A scalable, repeatable, and measurable system for regional economic growth and a bridge to prosperity
As a think and do tank, all of us at EnterpriseKC like to imagine. We imagine Kansas and Western Missouri as an epicenter for enterprise growth and innovation. A region focused on creating access to high demand, high opportunity jobs for a diverse and fully inclusive workforce. Jobs that can positively change the trajectory of an individual, of a family, of a generation. We understand that to have these jobs, we must increase our focus on improving the ecosystem for the enterprises who create them.
Ent•ter•prise [ en-tər-ˌprīz ] noun. 1. a for profit organization, regardless of size, that derives 70% or more of its revenue from outside the region.
EnterpriseKC was founded on the premise that the most effective way to drive economic growth is to grow clusters of enterprises. We focus on cluster-by-cluster enterprise growth because enterprises drive regional prosperity. With more and more revenue dollars coming from outside the region, a multiplier effect is created as those imported dollars go to work across the region – dollars that in turn fuel the regional construction, healthcare, services, financial, transportation, and entertainment markets. Dollars that fuel additional capital investment. Dollars that fuel additional charitable giving.
Enterprises drive regional job growth at a significantly higher rate than other business entities. Why? Because for an enterprise to grow, those business entities across the region that supply products and services to the enterprise must also grow. The economic growth formula is simple: The higher the concentration of enterprises, the greater the economic lift and the greater our regional prosperity.
The V2 Algorithm provides a simple, yet highly effective methodology for managing the context and the sequence of a project. The formula includes the following sequence and variables and is highly useful for successfully implementing projects of any size or dimension.
EnterpriseKC has developed a disruptive, scalable system to identify high-potential enterprises both current and new and understand workforce supply chain, investment capital and other levers affecting accelerated enterprise growth. We call it the Cylinder Model. The model serves as a data-driven, actionable plan for accelerated growth in any cluster.
The front view of the Cylinder represents the 20 clusters that EnterpriseKC is tracking and analyzing across the region. The clusters in green represent what the data shows to be the most high-opportunity targets for Kansas and Western Missouri based on the following:
The top view of the Cylinder identifies a series of eight (8) strategies or 'pillars' for any given cluster as well as a governance structure to support growth strategies across all clusters. The Pillars make up the critical elements necessary for sustained enterprise growth and regional prosperity.
The Pillars make up the critical elements necessary for sustained enterprise growth and regional prosperity.
Build and promote a compelling story, ensuring the rest of the world understands the many assets and opportunities our region offers, making the region a magnet for talent and enterprises.
Create the most agile, educated, diverse, and experientially trained workforce in the country for high opportunity, high demand jobs.
Retool the talent supply chain to identify and advance high demand, high opportunity aptitudes earlier and produce more diverse and workforce ready graduates across the region.
Substantially increase the volume of high opportunity research conducted among the universities and enterprises in the region and ensure that the research is commercialized in the region.
Accelerate economic development through industry-led initiatives that foster enterprise growth, new startups, and the targeted recruitment of new enterprises to the region.
Align resources to support an economic infrastructure that ensures graduates remain here, enterprises grow here, the region becomes a magnet for enterprises and talent to relocate here, and that all citizens across the region prosper.
Develop cluster-specific state-of-the-art infrastructure and attract outside capital sources to enhance and advance innovation tied to enterprise development and workforce education.
Map all enterprises, business, government, academic, and innovation assets into a Single Source of Truth (EnterpriseKC Datasphere) to support strategy development and cluster-level decision support and measure and report results against objectives and return on investment.
We believe...
The growth of our regional economy must be defined by the growth in high value, high opportunity jobs.
The growth of the regional economy is highly dependent on generating more and new revenue from enterprises – those locally based firms that generate over 70% of their revenue from outside the region.
Our ability to increase enterprise capacity in the region is highly dependent on the availability of a workforce-ready talent supply chain – we must win the people game.
Our ability to increase gazelles in the region is highly dependent on the availability of sophisticated investors at each stage of an enterprise’s growth.
We drive opportunities out of real data accumulated through talking to real customers, which will create a single source of truth at both the cluster level as well as across the entire regional economy.
Regional economic development must take a standardized approach using the strategies depicted at the top of the Cylinder, which will allow for parallel actions across multiple clusters.
A Cluster Brain Trust for each cluster will draw people together with a common purpose and energize them around maximizing the potential of each cluster.
The best way to measure economic growth is by tracking the Regional Gross Enterprise Product (RGEP) – revenue generated by enterprises in the region and the Regional Enterprise Employment Index (REEI) – the trend in employment at enterprises in the region.
This effort must be business led and non-partisan and include Cluster Brain Trusts, academic institutions, and state and regional economic development entities, all working together with clarity, alignment, focus, and accountability.
