Charting the Future

Facing the ramifications of a new economy, the Northern Kentucky Tri-County Economic Development Corporation (Tri-ED) has commissioned an extensive study by an Atlanta-based consultant to help chart the future of the area’s economic development.

“The study, a Benchmarking and Target Industry Analysis (BTIA), was launched earlier this month and will be used to help plan the organization’s services, focus and the types of businesses to attract to Northern Kentucky,” said Tri-ED President and Chief Executive Officer Dan Tobergte.

“With the changed environment, as it relates to both the national and regional economy, we recognize a need to reassess our focus,” Tobergte says. “The results of this study will drive how we plan for, pursue and retain business in Northern Kentucky over the next five years.”

The study, conducted by Kate McEnroe Consulting, will focus on three areas.

Tobergte says that McEnroe, a veteran analyst who spent 20 years identifying optimal new regions for corporate customers, will conduct a “SWOT” analysis — an examination of strengths, weaknesses, opportunities and threats — of the region in regard to business retention and start-ups, as well as attracting new businesses to the area.

Her study will also include a targeting analysis of industry already in the area, looking at business expansion trends and what industry sectors Tri-ED should look to add to the local economy.

Finally, the BTIA will look at Tri-ED itself.

“In this case, we won’t be looking at ‘product’ as much as we’ll be looking at ‘process.’ We’ll be looking at how Tri-ED accomplishes its mission versus other economic development organizations and the way they go about their missions. We’ll be looking at what they’re having success with, what’s state-of-the-art and how Tri-ED can use that information to its advantage,” McEnroe says.

McEnroe Consulting is highly regarded for helping chart economic development nationally, including studies for the New York State Economic Development Commission, the New Jersey State Chamber of Commerce, the Nashville Chamber of Commerce, the Delta Council in Mississippi and South Bend’s Project Future in Indiana.

The firm has already begun work on the study, and expects to deliver a final report by the end of May. The firm will also remain a consultant to Tri-ED for the next year.

The study will be the community’s first self-exam since 2004, when it commissioned a high-tech readiness study with AngelouEconomics, Inc. That study is credited with directing Tri-ED to some of the region’s biggest economic wins, including the attraction of the headquarters of Toyota Boshoku America in Erlanger, Perot Systems’ data center in Florence and the new DEFENDER Direct call center in Newport, while spurring development of Northern Kentucky University’s College of Informatics, which will open its new home, Griffin Hall, this fall.

Chip Wood, Duke Energy’s Vice President of Community Relations and Economic Development in Ohio and Kentucky and chair of Tri-ED’s Benchmarking and Target Industry Analysis Task Force, says the study was in the works even before the recent economic downturn, but comes at an important time.

“It makes sense to take a step back and do an assessment occasionally,” Wood explains. “Given the economic outlook, I think — unfortunately — everyone’s resources will continue to be limited. The BTIA will allow Tri-ED to get the biggest ‘bang for the buck’ for Northern Kentucky.”

SOURCES: Dan Tobergte, President and CEO, Northern Kentucky Tri-ED; Chip Wood, Vice President of Community Relations and Economic Development, Duke Energy; Kate McEnroe, Owner, Kate McEnroe Consulting.