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14
Jan

WINDSORESSEX ECONOMIC DEVELOPMENT CORPORATION – WEEDC

WEEDC BOARD AND MANAGEMENT STEERS TOWARDS A MORE EFFECTIVE AND TRANSPARENT ORGANIZATION WHILE ACCEPTING POSITIVE 2015 RESULTS.

Members of the WEEDC Board of Directors held their first meeting of the year on Tuesday, January 11, 2016. Marty Komsa, Chair of the Corporation’s Board and Rakesh Naidu, Interim CEO are encouraged by the progress made recently.

“The Board continues to hear positive news about this past year and the future direction of the organization. Overall there has been a marked improvement in many of the 2015 organization’s metrics. This is an indicator that the Economic Development team is now well positioned to keep this momentum going to achieve 2016 organizational goals,”

– Marty Komsa, Chair of the WindsorEssex Economic Development Corporation.

The Board at its recent meeting approved a set of Board of Director’s objectives with three overall apparent themes: 

i) Regional Economic Development,

ii) Openness and Transparency and,

iii) Preparing the Organization for Future Successes.

 

ACCOMPLISHMENTS – 2015 BUSINESS DEVELOPMENT

NEW JOBS FACILITATED
In 2015, the total number of new jobs created through Business Attraction, Small Business Centre and Business Retention and Expansion is 942.

NEW INVESTMENT FACILITATED
The total amount of new investment to the Windsor-Essex region in 2015, through both public and private investment is $224,185,000.

NEW BUSINESS STARTUPS
There are over 130 new businesses that have recently established in Windsor-Essex, including businesses attracted to the region and businesses started by regional entrepreneurs through the Small Business Centre.

BUSINESS EXPANSION FACILITATED
The number of regional businesses expanding with the assistance of the Business Expansion and Retention team is 66.

YOUTH ENTREPRENEURSHIP
Supporting youth entrepreneurship is an important focus of the corporation. In 2015, the organization supported numerous entrepreneurs and through the programs and services offered by the Small Business Centre; a total of $185,000 was awarded to 36 startup companies.

ASSISTING LOCAL BUSINESS
In 2015, staff recorded 1,699 interactions that include, but are not limited to outreach, private consultation, marketing and communications, troubleshooting, trade shows, diversification, disaster planning and response, information gathering and corporate advocacy.

 

i) REGIONAL ECONOMIC DEVELOPMENT – 2016 PLANS

BUSINESS RETENTION AND EXPANSION (BRE)
The WindsorEssex Economic Development Corporation will enhance focus on BRE activities. New investment and job creation through local companies continues to bolster the regional economy. In order to improve this outcome, the BRE team will be further strengthened to make it one of the largest teams in the corporation. Outreach and assistance to local business will be increased. In addition to the 147 expansion files worked on in 2015, 12 files were added in the first two week of 2016. Goals are developed for 2016.

BUSINESS ATTRACTION (BA)
The WindsorEssex Economic Development Corporation is currently working on 21 high priority business attraction files in the following sectors: manufacturing, agri-business, ICT, energy, education, health, logistics and back office operations. The focus is on attracting small/medium/large business to the region to strengthen and diversify the economy. Two new positions will be hired to strengthen the Business Attraction team. Goals are developed for 2016.

SMALL BUSINESS CENTRE (SBC)
Already in 2016, the Small Business Centre has consulted with over 40 new and existing small business owners and over 30 workshops and events are scheduled for regional entrepreneurs. All of which, are delivered by experienced business professionals and cover business fundamentals, as well as intermediate and advanced business concepts and themes related to business planning, finance, sales and marketing.

Building upon the success of last year, where the Small Business Centre directly supported the launch of 36 youth led ventures and provided training, mentorship and micro-awards. We will be expanding our outreach to increase the number of youth entering our program streams – Starter Company, Summer Company and Futurpreneur. We are confident that these resources will have a positive impact and ensure we continue to attract and retain young, talented and entrepreneurial individuals in the region. Goals are developed for 2016.

 

ii) OPENNESS AND TRANSPARENCY

RENEWAL OF INTERIM CEO’S EMPLOYMENT CONTRACT
The WEEDC Board accepted the contract to extend the term of the current Interim CEO to June 30, 2016.

CEO SEARCH COMMITTEE
The Board has begun the process of forming a CEO search committee. The committee will be finalized at the February 12, 2016 Board meeting and will complete the search process by May 15, 2016.

DISCLOSURE OF SALARIES
The WEEDC Board will voluntarily disclose the salaries of all staff within the organization that meet the Sunshine List criteria.

QUARTERLY REPORTS TO FUNDERS AND PUBLIC
Quarterly information reports will be provided to funders and the general public and will be posted on the corporation’s website www.choosewindsoressex.com.

MONTHLY BOARD MEETINGS
The Board agreed to have monthly Board meetings for the next six months. In order to create a more transparent organization, the public and media will be invited to attend and observe with prior notice.

ANNUAL GENERAL MEETING
The 2015 Annual General Meeting will be held on June 8, 2016; time and location to be determined.

COMMUNICATION STRATEGY
The Board and administration will be developing and implementing a robust communications strategy highlighting our successes and positive accomplishments while maintaining the confidentiality of our clients.

 

iii) PREPARE FOR FUTURE SUCCESSES

STRATEGY CORP REPORT
The WEEDC Board has directed management to review and analyze the report submitted by Strategy Corp with the intention to implement recommendations and best practices.

OBJECTIVES & MANDATE
The WEEDC Board agreed that each year we will set clear and concise objectives that will mandate the Board and Administration into achieving specific metrics.

SERVICE AGREEMENTS
The WindsorEssex Economic Development Corporation is entering into discussions with the City of Windsor and County of Essex regarding a purchase of service agreement funding model. The service agreement will enable the City of Windsor and County of Essex to clearly define the expectations of the funders as well as provide a mechanism to measure the progress of goals and objectives. The service agreement will come into effect on June 1st, 2016.

IMPLEMENT A FINANCIAL ASSESSMENT/ACCOUNTABILITY REVIEW
To ensure the funders are receiving value for their investment, the Board will discuss during the 1st quarter of 2016 this item. Initial indications are this will be covered in the services agreement with the City of Windsor and County of Essex.

INTERIM CEO METRICS
The Interim CEO will provide metrics at the February 2016 Board of Directors meeting.

CEO REVIEW
The WEEDC Board will establish a clear and comprehensive CEO performance review process for future years.

DEVELOP STRATEGIC PLAN FOR 2017 AND BEYOND
A plan will be developed with input from the permanent CEO, staff and the WEEDC Board of Directors in the final quarter of 2016. It is imperative that the corporation considers the current business environment as well as identifies the future opportunities and initiatives to achieve sustained growth.

OUTREACH AND COLLABORATION
In an effort to improve the synergy and enhance collaboration, the corporation will continue to reach out to like-minded economic development-focused organizations in the region. The goal is to coordinate efforts to improve the regional economy through partnerships, resource sharing and alignment of strategic objectives.

The above information was released by the WindsorEssex Development Cooperation this afternoon. 

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Assistant Editor