Title:
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Approve and authorize the Chairman to execute the Corridor Master Services Agreement in the amount of $300,000 for the purpose of providing an industry cluster initiative crucial for fostering collaboration and innovation within the high-tech ecosystem in Seminole County. Countywide (Andrea Wesser-Brawner, Chief Strategy & Innovation Officer)
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Division:
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Innovation and Strategic Initiatives - Economic Development
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Authorized By:
Andrea Wesser-Brawner, Chief Strategy & Innovation Officer
Contact/Phone Number:
Andrea Wesser-Brawner/407-665-7223
Background:
In 2021, The Corridor established the Cenfluence program, an industry cluster initiative crucial for fostering collaboration and innovation within the high-tech ecosystem which resulted in research and evaluated clusters of interest to the region.
The Corridor assists in bolstering the Cenfluence program within Seminole County, further diversifying and strengthening the local high-tech landscape.
A variety of economic development performance standards are outlined in the Agreement, all related to the goal of supporting Seminole County with diversification and expansion of the local economy.
Performance standards include:
Enable onboarding of Seminole County-based companies to the Cenfluence initiative supporting high-tech economic development;
Maintain a database structure and update it to include new capabilities, assets, facilities, and accolades of cluster members and regional stakeholders in Seminole County;
Research and evaluate up to one additional cluster of strategic interest to Seminole County;
Execute services across clusters based on the Cenfluence framework (including but not limited to services such as: guidance on accessing existing regional assets and services, identification of national and international innovation opportunities, tailored business support, assistance with public funding opportunities, and promotion of cluster members and regional successes through cluster marketing and PR channels);
Share success stories of the clusters to reach regional, national, and international audiences;
Participate in regional innovation ecosystem collaborative activities and community building;
Provide quarterly reports which shall include, but not be limited to, key performance indicators, including total number of clusters (target: 5), total number of cluster members in each cluster, total number of cluster members in Seminole County (first year target of 15 companies, with an expected increase in onboarding rates in future years due to successes and awareness building within the Seminole County business community), and total number of cluster members overall (target: 175), total number of national and international opportunities identified for cluster members (targets: total number of national and international opportunities identified for all cluster members (targets: 50 opportunities identified, and $3.5M in tailored funding opportunities provided), total number of regional assets promoted to cluster members (target: 12), success stories of cluster members (target: 5), which may include pilot project opportunities, revenue growth, public or private funding obtained, staff and workforce growth, reach of marketing and PR efforts (website analytics, newsletter analytics, etc.) (target: 5000 impressions);
Provide monthly web conferences with the Economic Development Team sharing information on some of the above-mentioned KPIs;
Provide a verbal report to the Board of County Commissioners.
If approved, the budget will be allocated via Budget Amendment Request (BAR) in March using General Fund Reserves.
Funds are being allocated with consideration of the unexpended FY23 JGI/QTI budgets.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the Corridor Master Services Agreement in the amount of $300,000 for the purpose of providing an industry cluster initiative crucial for fostering collaboration and innovation within the high-tech ecosystem in Seminole County.