The recent passage of Brexit by voters in the United Kingdom raised many questions and had far-reaching consequences. And despite our small footprint, Marin County potentially will feel the repercussions.
Some good; some not so good.
Nonetheless, whatever the local outcomes, they should make us realize that this is an interdependent financial world that we live in.
And all the more reason that such organizations as the Marin Economic Forum continue to be an important informational, networking and idea exchange.
Because we (and the North Bay region) have several companies that compete on a global basis, there are three immediate issues to contemplate: housing and financial market performance, shifts in tourism flows, and trade links to the UK as either a marketplace or a gateway to mainland Europe.
The Brexit decision assures that we are likely to remember 2016 as one of the most politically intense years of the century.
While our presidential election is slowly building to a crescendo in November, the UK vote to leave the European Union has already changed the scenario that whomever we elect will have to face.
Because the UK’s currency is the pound sterling and not the Euro used in EU countries, the unwind will be more about how currencies are trading for each other and less about compliance.
But the disconnect from trade and financial infrastructure based on EU membership will be a large enough headache.
Marin County, housing may be positively affected for two reasons.
First, the outflow of capital toward the United States from the UK will further reduce pressure on interest rates; the Federal Reserve knows this and may now further delay interest rate increases to prevent the U.S. from becoming a magnet for UK wealth seeking the slightest of interest rate gains.
Mortgage rates should remain stable and low, and housing demand will remain supported.
Those residents with global investments may find losses from emerging markets that have ties to the UK (e.g., Indonesia and Malaysia); countries like Japan may be financial beneficiaries although auto sales to the UK (and wine sales there for the North Bay region) may suffer.
For Marin County businesses, trade and labor connections to the UK may be delayed or hampered.
U.S. trade relations otherwise should be little affected.
Businesses such as Autodesk and BioMarin may need to consider the size and scope of offices and business branches in the UK if they are utilized to service Europe more completely.
This may slow progress in life sciences generally, especially if global uncertainty is exacerbated by this situation.
For tourism, we may see a flip of British tourism for Americans.
Marin County residents may now plan trips to London that they have delayed if the pound’s value falls significantly. For UK travelers, the opposite might be the case, reducing their visits to Marin County, wine country and the greater Bay Area.
Businesses in Marin County, such as hotels and B&Bs and restaurants, may hear fewer UK accents.
Under the assumption that global uncertainty ebbs a bit after the tidal wave of opinions and concerns is done crashing over news channels, Marin County should be economically good after this is all said and done.
The UK has multiple reasons to sort the aftermath out quickly, and allow us to prepare for November and more political zaniness.
Robert Eyler is dean of the School of Extended and International Education at Sonoma State University as well as the chief economist for the Marin Economic Forum.
North Bay iHub celebrates the second annual North Bay Innovation Week highlighting innovation in the North Bay the week of Sept 12 – 16, 2016. In collaboration with iHub, Marin Economic Forum is hosting our 4th annual Marinnovation event on September 13.
iHub is a collaborative of partners dedicated to building a robust entrepreneurial ecosystem in Sonoma, Marin and Napa counties thru the promotion of innovation as a community building and job creation tool by providing entrepreneurs with resources to enable them to build successful businesses.
The information economy has impacted the way we currently work and will continue to impact the way we work. This economy values knowledge workers and our future depends on the workforce development strategies towards a sustainable economy. There are many ways to discover your value in our economy. One question to ask is, “Could the vast majority of your work responsibilities be automated by a “kludged together” Excel script?”
America is the wealthiest country on earth because for most of our history we have followed the basic principles of economic freedom. Said differently, our wealth is not preordained; it is not coincidence and is it not guaranteed to endure. Instead, our wealth is the direct result of deliberate action to abide by certain economic principles, laws, and freedoms, many of which are now slipping away.
