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Advance Now: Madison Region's Strategy for Economic Growth is a comprehensive, action-oriented regional economic development strategy that will systematically move the Madison Region's economy forward. The eight-month development process will engage citizens, as well as public- and private-sector leaders from throughout the region, to define a shared vision for sustained economic growth. The project will culminate in a detailed implementation plan that includes tangible performance metrics, capacity assessments, and one-to-five year action plans.
The Opportunity
In many ways, The Madison Region is poised for tremendous success. We enjoy an exceptional quality of life, paired with assets in research and innovation, natural resources, and an educated, creative workforce.
The Challenge
The region's assets have not translated into widespread economic prosperity and job creation. Although the region has historically benefited from a strong economy, we are falling behind on the road to economic recovery.
- The Madison Region was outpaced by four of five peer regions in employment and business growth, and our per capita income is dropping at a higher rate than our peers. (Thrive's 2010 State of the Madison Region Report)
- Wisconsin ranked #43 in Forbes' 2010 Rankings of the Best States for Business.
- The Madison MSA ranked 327 out of 392 nationwide for projected employment growth through 2014. (Moody's)
- The state ranked #42 for new firm creation, #28 for entrepreneurial activity, and #25 in venture capital investment. (Wisconsin Taxpayer's Alliance; The Kauffman Foundation; National Venture Capital Association)
The Context
In light of today’s global marketplace, our fragmented economic development model has become outdated. Advance Now will build a comprehensive action strategy to unify the more than 90 separate economic development plans already in place throughout our region. This roadmap will help our region prioritize and support the most promising growth industries enabling us to better compete on national and global scales.
The Goal
Advance Now will position the Madison Region as one of America's leading job creation engines and most livable communities. It is our goal to build a world-class business infrastructure as seriously as we invest in our quality of life. To this end, we'll focus on such outcomes as business retention and expansion, sector development, and capital attraction.
The Strategy
With outcomes built specifically for the Madison Region and tied to economic drivers, the strategy will recognize assets using data sources and feedback from key constituencies to define what our region will be known for globally. In addition, the strategy will enable Thrive to obtain a federally-approved Economic Development District (EDD) designation for the Madison Region, creating funding opportunities such as seed money for revolving loan funds, planning grants, and infrastructure funding.
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