Excerpted from Wisconsin State Journal
by Judy Newman

The Coca-Cola Co. has chosen Virent Inc., a Madison company working on renewable fuels, as one of three companies to help the soft drink giant provide plastic bottles made entirely from plants, not petroleum.

Coca-Cola and Virent have signed a “multi-year, multi-million dollar” agreement that Virent officials will only say is “very sizable.” No dollar figures are being disclosed.

“This is a great day for Virent. It shows that we can get our technology in front of these ‘tier one’ type of companies. They understand what we’re doing and they want to work with us,” said Randy Cortright, chief technology officer and Virent co-founder.

Read the full article

Today, Jennifer Alexander makes the announcement that 2012 will be her final year as President of MadREP and the Greater Madison Chamber of Commerce. The timing of her decision to depart at the end of next year makes sense for both organizations as we prepare to implement Advance Now: Madison Region’s Strategy for Economic Growth.

Looking out a full year allows for a smooth transition for both MadREP and the Chamber, and gives us the ideal opportunity to have strategy drive form.  MadREP will have many public- and private-sector implementation partners from across the Madison Region for Advance Now, including the Greater Madison Chamber. What shape that takes and how it affects the work of both MadREP and the Chamber will be determined by the Advance Now strategic development process.

Therefore, it seems like the right time to bring the MadREP and Chamber boards together to revisit the mission and governance of both organizations. Our leadership is committed to achieving the regional collaboration and public/private participation necessary to successfully launch and implement the Advance Now strategy. This joint board discussion will take place in early February and decisions made at this meeting will then guide the leadership search process.

Jennifer plans to stay deeply engaged in the development and implementation of Advance Now while overseeing this leadership transition.

Excerpted from Janesville Gazette
by Jim Leute

Janesville appears to have more momentum than two other Wisconsin cities to land a medical isotope manufacturer and 100 or more high-paying jobs.

Greg Piefer, founder and chief executive officer of SHINE Medical Technologies, said Tuesday that his company has not committed to a site in Janesville, Stevens Point or Chippewa Falls for the $80 million start-up operation.

“But we’ve been working awfully hard with the city of Janesville to put together something that might put us there,” Piefer said.

At the moment, that “something” involves the city considering the purchase of 84 acres of farmland on the city’s south side. The city has an option to buy the land, but that option expires Dec. 31.

The city’s plan commission on Monday recommended that the city council buy the property, which is expected to cost about $1.5 million. The majority landowner is Art Donaldson, and Randy Hughes owns a small portion.

The council is expected to take up the issue as early as Monday.

Vic Grassman, the city’s economic development director, said SHINE and other companies have expressed an interest in the parcel, which sits just across Highway 51 from the Southern Wisconsin Regional Airport.

Buying the property is consistent with the city’s comprehensive plan and the council’s industrial development policy because it would help retain existing businesses or attract new ones, Grassman said.

Read the full article

Excerpted from Wisconsin State Journal
by Judy Newman

Spectrum Brands Holdings is getting a $4 million forgivable loan from the Wisconsin Economic Development Corp. to keep nearly 500 jobs at its Madison offices and to invest in its Wisconsin operations over the next five years.

It is the largest forgivable corporate loan issued so far by the WEDC, which began operating July 1 as a replacement for the state Department of Commerce.

“It’s about securing those companies and their jobs that have built these communities,” said Paul Jadin, WEDC chief executive officer. “Gov. Walker was very involved with (Spectrum Brands’) leadership throughout this process, as well.”

Terms of the deal require Spectrum Brands to maintain at least 470 full-time jobs at its corporate headquarters and technology center in Madison through Sept. 30, 2016. The company also will have to spend at least $40 million on equipment or building improvements by the same date.

If it meets those standards, Spectrum Brands will not have to pay back the $4 million or interest from the seven-year loan but it will have to reimburse the agency for the $80,000 origination fee.

