Economic Development At the coal face of

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Economic Development At the coal face of
Taranaki
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Taranaki

• We are here !
• Population circa 100,000
• Provincial location
• Major city New Plymouth
• TLAs New Plymouth, Stratford, South Taranaki

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Key industries
Oil/gas Dairying/processing Engineering Landmark
Mount Taranaki/Egmont
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Key Issues

• Population decline,
• Narrow economic base
• boom bust economic cycles
• Provincial location - off the radar/perceptions
• Lack of tertiary RD

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Venture Taranaki

• Delivery vehicle for regional development
• Concept One brand/one agency/one direction for
  the region
• Independent trust - external to Council
• Apolitical Board (no council reps)
• Budget - circa 4m (2004)
• Staff Circa 20

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Our Culture

• High standards, Quality, leading regional
  development agency
• Edgy, In your face be out there and make a
  difference
• Strong brand
• Credibility with leading businesses
• Balance foundation services with profile
  projects and shooting for the stars
• To progress a region you need to support and
  facilitate development but also challenge,
  inspire, lead and test boundaries
• Are we getting boring?/look outside the square

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Regional Development Focus

• Aka What business are we in?
• Sustainable growth/not community development/work
  schemes
• Encouraging traditional sectors.
• Fostering new sunrise industries.
• Encouraging a progressive attitude toward
  enterprise , innovation, export development.
• Broader than just business development.
• Infrastructure
• Encourage tomorrows leaders as well as today.
• Positive climate for growth

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Putting it into Practice .

• Some examples

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• MRI - Taranaki positioned as NZs Centre of
  Applied Engineering
• Building on one of our strengths Engineering
• Worked extensively with sector players.
• Engineering training, RD,export development.
• Collaboration between key engineering companies
  and local polytechnic
• Venture Taranaki is contract manager

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Project Managing Clusters
Education Taranaki, iTaranaki, Engineering
Taranaki, Oil Gas Technologies Smart growth
strategies Create momentum, noise, sector market
intelligence, EDA Hub Private sector champions
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Growth companies - priority clients

• Encouraging enterprise, innovation growth.
• Business health checks, RD grants,
• Fast Forward (NZ Pilot). , export club
• Mentoring, Startups, Rescues.

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Regional Intelligence

• Economic Monitoring
• Comprehensive business surveys.
• Updateable Web site
• Monitoring changes in the economy.
• Early detection of opportunities threats.
• Confidential briefings to key stakeholders.

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Sunrise Industries
Luxury Yachts
Defence
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Film

• The Last Samurai
• Warners movie
• 75 of scenes shot in Taranaki (Jan May 03).
• A spotlight opportunity for Taranaki.
• Developed a track record as a film location
• Downstream products services.
• Promotional opportunities eg gala evening

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Film

• Measuring national regional economic impacts of
  The Last Samurai.
• Significant positive economic social impacts
• Changed perceptions/generate pride/profile
  opportunities for Taranaki

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Infrastructurewhere EDA interventions can make
a difference .

• Broadband introduction.
• Aerial Cable Way feasibility study.
• Mount Taranaki walkway (northern circuit).

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Investing In Tomorrows Leaders

• Our entrepreneurs of the future
• Young Enterprise Scheme
• Global Olympics NZ hub for international
  competition/ linked to space station/NASA.
• Innovation Hub/Taranet online/video conference
  linkages for teaching.

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Entrepreneurial Opportunities
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• A fighting fund/capacity to identify
  opportunities, seize the day and maximise the
  benefits of unplanned initiatives.

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Issues ..

• Keeping to your business verses being
  everything to everyone.
• Maori economic development
• Immigration strategy (regions need
  skills/people)
• Tourism promotion product development
• Driven by the (via contracts/Govt)
  distraction from core business.
• Measuring economic development the true
  measures

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Results .

• Yes we do measure them .
• Method Shifted from outcomes to outputs.
• But lets face it hard work is never enough !
• Often the desired, meaningful outcomes are
  sometimes those less measurable or articulated.
• Stakeholder Partnerships,
• Perceptions, Pride, Confidence, Optimism
• Creating excitement, a sense of
  progress/momentum
• Making a difference playing a key leadership
  role in transforming a regional economy

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