Tracking the success of retention and startups
While the recruitment of new jobs to the region is the highest profile portion of the work undertaken by the Economic Development Authority of Western Nevada, it’s only one part of a three-pronged approach.
And the success of the other two prongs retention of existing companies and development of new entrepreneurial companies is far more difficult to measure.
In its newly developed strategic plan, EDAWN details how it will measure the success of the two difficult-to-measure programs.
Mike Kazmierski, the president and chief executive of EDAWN, says that retention of existing employers is the single most important task facing the region in the new term.
To track the success of the regional program under the direction of EDAWN Vice President Nancy McCormick, the economic development agency will count the new jobs created by existing local companies.
It also will measure the number of primary employers visited by EDAWN staff members, the number of critical issues faced by employers that are resolved, and the number of company-to-company relationships that it can foster.
Over the long term, meanwhile, Kazmierski believes the region’s ability to create a strong entrepreneurial culture is one of the keys to its economic success.
EDAWN hired veteran entrepreneur Doug Erwin to spearhead that effort.
Its success will be measured by the number of jobs created by startup companies in the region, the number of patents awarded to local companies and the ability of the community to establish a proposed $10 million community venture fund.
Over the past several months, chamber membership has skyrocketed from seven to more than 60 members, prompting the expansion to Northern Nevada.