08 - PEDC Approved Plan of Work FY 2023-2025

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STRATEGIC INITIATIVE III: CULTIVATE AN ENTREPRENEURIAL ECOSYSTEM STRATEGIC CHALLENGES: More than 80% of all new net jobs are created by existing businesses and startups, prioritizing the need for robust programming in entrepreneurship. • The PEDC does not have formal programming in entrepreneurship. The PEDC supported an incubator that launched in 2010 but closed shortly thereafter following lack of unified vision on programming. STRATEGIC ACTIONS: 1. Determine the needs, opportunity areas, and challenges of existing startups. 2. Coordinate with the Small Business Development Center and Paris Junior College on understanding current resources and partner roles in assisting startups and determine opportunity areas for PEDC programming. 3. Serve as the central point of contact for startups and entrepreneurs seeking to launch a business in Paris or Lamar County. 4. Assist entrepreneurs and startups with locating space in Paris and navigating City ordinances. 5. Coordinate with the SBDC and other partners to determine needs for Startup bootcamp and other activities that foster entrepreneurship. 6. Seek opportunities to connect entrepreneurs with existing industry and or mentors. 7. Connect entrepreneurs with funding sources including lenders, angel investor groups, SBA, revolving loan funds, etc. 8. Record and track all confidential business intelligence in a CRM database to maintain data and determine trends that will inform leadership and programming. STRATEGIC INITIATIVE IV: SUPPORT WORKFORCE DEVELOPMENT PROGRAMMING STRATEGIC CHALLENGES: • The most common challenge reported by industry is lack of skilled workers. While this is not unique to Paris, it is a challenge that remains at the forefront of conversations with industry. • Since 2020, the PEDC has supported the creation and retention of 1,045 jobs which has increased the demand for skilled workers. • The demand for skilled workers is greater than ever prioritizing the need for upskilling, developing programs to strengthen talent pipelines via education institutions and partnering with education institutions on training and certifications for high demand occupations. STRATEGIC ACTIONS: 1. Participate in local, regional, and state initiatives that address workforce development initiatives. 2. Facilitate or support programming that creates opportunities for apprenticeships, internships, plant tours, career days, job shadowing, and more. 3. Coordinate with Paris Junior College, A & M Commerce, and the ISDs to create connections between employers and job seekers through career fairs, jobs website, and more. 6 — PLAN UPDATE 6/2023