2016-17 Annual Report

2016-17 Successful Project Highlights Riverside County Innovation Month The inaugural Riverside County Innovation Month was held in April and featured 63 innovative and entrepreneurial activities and events designed to showcase Riverside County’s Innovation assets. This month-long showcase was coordinated by the County of Riverside Economic Development Agency, several cities, University of California, Riverside, Riverside Community College District and related organizations to bring awareness to the many areas of innovation and entrepreneurship in the County. Highlights include: • UCR EPIC County-wide Fast Pitch competition culminating with the finale at the County Administrative Center where 11 entrepreneurs competed for over $5,000 in prizes. The winner was Blue Social App, a revolutionarymobile app technology company that helps people connect with and get to know the people around them (up to 800ft) using the latest Bluetooth Technology. • Partnered with the Coachella Valley Small Business Development Center (SBDC), the East Valley Coalition and UCR Forecasting & Development to host a Coachella Valley Business Summit featuring Dr. Christopher Thornberg providing an economic forecast for the Valley for over 275 attendees. • Riverside County EDA signed a partnership agreement with the U.S. Navy to designate the County as a primary partner to facilitate technology transfer to the private sector to create high-tech jobs. • The Riverside Community College - The Riverside Community College District signed an agreement with NASA for technology transfer and partnership with private industry. Business Financing The Economic Development Agency can help facilitate financingforbusinessesthroughavarietyofprogramsincluding: • Small Business Administration Loans • Industrial Development Bond Financing forManufacturers • EB-5 Foreign Direct Investment

• Venture Capital • Recycling Market Development Zone Loans Fast Track

As part of its ongoing effort to become the most business-friendly county in the state, the County of Riverside instituted a strike force of development-related departments to begin a process improvement program designed to assist businesses engaged in the County’s land use and permitting processes. In fiscal year 2016-17, EDA launched 5 new industrial and commercial Fast Track projects delivering the following economic impacts: • 362 full-time permanent jobs • $194.7 million capital investment • $78.4 million taxable sales Riverside County Business Center The Center hosts business assistance seminars including the TriTech Small Business Development Center’s Entrepreneur’s Bootcamp which was a six-week series on how to start a business. The Center is also used by technology meet-up groups who need an after-hours location for their meetings. The Business Center has hosted over 937 customers including business owners, foreign delegations and high-tech entrepreneurs. California Competes Tax Incentive During this fiscal year, the State of California implemented the California Competes Tax Credit which offers an income tax credit for companies that are growing and expanding in California. The Economic Development division has actively promoted the tax credit to the business community this fiscal year which has resulted in: • 12 companies receiving $10.5 million in tax credits. • 1,625 jobs will be created. • Over $167million capital investment in Riverside County. Business Seminar Series Assisting businesses with access to the myriad of services available to them is a key principle of the division’s goals

Economic Development for Riverside County is a collaborative partnership between the County’s Economic Development Agency (EDA), its 28 cities and several regional Economic Development Corporations for the purposes of implementing business attraction and retention programs. The partnership is called Team Riverside County (TRC). Collaboration and leveraging financial and human resources are the cornerstone principles guiding the program. TRC’s main objectives are to promote Riverside County’s business opportunities to national and international markets, develop effective networks within industry sectors and lead generation. WHAT WE DO ECONOMIC DEVELOPMENT 5