Pasco Economic Development Council (Pasco EDC) Market Research Report

Background

Overview

Established in 1987, the Pasco Economic Development Council (Pasco EDC) is a private, non-profit organization dedicated to fostering the economic vitality and business development opportunities within Pasco County, Florida. Operating as the lead economic development entity, Pasco EDC collaborates with both corporate and public investors to promote a sustainable and diversified economy in the region.

Mission and Vision

Mission: To stimulate balanced and diversified business growth.

Vision: To be recognized as Florida's most competitive climate for business growth.

Industry Significance

Pasco EDC plays a pivotal role in enhancing the economic landscape of Pasco County by providing resources, support, and strategic initiatives aimed at attracting, retaining, and expanding businesses. Its efforts contribute significantly to job creation, infrastructure development, and the overall economic well-being of the community.

Key Strategic Focus

Core Objectives

Pasco EDC focuses on:

Attracting new businesses to the region.

Supporting the expansion of existing businesses.

Enhancing the overall business climate in Pasco County.

Areas of Specialization

The organization specializes in:

Business retention and expansion.

Entrepreneurship support through programs like SMARTstart.

Workforce development and training.

Marketing and promotional activities to highlight Pasco County's advantages.

Key Technologies Utilized

Pasco EDC employs various technologies to:

Analyze economic data and trends.

Facilitate communication and collaboration among stakeholders.

Promote Pasco County through digital marketing platforms.

Primary Markets Targeted

The council primarily targets:

Small and medium-sized enterprises (SMEs).

Large corporations seeking expansion opportunities.

Entrepreneurs and startups.

Industries such as healthcare, manufacturing, technology, and retail.

Financials and Funding

Funding History

Pasco EDC operates as a non-profit organization, primarily funded through contributions from corporate and public investors. In the fiscal year ending September 2024, the organization reported:

Revenue: $2,503,594

Expenses: $2,818,932

Net Assets: $3,963,381

Recent Funding Rounds

Specific details regarding recent funding rounds are not publicly disclosed. However, the organization continues to receive support from a diverse group of investors committed to the economic development of Pasco County.

Notable Investors

Pasco EDC's investors include:

AdventHealth: A healthcare provider offering a wide range of medical services in Zephyrhills, Florida.

Duke Energy: An energy company serving 8.2 million customers across seven states.

Metro Development Group, LLC: A homebuilding company specializing in new homes in Tampa Bay's planned communities.

Moffitt Cancer Center-Speros FL: A global innovation center for science, technology, and healthcare.

Utilization of Capital

The funds raised are utilized to:

Support business development programs.

Enhance marketing and promotional activities.

Provide resources and assistance to local businesses.

Develop infrastructure and community projects that attract and retain businesses.

Pipeline Development

Key Initiatives

Pasco EDC has been instrumental in:

Facilitating the creation of over 1,100 new jobs in Pasco County through 14 projects that committed to an investment of over $360 million.

Supporting the SMARTstart program, which has three Entrepreneur Centers throughout Pasco County, focusing on providing support in workspace, education, collaboration, funding, and guidance.

Anticipated Milestones

The organization continues to work on various projects aimed at:

Attracting new businesses to the region.

Supporting the expansion of existing businesses.

Enhancing the overall business climate in Pasco County.

Technological Platform and Innovation

Proprietary Technologies

Pasco EDC utilizes proprietary technologies to:

Analyze economic data and trends.

Facilitate communication and collaboration among stakeholders.

Promote Pasco County through digital marketing platforms.

Significant Scientific Methods

The organization employs various methods to:

Assess the economic impact of potential projects.

Identify and address workforce development needs.

Evaluate the effectiveness of business retention and expansion strategies.

Leadership Team

Executive Profiles

Bill Cronin: President/CEO. With over 12 years at Pasco EDC, Cronin has been instrumental in leading the organization and fostering partnerships that drive economic development in Pasco County.

Tom Ryan: Vice President, Business Development. Ryan has been with Pasco EDC for 12 years and received his Certified Economic Developer (CEcD) accreditation in 2021.

Dan Mitchell: SMARTstart Program Director. Mitchell has led the SMARTstart program for six years and was among the first to receive his Entrepreneurship Development Professional (EDP) accreditation in 2022.

Competitor Profile

Market Insights and Dynamics

Pasco County is part of the greater Tampa Bay metropolitan area, a region known for its rapid growth and diverse economic base. The area offers a blend of undeveloped spaces and vibrant communities, making it attractive for businesses seeking expansion or relocation opportunities.

Competitor Analysis

While specific competitors are not detailed, Pasco EDC operates in a competitive environment with other economic development organizations in the Tampa Bay area. These organizations also aim to attract and support businesses, contributing to the dynamic economic landscape of the region.