Bring in the Business
Brooks asks stakeholders for guidance
With 30 years of economic development experience and previous work with major universities, James Michael “Mike” Brooks started his new job as the city’s economic development director and president of REDI Inc. in mid-July.
Brooks will be paid an annual salary of $120,000 and receive performance-based compensation if specific economic development objectives are met. The objectives include planning and executing strategies for attracting new businesses and encouraging start-up companies as well as expanding and retaining existing businesses.
Brooks had been working in Indianapolis as president of the Indiana Health Industry Forum, a membership-based nonprofit organization that focuses on statewide economic development opportunities within the health industry and life science economy.
He previously was the vice president for research and economic development at Utah State University and president of the Economic Development Corporation in Lafayette, Indiana.
CBT staff writer Mina Mineva talked with Brooks in his office during his second week on the job. (The Q&A has been edited for clarity and length).
CBT: What are your initial impressions of Columbia?
Brooks: It’s a beautiful community. Columbia and Boone County exceed any expectation I would have as a place to live and enjoy life’s occupation. The community reminds me of a place that I spent earlier in my career, Bloomington, Ind., which is the home base of Indiana University. (There are) a lot of similarities between Columbia and Bloomington. I enjoyed my tenure in Bloomington, so the opportunity to have that kind of experience here in Columbia is really special.
CBT: What are some of the similarities between Bloomington and Columbia?
Brooks: The communities are similar in size. Columbia is larger, but they are similar. They are both located in a geographic area where rocks and rolling hills are part of the topography. Bloomington is located 30 minutes from a large lake, while Columbia is about an hour from a very large lake. The strength of the university as a driver for the local economy certainly makes for a lot of similarities. The strong interest in the community to create a high quality of life is another similarity.
CBT: What impressed you the most about Columbia?
Brooks: It was the combination of the university community and the diverse economy. It seems to me there is great opportunity here to continue to build onto the work that has already gone before me as it relates to strengthening the local economy. That was a large driver … (Columbia) is close enough to major cities that you can get there and enjoy the amenities that come from the major cities, but you are far enough away that you can have the identity of the local community.
CBT: Have you already picked a place to live?
Brooks: We have. We are closing on a house next Tuesday (July 28). It’s in the Bellwood neighborhood.
CBT: What does your wife, Kitty, think of Columbia?
Brooks: Similar to me, she is excited about the opportunity. It’s a community that has a great quality of life. Kitty has a particular interest in the arts. She is excited about what she has seen and how the community supports the arts.
CBT: What have you done and what will you be doing to develop the economic development strategy for Columbia and Boone County?
Brooks: The first steps are to get out and meet the stakeholders in the economic development community, such as local government officials and people within the university. There is a wide range of stakeholders, as you might guess. Before I feel comfortable having a discussion about a strategic direction, it’s really important that I get the foundation and knowledge about the community – how others see Columbia, what others see as some of the opportunities going forward, what some of the challenges are…
It all obviously also depends on the board of directors. We should never lose sight of the fact that REDI is a nonprofit corporation, and we have a lot of good directors who put in their time to help make this a better community from an economic perspective.
We can convene folks here in the community to take a look at what direction we should be putting our emphasis on and what we should be doing within those emphasis areas. Rather than being presumptuous, I think that it is really important as a not-for-profit corporation that we should do things as a group working together.
CBT: Do you already have in mind a couple of areas to look at specifically?
Brooks: It all revolves around three fundamental base pieces. In economic development, you have one: how to recruit new business. Within that area of discussion, you’ve got the opportunity to look at what the clusters are you would like to focus on and what the opportunities are, and the strengths the community has that provide a greater opportunity in this area versus that area.
The second area is the retention, expansion of existing companies. So often, economic development organizations do not spend the time and effort necessary to support the companies that are invested in the community, employing people and working to make the economy strong. I think it’s really important that … we support these companies…It is important that we understand these companies, what those companies’ needs are, and where there are opportunities.
The third step of this stairwell is the entrepreneurs. That I refer to as the organic growth piece, where you are not dependent on decisions made elsewhere but, rather, you are focused on how to create new enterprises, new companies. Some of those efforts will obviously focus on the university and the opportunities that come from commercializing technology from the universities.
Some of that comes from the hope and trust we find in our students who, instead of going to work for some large corporation, say, “You know, I would really like to create my own company.” I think there is a lot of opportunity in that area. This whole area of entrepreneurship is an important one, and the university will play a role in that effort, or at least I certainly hope it will.
But, it’s more than just those three pieces. You need to focus on the infrastructure that is necessary to make those things happen, such as working with development, site development, land and buildings. There may be questions about transportation or things that communities need to have to support various kinds of economic development opportunities.
CBT: How long do you think it will take you until you get a hold of things?
Brooks: I was at a lunch meeting today, and 95 percent of the things I heard I knew nothing about. Out of that 95 percent, I could translate my previous experience to almost all of it. You walk into a meeting, and you understand the 50,000-foot level of understanding, but you also need to get the nuts and bolts, such as who is involved and what role they play. It is such an important part of the requirements to be successful, but it just takes time.
CBT: What kind of data do you look at to gather an understanding of Columbia’s economy?
Brooks: The fundamental stuff, such as population, demographics, earnings that are in the community and disbursement of jobs across the various sectors. This is the starting point. There is more information than any one person can pull in. You look at where the research dollars are coming in. I’ve got a spreadsheet that I created, and it’s got about seven worksheets. Each has a different source of data, such as the Bureau of Economic Analysis, Census and Department of Labor.
CBT: In your opinion, what are Columbia’s biggest strengths and weaknesses in attracting more jobs and new business?
Brooks: The university has to be mentioned as a strength. I think proximity, the location between St. Louis and Kansas City. The basis of the economy, the drivers of the economy here, are a real asset.
CBT: What about weaknesses?
Brooks: There is no place that does not have weaknesses. This is not a statement that there are no weaknesses, but I’d really rather get more insight to understand what are some real weaknesses versus simply opportunities not being developed.