Read the full article

MadREP released the Advance Now Competitive Assessment November 10 at a Community Leadership Summit attended by nearly 200 regional leaders and residents. The Competitive Assessment provides a detailed look at the Madison Region’s demographic, socioeconomic, and economic trends in recent years.

Researched and written by consultants from Atlanta-based Market Street Services, the Competitive Assessment outlines the region’s competitive position as compared to the metro areas of Austin, Texas; Des Moines, Iowa; and Lincoln, Nebraska, as well as the state of Wisconsin and the nation. These quantitative findings are paired with qualitative research consisting of 1,537 responses to a community-wide survey, 12 focus groups, and 12 one-on-one interviews with key stakeholders from throughout the Madison Region. 

After hearing a presentation by Market Street Services, Summit attendees engaged in small group discussion and indicated the following key opportunities and challenges (in the categories of People, Prosperity, and Place) as priorities for the Advance Now Strategy.

PEOPLE
Opportunities:

• Graduate output and talent attraction associated with UW–Madison and other post-secondary institutions ensure a robust talent pipeline.
• Regional confidence in K–12 education is strong. Over 84 percent of survey respondents agreed that parents, community, and business leaders have a commitment to quality, public K–12 education.
• Minority residents are the fastest-growing portion of the regional population, and international in-migration is the largest source of new residents moving to the Madison Region.

Challenges:

• Educational attainment varies widely. Some counties have high rates of secondary degree attainment, while others have high shares of adults without a high school diploma.
• Poverty rates grew faster between 2005 and 2009 in the Madison Region than in most of the comparison geographies.
• Regional per capita income is below the national average and growing more slowly than peers.

PROSPERITY
Opportunities:

• Between 2005 and 2010, employment increased in the Madison Region at a faster rate than at the national level in the following sectors: information; professional, scientific, and technical services; educational services.
• Innovation in the region is dominated by the University of Wisconsin–Madison, which outpaces all competitor regions’ research universities in R & D expenditures.
• Between 2005 and 2010, average annual wages grew faster in the Madison Region than any other benchmark geography.
• Madison MSA had the second highest patents per 10,000 employees in 2010 (12.2), behind Austin (32.2).

Challenges:

• Average annual wages still lag peer and national averages
• Access to capital is difficult for entrepreneurs and small businesses. Fewer loans are reaching the Madison Region, and more businesses are entering bankruptcy. Venture capital is recognized as under-actualized.
• The Madison Region’s small businesses have shown slow or negative growth, as opposed to positive growth patterns in comparison metros. In addition, the region experienced negative growth in business establishments of all sizes.

PLACE
Opportunities:

• Health care access is extensive and quality is world-class. The Madison Region boasts more physicians to residents than any other comparison geography; it also has a comparatively low proportion of uninsured residents.
• The Madison Region boasts extensive quality of life sites, events, and assets that make it a highly attractive place to live and visit. Madison’s quality of life assets are frequently cited in national rankings.
• The region boasts a unique blend of rural and urban landscapes, both easily accessible for work and play.

Challenges:

• Cost of living – especially health care – is higher than the national average in the Madison metro.
• The Madison Region is behind Wisconsin and the United States in terms of access to DSL and cable broadband.
• The Madison metro’s housing prices are the highest and fastest growing in the region and are pricier than any of the comparison geographies.

The Competitive Assessment report marks the completion of the first development phase of Advance Now: Madison Region’s Strategy for Economic Growth. The Competitive Assessment Executive Summary and Full Report are both available for download at advancenow.madisonregion.org/research-and-reports.

The process now moves on to the second phase – the Target Cluster Analysis and Marketing Review. The Target Cluster Analysis will draw on Phase I research and input to provide a look at the Madison Region’s economy that goes beyond traditional measures of current and potential future economic activity. The Marketing Review will assess the region’s image among national site location professionals and identify best practice economic development marketing programs across the country. These Phase II reports will be completed in mid-December.