Update on state economic development at Gulf Coast Business Council meeting
A top developer visited the Gulf Coast today. Bill Cork is the executive director of the Mississippi Development Authority.
Cork joined coastal businesses for an update on the state’s economic development efforts. Also shared are the actions that led to the Magnolia state having large economic development announcements.
A perspective on the opportunities and challenges facing coastal Mississippi was also discussed. Cork said, “The Mississippi Coastal economy is one of the most important regions of the state. It’s great being here at the Gulf Coast Business Council, just giving an update to everything that’s been happening in the state and how the Coast plays a part in it. We’re very excited about some of the announcements here on the coast with PCC and the new Gulf Plant happening in Harrison County. We’re also talking about new site development and building a pipeline of great new opportunities for the future.”
A paper was presented by the Masters Leadership Program Class as well. The class spent the year studying how to create an ecosystem that supports tech start ups and entrepreneurs on the Coast. That paper saying:
1. Create an organization focused on coordination
We heard from many stakeholders that efforts too often happen in silos. To best use existing momentum to achieve the next level of success, the coast needs to ensure cooperation and collaboration amongst all the agencies, entities, and enterprises working for the same goals. More connections would improve opportunities. To assist with connecting key groups, our recommendation is that leaders create an organization tasked with facilitating and promoting collaboration, or more ideally, task an existing entity with this work. This entity would convene an advisory council and would assist entrepreneurs in communicating policy needs to local governmental entities. In the opinion of the class, the GCBC Foundation is an ideal home for such an effort.
2. Provide a package of incentives
Incentives targeting various stages of entrepreneurial development would support growth and attract both innovators and potential employees needed for an ideal entrepreneurial ecosystem. Scholarships and grants for those moving to, staying in, or returning to Mississippi after graduation could attract, retain, and repatriate the talent needed to build and sustain innovation. Corporate partnership programs could target specific innovation needs and support new ventures, while equity-based programs could assist start-ups with capital. Finally, sponsored launches could take current pitch competitions to the next level of expansion.
3. Implement a marketing strategy
Those of us who chose to live and work in Mississippi understand why it’s a special place. But we also know that one barrier to Mississippi’s development of an entrepreneurial culture is negative perceptions of our home state. An important piece of achieving continued success is counteracting those false impressions with positive narratives and our many success stories. We heard repeatedly how impressed innovators and individual partners are with our state once they come, so we have to get them to come. That’s why a robust marketing strategy is essential to achieving growth in targeted sectors.
4. Develop incubator and accelerator programs
Incubators and accelerators can foster growth and attract new, cutting-edge talent. We saw examples of this in action during our trip to Arizona, and we also heard from a highly successful local model: Gulf Blue Navigator, housed at USM, during our class sessions. Replicating similar programs for additional target areas that support existing anchor industries, such as aerospace and energy, can contribute to the goal of a more advanced culture of entrepreneurship.
5. Create entrepreneurial events
Finally, to further advance collaborative activities and to assist in positive messaging, the class recommends the creation of an annual event to bring together innovators already working in the coastal regions, as well as potential entrepreneurs looking for a location for their startup. We recommend consolidating existing expos and conferences to increase capacity and reach. The event would serve to both raise visibility of Coastal Mississippi successes and provide a venue for collaboration.
