Edmonton Economic Development Corporation 2013 - 2015 STATEMENT OF INTENT
introduction
OUR VISION
The decade ahead will be one where competitiveness will take on a whole new meaning in everything we do. Alberta is expected to continue as a high-growth jurisdiction in a low-growth world, making Edmonton a prime location for the attraction of business, investment and people. Global demand for resources will drive opportunities for capital expansion, while also attracting an aggressive assortment of new competitors in search of a share of the local market. These realities will have significant impact on our local economy, and the role of an effective economic development agency has never been more important.
Edmonton, Canada’s economic and entrepreneurial powerhouse: A great northern city filled with unlimited entrepreneurship, education and energy that is a beacon toward which people who crave opportunity will come.
Edmonton Economic Development Corporation (EEDC) is responsible for providing leadership to the economic growth strategy for Edmonton and the Capital Region, and will focus its activities in pursuit of the following outcomes:
OUR MISSION To inspire a culture of entrepreneurship, innovation and competitiveness that forever differentiates our city.
• Accelerated inflow of new business, investment and people; • Confident, authentic image/brand that is well marketed in target jurisdictions; • Competitive business environment that facilitates entrepreneurism, innovation and business expansion; • Resilient and diversified industry growth and employment opportunities; and • Informed, networked and engaged business and stakeholder community. With new leadership and a focused direction, EEDC will work alongside industry and stakeholders to ensure Edmonton and the Capital Region consistently outperform every major economic jurisdiction in North America over the next 20 years. The changes underway are significant, and success will require bold action. However, the rewards are filled with abundant prosperity, higher standards of living and burgeoning civic pride. The Statement of Intent clearly defines the strategic direction and priorities for EEDC. This document allows for opportunity and flexibility in an ever-changing environment, while still being absolutely clear about the expectation for performance and accountability.
OUR OBJECTIVE To ensure Edmonton and the Capital Region outperform every major economic jurisdiction in North America consistently over the next 20 years … no matter if the price of oil is $40 or $140.
WHO WE ARE AND WHAT WE DO
OUR GUIDING RESPONSIBILITIES
Edmonton Economic Development Corporation (EEDC) is a wholly owned entity of the City of Edmonton, governed by an independent Board of Directors and managed by an entrepreneurial team that clearly understands that our customers are Edmonton’s current and future business leaders and investors.
To be a successful and relevant public-facing enterprise, EEDC will be guided by the following responsibilities:
EEDC is responsible for providing leadership to the economic growth strategy for Edmonton and the Capital Region, with specific accountability for the following core functions: • Supporting industry growth and diversification • Stimulating entrepreneurism and innovation • Marketing the city image in target markets • Managing the Shaw Conference Centre • Boosting tourism, events and attraction • Enriching the Edmonton Research Park EEDC maintains responsibility for each of the above activities; however, it works in partnership with key stakeholders in the economic development system – specifically, the City of Edmonton, Edmonton International Airport, post-secondary institutions, the Government of Alberta, regional economic development agencies, Port Alberta, Productivity Alberta, Northlands and the Chamber of Commerce – to generate prosperity for industry and heighten the standard of living for Edmontonians.
• We must operate an efficient and effective group of businesses that provide value to the City of Edmonton and a gratifying return on investment of public dollars to taxpayers; • We must be a great employer that attracts outstanding people, and that models the way of innovation, transparency and accountability in the public service; • We must work in meaningful collaboration with the City of Edmonton and key stakeholders in the tourism and economic development systems, including our regional partners; • We must understand the needs of our customer – Edmonton’s current and future business leaders – and we must always be in the customer service business; • We must take a long-term view of economic growth to ensure our economy is resilient and sustainable, and creates an abundance of opportunity for future generations; • We must think big and be bold, to act with intention toward our priorities and to be accountable for producing results; and • We must always remember that we are stewards of the public trust, and with that comes a responsibility for both integrity and performance. These responsibilities articulate the expectations of EEDC from our Shareholder, our Board of Directors, the business community and from the citizens of Edmonton.
OUR DIVISIONAL APPROACH EEDC was established in 1993 through the amalgamation of four businesses – Shaw Conference Centre, Edmonton Tourism, Edmonton Research Park and Economic Development. Each entity had a significant contribution to the economic vitality of Edmonton, and together they aimed to achieve alignment, synergy and greater results for the city of Edmonton. Today, much has been learned about how assets, activities, leadership and culture can contribute to a productive economic development agency. Of critical importance is the necessity that we understand the potential and realize the performance of each divisional unit, as well as pay keen attention to the overhead that is shared between them. Accordingly, EEDC will be structured as a conglomerate of five operating divisions, each with its own expectation of performance and accountability. • Enterprise Edmonton • Edmonton Tourism • Shaw Conference Centre • Marketing & Communications • Corporate Services
Together, these divisions represent a scalable platform for driving the pillars of economic growth, and collectively they are aligned to achieve the following outcomes: • Accelerated inflow of new business, investment and people; • Confident, authentic image/brand that is well marketed in target jurisdictions; • Competitive business environment that facilitates entrepreneurism, innovation and business expansion; • Resilient and diversified industry growth and employment opportunities; and • Informed, networked and engaged business and stakeholder community. EEDC’s structure is scalable and nimble, supporting economic development initiatives at the various stages of development and will provide governance, leadership, and coordination as part of an efficient economic development system. As a result, we are organized to maximize operating efficiency, with proactive orientation and resource allocation along with clear exit strategies – for example the EEDC initiated Alberta Labour Program.
