Maui Economic Development Board, Inc. (MEDB) Market Research Report

Background

Overview

Established in 1982, the Maui Economic Development Board, Inc. (MEDB) is a private, 501(c)(3) nonprofit organization dedicated to fostering a diversified and robust economy in Maui County, Hawaii. MEDB collaborates with businesses, government entities, educators, and community leaders to implement initiatives that promote economic growth and resilience.

Mission and Vision

Mission: To lead and inspire innovation in business, education, and community.

Vision: Lives fulfilled in a vibrant economy.

Primary Area of Focus

MEDB focuses on diversifying Maui County's economy by supporting sectors such as information technology, renewable energy, healthcare, and agri-technology. The organization emphasizes environmental stewardship, cultural appropriateness, and social equity in its initiatives.

Industry Significance

As a leading economic development entity in Maui County, MEDB plays a pivotal role in shaping the region's economic landscape by promoting sustainable growth and innovation across various industries.

Key Strategic Focus

Core Objectives

Economic Diversification: Expand Maui County's economic base beyond traditional sectors like tourism and agriculture.

Workforce Development: Equip residents with skills aligned with emerging industries.

Community Engagement: Foster collaboration among diverse community groups to drive economic progress.

Specific Areas of Specialization

STEM Education: Through the STEMworks™ program, MEDB engages students and educators in science, technology, engineering, and mathematics to build a future workforce.

Business Assistance: Provide support to startups and existing businesses in sectors like information technology, renewable energy, and healthcare.

Community Development: Coordinate initiatives like the Comprehensive Economic Development Strategy (CEDS) report to guide regional economic planning.

Key Technologies Utilized

MEDB leverages advanced technologies in its programs, including high-performance computing and digital platforms, to support business development and educational initiatives.

Primary Markets or Conditions Targeted

MEDB targets emerging industries and sectors within Maui County, focusing on areas with high growth potential and the capacity to diversify the local economy.

Financials and Funding

Funding History

MEDB's funding comprises government grants, private foundation grants, conference fees, and annual membership contributions. In fiscal year 2023, the organization reported total revenues of $6,751,092 and expenses of $5,668,592.

Recent Funding Rounds

In November 2024, MEDB received a $600,000 grant from the U.S. Department of Commerce's Economic Development Administration to support advanced manufacturing and economic capacity building in Maui County.

Notable Investors

Funding sources include federal and state agencies, private foundations, and individual donors.

Intended Utilization of Capital

The capital is utilized for program development, workforce training, business assistance, and community engagement initiatives aimed at economic diversification and resilience.

Pipeline Development

Key Pipeline Candidates

MEDB's pipeline includes programs like STEMworks™, which engages students in STEM education, and the EMER-GEN™ program, which accelerates the commercialization of technology centered around Hawaii's space assets.

Stages of Development

These programs are in various stages, from pilot initiatives to established statewide programs.

Target Conditions

The programs aim to address workforce development needs, technological innovation, and economic diversification in Maui County.

Relevant Timelines for Anticipated Milestones

Specific timelines vary by program, with ongoing assessments and evaluations to measure impact and success.

Technological Platform and Innovation

Proprietary Technologies

MEDB utilizes proprietary platforms for program delivery, including digital learning environments and data analytics tools to assess program effectiveness.

Significant Scientific Methods

The organization employs project-based service learning, internships, mentoring, and job shadowing to engage students and educators in real-world applications of STEM concepts.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, MEDB's focus on technological innovation suggests the potential integration of AI in program development and delivery.

Leadership Team

Key Executive Profiles

Leslie Wilkins: President & CEO. With extensive experience in economic development, Wilkins leads MEDB's strategic initiatives.

Michelle Cocca: Chief Financial Officer. Cocca oversees financial operations, ensuring fiscal responsibility and sustainability.

Annette Lynch: Director of Communications. Lynch manages internal and external communications, enhancing MEDB's public relations efforts.

Katie Taladay: Director of Education and Workforce Development. Taladay leads educational programs, focusing on workforce readiness and skill development.

Daron Nishimoto: Business Development Director. Nishimoto provides support to startups and existing businesses, fostering economic growth.

Competitor Profile

Market Insights and Dynamics

Maui County's economy is traditionally dependent on tourism and agriculture. Diversifying into sectors like technology, renewable energy, and healthcare presents opportunities for sustainable growth.

Competitor Analysis

Key competitors include other economic development organizations in Hawaii, such as the Hawaii Island Economic Development Board and the Oahu Economic Development Board. These entities also focus on economic diversification and workforce development within their respective regions.

Strategic Collaborations and Partnerships

Significant Collaborations

MEDB collaborates with federal and state agencies, private foundations, and local businesses to implement its programs. Notably, the organization partnered with the U.S. Economic Development Administration for the "Building Hawaii’s Space Economy" project, which includes the EMER-GEN™ program.

Partnerships

MEDB is a member of the Economic Development Alliance of Hawaii, a consortium of organizations promoting economic growth across the Hawaiian Islands.

Operational Insights

Strategic Considerations

MEDB's strategic focus on economic diversification and workforce development positions it as a key player in Maui County's economic landscape. The organization's emphasis on community engagement and environmental stewardship differentiates it from competitors.

Strategic Opportunities and Future Directions

Strategic Roadmap

MEDB aims to expand its programs in emerging sectors, enhance workforce training initiatives, and strengthen community partnerships to drive economic resilience and growth.

Future Business Directions

The organization plans to leverage technological advancements and data analytics to improve program outcomes and support business development.

Opportunities for Expansion

MEDB seeks to broaden its impact by engaging more residents and businesses across Maui County and exploring new funding avenues to support its initiatives.