RIEDC Immediate Priorities Implementation Plan

APRIL 26, 2010

  1. Policy and Vision.
    • Rhode Island’s economic development policies should be designed so Rhode Island leads New England in creating and retaining jobs and wealth (new capital invested in Rhode Island) and increasing wages in Rhode Island. The policies should (a) result from data and analysis, (b) result from a strategic plan that capitalizes on Rhode Island’s strengths and assets, and (c) be implemented professionally by the RIEDC in collaboration with its economic development partners. Additionally, immediate action is required to alleviate the plight of the approximately 75,000 unemployed Rhode Islanders.
  2. Characteristics Desired for RIEDC and Rhode Island’s Economic Development Environment.
    1. Leadership. Through innovation and leveraging Rhode Island’s strength’s, the RIEDC should be a "first stop" not "last resort" place for businesses to go for collaboration and assistance, and Rhode Island’s policies should be held as "best practices" in the field.
    2. Competitive Tax Structure. The overall tax burden and cost of living or doing business in Rhode Island needs to be addressed. The RIEDC should (1) be a credible source of information and policy analysis for this complex issue, and (2) be an advocate and leader for smart strategic policies in this regard.
    3. Innovation. Rhode Island should leverage its size and history of innovation and industrial transformation to "out-innovate the innovators" and adopt innovative business and governmental practices including "lead" principles and collaborative policy development. The RIEDC should facilitate this policy development through its research, advocacy, administrative and regulatory functions.
    4. Leverage All Assets. In addition to the good and traditional leveraging of assets (Rhode Island’s location, transportation infrastructure, labor force), Rhode Island should also increase its leveraging of "soft" assets such as its entrepreneurial foundation in "knowledge" industries ranging from advanced and lean manufacturing to life sciences, digital media, design, and financial services. The RIEDC should be an advocate and facilitator of programs and policies that promote these assets.
  3. RIEDC Action Plan.
    1. Develop staff and program assessment, budget and plan to align with priorities. (60 days)
      1. Identify other mid-term and long range organizational and management issues. (60 days)
      2. Create Board committees, assign staff and reach out to economic development partners to serve on committees. (90 days)
    2. Create Economic Research and Policy Development Capacity.
      1. Create the RIEDC division of policy and research led by economist and/or economic development professional with proven experience (fulcrum for "think tank" for Rhode Island’s economic development policies). (current, ongoing and 90 days for director)
      2. Analyze and recommend best practices, innovative policies and public economic development investments (using accepted analytical models that measure the public’s return on investment –ROI-, e.g., jobs, wealth generated, strategic within target industry). (120 days and ongoing)
    3. Advocate for Stable, Competitive Tax Structure.
      1. Identify and advocate for tax and state budget policies that increase jobs, wages and new investment in RI. (current and ongoing)
      2. Collaborate/Educate economic development partners. (current and ongoing)
      3. Analyze costs/benefits of tax policies after implementation. (180 days)
    4. Improve Access to Capital.
      1. Recapitalize Small Business Loan Fund; Increase IRBA guarantee capacity; work with SBA and banking community on additional guarantee products. (current and ongoing)
      2. Create products to assist existing businesses (e.g., amend existing loan and grant programs). (current and ongoing)
      3. Create products for new and expanding businesses and industries (e.g., new loan and grant programs for renewable energy and green sector). (current and ongoing)
    5. Invest in Growth of Businesses.
      1. Catalyze new business development through programs that assist start up and mature business growth. (current and ongoing).
      2. Lean principles. (60 days)
      3. Public Education/Workforce Development programs. (current and ongoing)
      4. Leverage RI Strengths and Assets (e.g., health sciences, defense industries, financial services and other knowledge economy assets).

        5. (current and ongoing)

      5. Green/Renewable Energy. (current and ongoing)
      6. Business Attraction Partnerships. (120 days)
      7. Support for existing small businesses. (current and ongoing)
    6. Regulatory Reform.
      1. Increase RIEDC role in facilitating business growth within regulatory framework (e.g., create Office of Regulatory Reform at RIEDC). (120 days)
      2. Increase capacity and responsiveness with existing RIEDC Reg Flex program. (120 days)
      3. Develop plan to increase efficiencies of regulatory programs with state agencies and cities and towns. (120 days)
      4. Build commercial/industrial site selection capacity. (current and ongoing)
    7. Develop a comprehensive and sustainable communications plan to assure Rhode Island and its targeted market understand Rhode Island’s economic development strategy and advantages.
      1. Create communications capacity at RIEDC. (60 days)
      2. Develop sustainable communications strategy. (120 days)
      3. Begin economic development partner outreach and foundation for plan. (current and ongoing)
RIEDC Roadmap 2010.pdfRIEDC Roadmap 2010.pdf70.75 KB