategy in addition to comment on tactics identified through White Papers, the first round of forums and best-practice research conducted by Market Street.

 

Strategic Initiative for Economic Growth Plan: The Strategic Plan represents the culmination of all research completed and presents action items geared toward addressing challenges and capitalizing on opportunities for visionary growth. The Strategy serves as a tool to unify the State of Missouri’s public and private leadership behind a consensus blueprint for Missouri’s economic future. The State of Missouri began implementing the Strategy in April, 2011.

For more information, please see the project website.