Economic Development Investment Strategy - City of Las Vegas

More documents

Recommendations

Info

C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y 4. GOAL: Engage in a comprehensive business recruitment and prospect management program. continued APPROACH STRATEGY. Target companies in sectors with recruitment and growth potential in Las Vegas. → Build awareness of Las Vegas as an emerging center for digital media and E-commerce, IT services, healthcare, and financial services within the region and other targeted markets. ▪ ▪ ▪ ▪ ▪ ▪ Develop and maintain a database of companies in each target industry. Compile and maintain resource information for each target industry sector. This would include identifying associations for each industry sector as well as following industry trends by monitoring trade publications or purchasing industry data and reports from private sources. Join and become active in trade or industry associations for the priority target sectors. Economic development staff should research appropriate organizations and become active participants in events and meetings, including sponsorships and advertising. Regional and statewide organizations should be pursued first to minimize costs. Organize and train economic development staff to become an effective “sales force” for Las Vegas. This may include assigning specific target industries or geographic markets to staff members. Staff development should also include internal or external training for sales and business development skills, including such topics as consultative sales, client relationship management, prospecting, lead management, and proposal development. Conduct at least four call trips/marketing missions per year (once each quarter) to regions where target industry concentration is highest. These trips can be conducted separately or in conjunction with trade shows or other events organized by LVGEA. As resources allow, implement a direct mail and electronic newsletter campaign to target sector companies. The campaign should highlight Las Vegas’ competitive advantages and include a highly visible Web address that directs prospects to a redesigned City economic development website. → Work with the Las Vegas Convention and Visitors Authority to attract events and conferences that appeal to the tech and digital arts community. ▪ ▪ Partner with the Downtown Project to host off-site events in the downtown. Participate in industry trade events, especially those taking place in Southern Nevada. → Encourage educational institutions to locate digital and creative arts programs in the downtown. T I P S t r a t e g i e s | T h e o r y I n t o P r a c t i c e P a g e | 21
C i t y o f L a s V e g a s | E c o n o m i c D e v e l o p m e n t I n v e s t m e n t S t r a t e g y 4. GOAL: Engage in a comprehensive business recruitment and prospect management program. continued STRATEGY. Ensure that the LVGEA is aggressively marketing and promoting existing sites in Las Vegas as part of its business recruitment efforts. → Meet with LVGEA leadership and staff to communicate the City’s concerns and interests regarding new business investment in Las Vegas. → Closely coordinate with LVGEA staff on business recruitment and marketing activities. STRATEGY. Work with the LVGEA, GOED, and regional economic development representatives from other jurisdictions to develop short-term and long-term plans for regional business recruitment and site location assistance. → In the short-term, the City of Las Vegas should have a central role in regional lead generation and site location assistance. ▪ ▪ This will require the City to add at least one additional full-time economic development staff member to support recruitment and prospect handling. Las Vegas should refer investment leads that are not a fit for the city to other jurisdictions in Clark County. → Over the long-term, the City will collaborate with the LVGEA and GOED in regional business recruitment marketing and prospect coordination. ▪ The City would still continue providing site location and prospect handling services. TARGET INDUSTRIES To support Las Vegas’s economic development recruitment efforts, TIP identified target industry sectors. They a departure from the city’s traditional business base of tourism, gaming, and entertainment. The development of these sectors also represents an opportunity to further the diversification of the Las Vegas economy. The recommended sectors capitalize on existing and emerging assets in Las Vegas. They were also selected based on projected employment regionally and nationally. Digital media Financial services Health & medical services Business IT ecosystems The table below breaks down each target sector and provides targeting rationale. T I P S t r a t e g i e s | T h e o r y I n t o P r a c t i c e P a g e | 22
Page 1 and 2: Economic Development Investment Str
Page 3 and 4: C i t y o f L a s V e g a s | E c o
Page 11 and 12: STRENGTHS C i t y o f L a s V e g a
Page 13 and 14: WEAKNESSES THREATS C i t y o f L a
Page 23: 2012 Jobs 2022 Jobs Percent change
Page 27 and 28: 2012 Jobs 2012 Jobs 2022 Jobs 2022

Economic Development Investment Strategy - City of Las Vegas

Create successful ePaper yourself

Delete template?

Save as template?