Southern Indiana Business Report
BLOOMINGTON — Details of “A Region on the Rise,” the development plan intended to secure for the 11-county Indiana Uplands Region a share of $500 million in state money through the Regional Economic Acceleration Development Initiative, were made public Oct. 12 by Regional Opportunity Initiatives and Radius Indiana. The organizations crafted the plan and submitted it to the state on Sept. 30 on behalf of Owen, Greene, Monroe, Brown, Daviess, Martin, Lawrence, Dubois, Orange, Washington and Crawford counties.
The Indiana Uplands is one of 17 regions across the state vying for awards of up to $50 million of state funds to help local communities work together on advancing quality of place and quality of life, innovation, entrepreneurship and talent attraction. All 17 plans can be found on the Indiana Economic Development Corporation’s website by clicking here.
An IEDC review committee will evaluate each of the 17 regional development plans. In December, the committee will make funding recommendations to the IEDC board of directors. The IEDC will then award READI funding to selected regions to advance projects and programs.
Selected regions will be expected to provide a 4:1 match in support of projects and programs. This includes a required 1:1 match from local public funding and a recommended 3:1 match from private and philanthropic sources.
Details of the plan
A Region on the Rise showcases many of the regional development efforts implemented across the region’s 11 counties since 2012 and identifies a series of projects and programs that have the potential to catalyze transformational economic growth should the region be selected as a recipient of up to $50 million in funding through the READI program.
The plan identifies three key strategies to leverage and complement existing efforts to grow population and catalyze longer-term economic growth and community prosperity in the Indiana Uplands.
- Innovation and entrepreneurship: Scale and differentiate targeted industry clusters by supporting the growth of existing innovative firms and fostering the creation of new companies.
- Talent development, attraction and retention: Ensure that talent strategies are producing a talent pipeline that meets the demands of the Indiana Uplands’ targeted industry clusters and other private sector anchors.
- Quality of place: Invest in the types of quality of place amenities that will attract young knowledge workers, mid-career individuals and families; help the region retain its existing workforce; and draw workers back to the Uplands, bringing economic growth with them.
The process of crafting the plan
More than 270 potential projects and proposals were submitted by individuals, businesses and organizations for consideration in the Indiana Uplands plan. Through a process led by a 17- member steering committee with eight subject-matter working groups, a representative sampling of approximately 70 example projects and programs was included to illustrate how READI funding would accelerate economic development and population growth in the region.
A large coalition of regional stakeholders supported the development of the Uplands READI plan. Through regional listening sessions, working groups and focused conversations, hundreds of people helped to shape the plan that was ultimately submitted. TEConomy Partners helped to further define the plan by updating the region’s strategic plan for economic and community prosperity. Finally, the READI steering committee provided the leadership necessary to ensure the Uplands plan is demand-driven and regionally relevant.
“READI has allowed our region to acknowledge the incredible progress we’ve made, the challenges we have yet to 0vercome, and our aspirations for the Uplands,” said ROI President and CEO Tina Peterson. “As a region, our anchor institutions, stakeholders and communities have embraced READI as an opportunity to collaborate, reflect, envision and explore new ways to pursue our expanding momentum. The plan developed out of this process will magnify the potential of technology-driven industry sectors and key employers to attract talent, lead through innovation and compete globally. Ultimately, successful implementation of our plan will result in population growth as we create a region where people and organizations choose to live, work, play and invest.”