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,- I��EN HILLS <br /> MEMORANDUM <br /> DATE: November 7, 2012 EDC Agenda Item 3.0 <br /> TO: Economic Development Commission Chair and Commissioners <br /> FROM: Jill Hutmacher, Community Development Director J N <br /> SUBJECT: Economic Gardening <br /> Background <br /> Economic Gardening is an approach to economic development which focuses on "stage two" <br /> businesses which are defined as businesses that are past the start-up phase, have 10 — 99 <br /> employees, and $1 to $50 million in annual revenue. Research has shown that most jobs are <br /> created by stage two businesses. Economic Gardening specifically focuses on stage two <br /> businesses which have high potential and steady growth and which sell goods and services <br /> outside of the region (in other words,they bring new money into the region from elsewhere). <br /> Pilot Programs <br /> Staff recently attended an Economic Gardening meeting organized by Ramsey County. At the <br /> meeting, representatives from Hennepin County described their recently completed and <br /> successful pilot program. Hennepin County selected 15 stage two businesses to participate. <br /> Each business received 50 hours of technical research assistance at no cost and attended monthly <br /> round table meetings with CEOs from the other participating businesses. The research assistance <br /> and the round table meetings were facilitated by the Edward Lowe Foundation, a non-profit <br /> organization which focuses on economic development and entrepreneurship. Participating <br /> businesses reported a high level of satisfaction with the program. <br /> Staff from several Ramsey County communities were in attendance at the meeting with Edward <br /> Lowe Foundation and Hennepin County staff and were intrigued by the economic development <br /> processes and techniques presented. Ramsey County will be considering whether a pilot <br /> program or cooperative program with Hennepin County could be organized. A Star Tribune <br /> article describing Anoka County's pilot program for Economic Gardening is attached. <br /> City of Arden Hills <br /> Economic Development Commission November 7, 2012 <br /> Page 1 of 2 <br />