Strategic Plan Refresh 2020 by edmontonglobal

strategic plan

Strategic Plan Refresh 2020 Edmonton Global’s inaugural five-year Strategic Plan was developed between September 2017 and May 2018, when it was approved by the Board of Directors. Since then, Edmonton Global completed the hiring of its full team, many of the foundational initiatives in the Strategic Plan were completed, a new provincial government was elected in Alberta and the national electoral map changed considerably following the federal election. The world is also experiencing a once-in-a-generation global pandemic, which has triggered a global economic recession and rapidly changing economic environment. Edmonton Global’s Board of Directors are acutely aware that a strategic plan is only as strong as the assumptions on which it is based, and that the driving assumptions for the strategic planning process must reflect not only the organization’s ambition, but also a realistic reflection of what it can achieve. Given all of this change, that presents new threats as well as opportunities, Edmonton Global’s Board of Directors felt it was a prudent time to assess the ecosystem, global markets and opportunities and the organization’s capabilities and resources against the inaugural Strategic Plan and to give it a ‘refresh’ to ensure laser focus and a clear path to the 2023 vision for Edmonton Global and transforming the economy of the Edmonton Metropolitan Region.

Collaborating Locally to Compete Globally Our economy and society have seen unprecedented change and upheaval as major global forces usher in a new era of disruption. But in disruption, there is also opportunity. Changes in the global economy present unique opportunities for the Edmonton Metropolitan Region in food production, health innovation, advanced manufacturing, energy, and Industry 4.0. By combining our strengths, leveraging partnerships and increasing our global competitiveness, we will usher in a new era of economic prosperity for our region and for generations to come. It is in this context, that the 15 municipalities in the Edmonton Metropolitan Region united around a shared belief: that our success is interconnected. The municipalities knew that they would not see success independent of each other, that they had to work together to attract investment. They believed by combining the best assets from each of their communities, that would be a compelling value proposition, and by telling that story together, in unison, it would be loud enough for the world to hear.

The Shareholders’ Vision for the Edmonton Metropolitan Region in 2023 The Edmonton Metropolitan Region is seen as an ideal place to invest with strong economic growth across the region, leading to strong communities. There has been a fundamental shift in the ability of all levels of government focused on what it takes to radically transform our economy and alignment across the ecosystem around a common goal. Everyone is supportive of the regional approach and putting our collective effort behind a common goal for the benefit of all businesses and residents across the region. All of this has resulted in a more diversified economy, including more value-added economic activity.

The Board’s Vision for Edmonton Global in 2023 Partners are more engaged and the economic development network is working cooperatively. There is a strong spirit of “collectiveness” across the ecosystem. By working together, the regional network has increased investment activity and landed deals in the region that add value and bring significant impact to the region’s economy. The world knows the Edmonton Metropolitan Region is a top location for investment and to grow a business, and Edmonton Global is the go-to organization for landing deals in the region.

How we work together to achieve our shared vision: Edmonton Global’s Role

Municipalities’ Role

Promote the region to the world

Champion the regional vision

Bring global investors to the region

Engage and understand the process

Act as a consistent point of contact for investors

Act as regional ambassadors

Coordinate the regional database

Share data and information into the regional database

Provide technical advice and assistance

Ensure staff resources and availability

Identify investor pain points and how to solve them

Continually improve investment readiness

Communicate with shareholders and partners

Identify and promote outcomes and success stories

Be an agent of the regional mindset

As a result of this ambition, Edmonton Global was created.

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Sectors

Priorities

Focus Sectors

Transportation & Logistics One of our biggest strengths is our integrated supply chain, linking air, rail, and road networks under our Inland Port. Port Alberta capitalizes on our strengths in transportation, logistics and global connectedness through attributes of our Inland Port’s Foreign Trade Zone.

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Advanced Education & Research Access to talented workers capable of supporting innovation is the key factor driving global competitiveness and our robust post-secondary, research and innovation ecosystem is an important part of our global value proposition.

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Enabling sectors are those sectors that provide key enabling functions to current and future regional economic development.

Enabling Sectors

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T E C H NOLOGY & INNOVAT ION

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A successful foreign direct investment attraction and trade strategy starts with focus. Edmonton Global used a data-driven approach to identify sectors where the Edmonton Region has a clear competitive advantage and then benchmarked our competitiveness against our competitors globally. Edmonton Global’s strategy targets investment and trade opportunities based on our Region’s core strengths in energy and clean technology, health and life sciences, manufacturing and advanced manufacturing, and food and agriculture. When opportunities in these sectors are connected to our region’s global strengths in technology and innovation – we can compete to win.

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Priority 1 – FDI & Trade

PRIORITY 2 – BRAND

Internationalize and grow the Edmonton Metropolitan Region economy by acting as a catalyst for foreign direct investment and trade.

Increase awareness and improve the perception of the Edmonton Metropolitan Region and Edmonton Global brands among key target audiences.

Desired Outcomes:

Key Initiatives:

• Increased internationalization of the regional economy.

