MEMO TO: Mayor and Members of the City Council
FROM: Erika Vandenbrande, Director, Planning and Community Development
DATE: October 16, 2018
SUBJECT: Briefing of Eastside Economic Development Partnership Activities - Innovation Triangle and Startup 425
I. RECOMMENDED ACTION
recommendation
Staff will provide an update to Council on the eastside economic development partnerships and support formalizing the program through a memorandum of understanding.
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II. DEPARTMENT CONTACTS
Erika Vandenbrande, Director, Planning & Community Development 425-556-2457
Jill Smith, Manager, Economic Development & TDM 425-556-2448
III. DESCRIPTION/BACKGROUND
This staff report is to update City Council on Redmond’s participation in two eastside economic development partnership programs - Innovation Triangle and Startup 425. By partnering with neighboring cities with whom we share economic similarities, and by pooling our resources, we can be more affective promoting our region, as well as serving our local business community.
Program: Innovation Triangle
Innovation Triangle is an eastside economic development marketing program with a focus towards recruiting and retaining businesses in the information, communication, and technology sector. The program is a partnership of three eastside cities - Redmond, Bellevue and Kirkland.
Achievements in the 3-years:
• Assembled a partnership of three cities who together create a global center for technology development including over 50 corporate headquarters, 100+ international firms, and a highly educated workforce.
• Established a shared marketing brand, including print and online marketing tools. www.InnovationTriangle.us <http://www.InnovationTriangle.us>
• Annually promoted the eastside at four national conferences/tradeshows with a focus on technology and space.
• Hired a lead generation service to curate 25 prospective qualified business leads.
• Provided personalized regional assistance to businesses expanding and relocating on the eastside.
Program: StartUp 425
The StartUp 425 program provides education and resources to entrepreneurs and small businesses. The program is a partnership of five eastside cities - Redmond, Bellevue, Kirkland, Issaquah and Renton.
Achievements in past 18-months:
• Secured partnership with King County Library System who provides meeting space and SCORE who provides the curriculum and instructors for over 50 workshops per year.
• Established a shared marketing brand, including print and online marketing tools. www.Startup425.org <http://www.Startup425.org>
• Provided free to low-cost training through the “Foundations” workshop series on topics such as ideation, marketing, business plans, licensing, financing, etc.
• Provided workshops on exporting for mid-stage businesses.
• Provided one-on-one mentoring through the Small Business Development Center (SBDC).
IV. PREVIOUS DISCUSSIONS HELD
|
Date |
Action/Committee Presentation |
|
January 3, 2017 |
2017-2018 OneRedmond contract approval. |
|
February 14, 2017 |
Economic Development update presentation, Council Study Session |
|
December 5, 2017 |
2017-2018 OneRedmond contract amendment approval. |
V. IMPACT
A. Service/Delivery:
With support from City Council, a Memorandum of Understanding with the cities of Bellevue and Kirkland to continue the eastside economic development partnership.
B. Fiscal Note:
Commitment of $25,000 per year (50,000 total 2019/2020 biennium). Funding source will be the Port of Seattle Economic Development partnership grant program identified in the Economic Development budget offer.
VI. ALTERNATIVES TO STAFF RECOMMENDATION
Discontinue participation in eastside economic development partnership programs.
VII. TIME CONSTRAINTS
None.
VIII. LIST OF ATTACHMENTS
Attachment A: Economic Development Update