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New Kane County economic-development corporation hires feasibility consultant and eyes marketing strategy
Summary
Founding EDC board members reported hiring a campaign consultant to test private-sector fundraising capacity, planning a marketing firm search, and considering bylaws, board size and investor thresholds.
John Grueling, founding board member of the Kane County Economic Development Corporation, told the Jobs Committee on July 11 that the fledgling organization has begun work on financing and marketing.
"We have virtually almost 90% attendance at every meeting," Grueling said, describing a busy early schedule for the seven-member founding board. The board has hired Convergent to conduct a feasibility study that will interview private-sector prospects and estimate how much the community might be willing to contribute to sustain the EDC beyond its ARPA seed funding.
Convergent’s consultants are expected to spend several weeks interviewing managers and executives; Grueling said the consultant’s target is several dozen companies and that the EDC’s preparatory list includes about 175 potential prospects. The consultant will prepare a report for the EDC board identifying whether private-sector interest exists and, if so, what a target fundraising amount might be. Grueling said the board may then hire the consultant to run a yearlong campaign to secure pledges.
The board is also considering hiring a marketing firm to craft the EDC’s positioning to businesses in domestic and international markets; staff said findings from the fundraising interviews will help shape marketing priorities.
Committee members asked about initial fundraising and board-investor expectations. Officials said draft bylaws currently allow up to 21 board members and that a proposed minimum investor contribution for board membership is $5,000 per year, though the current founding board members had not yet made those investments.
No formal vote to adopt bylaws, set membership fees or launch a public campaign was taken at the meeting. Grueling said the feasibility report will be presented to the EDC board and will inform next steps.