• Attract foreign direct investment and trade leads in focus sectors.

• More foreign direct investment deals and increased value-added economic activity in the region.

• Convert opportunities to final investment decision through engagement with key target audiences.

• Increased employment and wealth creation in the region.

• Encourage expansion by existing foreign investors to increase value-added growth in the region.

• Edmonton Global is the “go-to” organization for the Edmonton Region to lead or assist with foreign direct investment and trade opportunities.

• Increased competitiveness of the region.

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Advance pro-investment policies at local, provincial and federal levels of government that will enable foreign direct investment attraction and trade and increase the region’s global competitiveness.

Desired Outcomes:

Key Initiatives:

• The Edmonton Metropolitan Region is seen as a top place to invest among key target audiences in focus sectors.

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Edmonton Global stakeholders and shareholders share the value of the Edmonton Metropolitan Region and Edmonton Global with key target audiences domestically and internationally.

• Promote adoption of a global mindset among regional businesses and stakeholders.

Key Success Measures: Number of successful final investment decisions (FID), value of FID (both jobs and capital), regional impact of FID.

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• Focus messaging on the Edmonton Region’s unique value to the global economy and supply chain. • Inform shareholders and stakeholders of Edmonton Global’s impact in a timely and regular basis. • Leverage partner marketing efforts to amplify the Edmonton Metropolitan Region’s and Edmonton Global’s brands.

Key Success Measures:

Increased valueadded activity in the region

Sales funnel growth and progression

Undertake strategic marketing initiatives that support increasing perception and awareness of the Edmonton Metropolitan Region and Edmonton Global among key decision-makers.

Improvement of region’s competitiveness benchmarking rankings

Gross regional investment dollars

Conversion rate of leads to final investment decisions (net new and expansion)

Increased sales funnel activity (attributable to marketing and communications initiatives)

Online engagement (i.e. downloads from website, social media engagement, usage of Edmonton Global’s marketing and communications materials by partners)

Improved awareness, understanding and support of Edmonton Global by shareholders

Quantity and nature of enquiries by influencers (media, intermediaries, partners)

Number of companies exporting

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PRIORITY 3 – PARTNERSHIPS

Leverage partnerships to sustain the long-term viability and success of Edmonton Global.

Desired Outcomes:

Key Initiatives:

• Active participation of the business community.

• Engage community and business leaders in the economic development process.

• Economic development partners and stakeholders are aligned around common goals and working together to achieve them. • Broad support for Edmonton Global among shareholders at the political and administrative levels.

• Work collaboratively with regional, provincial, national and global partners to internationalize and grow the Edmonton Metropolitan Region economy.

PRIORITY 4 – ORGANIZATIONAL EXCELLENCE

Be a learning organization focused on continuously striving for excellence.

Desired Outcomes:

Key Initiatives:

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• Use of technology, innovative approaches and data analytics to increase efficiency and organizational effectiveness.

Edmonton Global is a best practice model of collaborative economic development that is innovative, result-driven, constructively disruptive and transformative.

• Secure sustainable funding to deliver results. • Employ an entrepreneurial approach to economic development.

• Serve as a thought leader and resource to partners in delivering on shared international economic development objectives.

• Maintain a culture of continuous learning and improvement. •

Key Success Measures:

Movement of businesses from awareness to active participation

Shareholder satisfaction and support

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Create an environment where employees feel valued, embody Edmonton Global’s core values and are invested in the transformative change of the regional economy.

Key Success Measures:

Lead referrals from partners

Participation of partners in investment attraction activities

Partner satisfaction and support

Invitations to Edmonton Global to participate in collaborative initiatives of others

Funding ratio

Voluntary turnover rate

Talent attraction

Employee engagement

Partner and business perception of Edmonton Global

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Ecosystem Collaboration One of the founding principles of Edmonton Global is that the Edmonton Metropolitan Region is more competitive when municipal and economic development partners act together. Collaboration within the local, regional, provincial and national economic development ecosystem will lead to increased growth and successes not only for the Edmonton Metropolitan Region, but for Canada as a whole. Edmonton Global will collaborate with economic development partners, industry, business and institutions throughout each stage of the investment attraction process to collectively pursue opportunities that will lead to greater regional prosperity.

How Edmonton Global collaborates within the ecosystem to attract investment

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Values

1. Shared investment, shared value

Integrity We strive to earn trust through transparency and honesty. When faced with difficult decisions and hard choices, we do the right thing, even in the face of adversity.

2. Transparency and accountability 3. Respect for local autonomy

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The purpose of Edmonton Global is to radically transform and grow the economy of the Edmonton Metropolitan Region.

Collaborative Through collaboration we multiply our contribution. Together, we are stronger and can contribute more. Shared goals and mutual support lead to greater success than isolated work and individual focus. Empowered We deliver excellence through thoughtful initiative and proactive decision-making at all levels Transformative We are solutions-oriented and we take risks as we embrace new ways and drive change. As a team, we create positive impact in all that we do. Invested We are committed to and see our work as contributing to a cause greater than ourselves.

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