WHAT WE PLAN TO ACHIEVE The next three years need to bring about monumental change for EEDC and how Edmonton is positioned to the world. Our 2013 priorities (listed below) and our divisional objectives, goals, strategies and measures provide a clear Statement of Intent for the organization - online at www.edmonton.com/eedc.
EEDC 2013 Priorities
Edmonton Tourism • Have a VP of Edmonton Tourism in place by March 31st • Implement a performance-based relationship with an independent Destination Marketing Fund by June 30th • Establish greater alignment and dollar leverage with Travel Alberta by June 30th • Re-allocate resources in accordance with building our brand positioning and our target markets by June 30th Shaw Conference Centre
Executive Leadership • Complete the organizational restructuring necessary for greater accountability by March 31st • Attract the leadership team necessary to dramatically change the value delivered to the community by March 31st • Establish coordinated operating procedures with the City to deliver on The Way We Prosper by June 30th • Roll out a new performance system that focuses on responsibilities and accountabilities by December 31st Enterprise Edmonton • Have a VP of Enterprise Edmonton in place by March 31st • Re-establish engagement with the business community on industry-driven initiatives starting January 1st
• Explore a coordinated marketing and governance relationship with Northlands Expo Centre by March 31st • Reduce the operating subsidy required by the City of Edmonton by another 25% by December 31st • Establish 30th anniversary public engagement plan and SCC long-term strategy by September 30th Marketing and Communications • Establish connectivity with the City’s communications team to focus on civic self-esteem starting on January 1st • Re-focus our marketing efforts on building the Edmonton brand through stories by June 30th • Prepare EEDC with the capacity needed to implement the City’s Imaging Initiative by June 30th Corporate Services
• Spin out the Alberta Labour Program into a well-capitalized and independently managed entity by March 31st
• Reduce corporate overhead by 10% and implement a more transparent reporting process by December 31st
• Provide leadership and overall coordination to the entrepreneurial ecosystem by June 30th
• Increase the contribution and productivity of real estate assets in the Edmonton Research Park by June 30th
• Align activities around five industry clusters with defined industry growth plans by September 30th
• Implement a simplified financial reporting system by September 30th • Increase delivery capacity in finance and financial reporting by March 31st • Encourage the adoption of technology to ensure EEDC is a leader in innovation
HOW WE ADD VALUE TO OUR SHAREHOLDER
CONCLUDING COMMENTS
The Way We Prosper is a direction-setting document prepared by the City of Edmonton that sets out a new direction for economic development. Both the City of Edmonton and EEDC play instrumental roles in the attraction of business, investment and people, but at the same time each needs clear areas of responsibility and accountability. Based on cooperative discussions with the City of Edmonton, it is agreed that EEDC contribute to the economic development plan in the following seven (7) ways:
This Statement of Intent is intended to communicate the strategic direction of EEDC for the 2013-2015 period, with clear articulation of what will be achieved in the current year. The focus provided in the divisional plans and the current year priorities represent significant changes to the organization and how it connects with the business community. EEDC’s leadership team is enthused about what these changes bring, and is moving forward with united resolve.
• Marketing of the city’s image and economic, investment and lifestyle features of Edmonton;
The divisional structure presented focuses each operating unit on the objectives, goals, strategies and measures needed to build a high-performance business unit. This is a change from pursuing an abundance of new initiatives, and will allow for each division to focus on a new level of predictable performance. Our measures of success will clearly establish performance expectations and assist in building a performance-based culture.
• Converting expenditures on marketing into new business, investment and people attraction to the city; • Assisting in the growth, expansion and competitiveness of local businesses to intensify their activity; • Attracting tourists, events, meetings and conventions in ways that allow people to experience the city; • Promoting entrepreneurism and a diversified industry base that allows for long-term economic sustainability; • Networking people and ideas across the city in ways that connect people through relationships; and • Giving businesses and their employees reason to love and promote the city with pride and self-esteem. EEDC, as an arm’s length organization from the City of Edmonton, has the ability to take a long-term approach to economic development, yet still be relevant in the short term through the active engagement of industry leaders in purposeful initiatives. EEDC facilitates, develops strategies and priorities, project manages those priorities and produces deliverables desired by industry that progress an industry toward greater prosperity and the City of Edmonton toward a higher standard of living. These seven (7) roles provide EEDC with a platform for delivering significant value to the economic growth strategy for the City of Edmonton.
The changes underway in the Enterprise Edmonton division are significant, as they focus the organization back on economic development, industry engagement, northern development, diversification and entrepreneurism. The 2013 year will produce significant results amidst significant changes, but the organization is well on its way and industry is responding. Overall, the 2013-2015 period will be a transitional period towards building a highperformance economic development agency that is so very needed in today’s marketplace. The coming 2013 year will be a year of transition, new leadership, new processes and new accountabilities. Much work is needed. The world is watching. Let’s get to work.
For more information: www.edmonton.com/EEDC