I. ECONOMIC DEVELOPMENT FOUNDATION

VISION:
Before 2024, the Wichita MSA will:
Be a leading community for retaining and expanding current businesses and creating and recruiting new businesses.

STRATEGIES: (Note: The highest priority strategies within each foundation are indicated by bold type.)
A. Image and Marketing 12
1. Develop an aggressive marketing program that attracts diversified value-added jobs 13 through retention and expansion of existing businesses, recruitment of out-of-market businesses and creation of new business enterprises in targeted job sectors that provide enough direct jobs to meet our Key Benchmarks.

2. Develop a brand that will position the Wichita MSA internally and externally. Involve many organizations in developing the brand that will be authentic and inspiring. Use the brand to retain and attract jobs, visitors and workforce. Market the brand and the Wichita MSA’s competitive advantage internally and externally.

3. Create clusters and their supply chains with critical mass for diversified growth. A potential list of clusters includes:

4. Aggressively retain, expand and recruit corporate headquarters.

5. Develop value added processing/packaging of existing and new agricultural and horticultural crops to expand into new markets. Add value to production from using high value crops and new production methods. Develop agri-tourism enterprises.

6. Increase the medical community’s regional attraction by increased technology and medical innovation.

7. Encourage existing businesses and post-secondary education to collaborate on the enhancements and development of existing technologies.

8. Attract and encourage high-income retirees to relocate to or stay in the Wichita MSA. Increase services for the elderly.

B. Workforce Development
1. Retain our existing and future workforce and recruit new workers from outside the Wichita MSA. A larger skilled, educated and creative workforce is imperative.

2. Maintain a continuous inventory of projected job openings and skills required over the next five years. Ensure that the educational institutions have the education/training slots available and recruit students to fill those positions. (See the Education Foundation.)

C. Business Climate
1. Create a progressive and competitive business climate with:
a) A positive atmosphere conducive and receptive to change.
b) Incentives for companies to retain, expand or create new value-added jobs.

c) A favorable tax environment and a regulatory environment that works effectively and efficiently to help businesses expand and relocate.
d) Collaboration within the public sector and between the public and private sectors.

e) High productivity, low absenteeism, strong work ethic and first-class customer service.

2. Lobby to improve the business climate in Kansas while finding ways to aggressively improve the Wichita MSA business environment.

3. Maintain a community consensus on the necessity of a high rate of job and income growth.

4. Advocate for tort reform.

5. Ensure that the Wichita MSA is prepared in advance for economic development by having data on available sites and buildings. (This is required today because of the short cycle time companies/prospects have for getting a product or service to market).

6. Improve management and worker relations.

D. Entrepreneurs and Small Business

1. Create an entrepreneurial and innovative mecca for direct value-added businesses by:
a) Building on the Wichita MSA’s entrepreneurial tradition.
b) Supporting entrepreneurs with a positive business creation environment – low taxes, regulatory friendly, customer friendly government support and legal and regulatory structures friendly to the creation of new business.
c) Developing sources of capital from angel investors to venture capital firms including small business loans and Small Business Innovation Research Grants (SBIR).

d) Developing an entrepreneurial network.

e) Providing leadership/mentoring from successful entrepreneurs.
f) Recruiting entrepreneurs to the Wichita MSA. Recognize and celebrate risk taking and successful entrepreneurs (i.e. Entrepreneur of the Year.)
g) Providing entrepreneurial education and training (see the Education Foundation).
h) Building strong small business associations to help with research.
i) Enhancing and support agencies that assist with marketing and accounting issues.
j) Providing technical assistance and incubators for entrepreneurs – a one-stop place to find available information on entrepreneurial assistance.

k) Developing a website to share ideas and concepts that have potential for development and commercialization.

2. Support small business development in non-value-added jobs.

E. Tourism and Visitors

1. Increase tourism and convention activity to a) create direct value-added jobs, b) provide expanded activities for our residents and c) sell the Wichita MSA as a place to live, learn, work and play.

2. Provide more aggressive marketing of existing attractions both internally and externally.

3. Expand retail and dining opportunities.

12 The highest priority strategies resulting from balloting by the Vision Task Force are in bold type.
13 Value-Added Jobs-In every region, there are jobs that add value from exporting of goods or services outside the region to the rest of the US and the world. Export of services include non-residents bringing dollars to the region as conventioneers, tourists, students, medical patients or as the back office operation for a major financial organization. These jobs are normally called direct jobs. These direct value-added jobs produce the cash income for the region that provides the opportunity for jobs that are internally focused. These internally focused jobs are either 1) local personal services jobs like barbers, accountants, lawyers, teachers, government workers and bankers or 2) jobs that sell products primarily produced elsewhere such as cars, appliances or clothes. These internally focused jobs are normally called indirect jobs. Each direct valued-added job creates from 0.5 to 2.0 indirect jobs, depending on internal supply relationship and other factors.