Some portion of the persistent unemployment in our economy is structural in nature: There is a gap between the skills of the unemployed and the capabilities that are being sought by employers with unfilled job openings. Much of the structural unemployment we see is being caused by rapid technological innovation and the evolution of our economy, which increasingly demands workers with technical skills and experience. Conventional thinking might look at this problem and say that this phenomenon happens constantly; as economies grow, skilled workers are in increasing demand. We now face a situation in which technological innovation is altering the economy so rapidly that many workers are unable to make the adjustment and gain the retraining necessary to evolve with it.
A simple thought experiment: Let’s pretend you won $10 million in the lottery and you could only do one of the following two things with your windfall:
Option #1: Invest in a conservative portfolio of stocks and bonds and live comfortably on $300,000 – $400,000 per year in income.
Option #2: Start-up a new business that is creative and innovative and hires new employees to try and become successful.
Which option would you choose? There is no right or wrong answer here. Both options might benefit you, but only the second option is capable of being beneficial to the broader economy and society at large. New business formation and the creation, innovation, and job opportunities that come with it are the foundation of economic growth and prosperity.
MEF Chief Economist Update
by Dr. Robert Eyler
Entrepreneurship and Sustainability
Entrepreneurship and sustainability have a similar history in terms of how economists look at their definitions. Initially, we looked at entrepreneurship as “ideas”; economists think about four factors of production or inputs including labor, land, physical capital, and entrepreneurship. These ideas are paid profits, profits earned by the idea owner or ultimately the owner of a business that springs from intellectual capital (the idea). The entrepreneur’s role in our economy became more important as the economy began to monetize ideas more rapidly, and with large sums of money. There is a magazine with the title of “Entrepreneur” like “People” or “Time”; like sustainability, entrepreneurship has become a generalized term and no longer associated directly with its original meaning. Generally, we think of a smart person who started a business that was successful as an entrepreneur now. Economists still consider entrepreneurship an input to any and all businesses.
Successful businesses are the heart of every economy and all businesses began technically with an entrepreneur. We teach this subject throughout business school curricula; Dominican University of California has its MBA programs wrapped around the entrepreneur; Babson College has a satellite campus in San Francisco on the Embarcadero and Folsom Street, a college made famous for its focus on entrepreneurship as a core idea taught in its classes. The concept is everywhere, and everyone has some ideas about new products or innovations. Not all these ideas are commercial; television programs like Shark Tank provide a quick lens into the decision making that links financial markets to new ideas.
Marin County is a place where famous entrepreneurs have flourished. Lucasfilm, Fair Issac, BioMarin, EO Products, and many others started and grew here. Many lessons can be learned from these businesses growing from a couple ideas or concepts or products; many other businesses fail to make it here in Marin County, as in other places as starting a business is tough. Marin Economic Forum’s work is to stimulate entrepreneurs in Marin County and beyond to see Marin County as a place to do business. The history is here, but is the community support?
Marin County has been resistant to business growth generally, under the supposition that growth means change which has many “bads” that come with it. Ironically, climate change will likely be solved or mitigated by entrepreneurship: science made commercial to help people and the earth. Everything in your home, the restaurant meals you enjoy, the phone you may be reading this on right now is a by-product of supported entrepreneurship. Our community is supported by businesses and new ideas; without them, there is no change and nothing new, fewer jobs and societal devolution.
MEF Board Director, Laurie O’ Hara, Working Solutions
Congratulations to Working Solutions. On Friday, July 8, they funded their 400th microloan! The loan was made to Firebrand Artisan Breads, a local bakery in Oakland that is taking the Bay Area by storm with its signature breads and delicious pastries.
Working Solutions began in 1999 as a workforce development program under the auspices of TMC Financing. By 2005, the organization had commenced its own microlending program. Since then, they have provided over $9.8 million in lending capital to Bay Area businesses and perfected their holistic approach to community economic development by blending their lending services with business coaching and mentoring programs. In 2009, Working Solutions was officially designated a United States Community Development Financial Institution (CDFI).
MEF Board Director, Michael Leifer, Digital Candy
Congratulations to Michael Leifer and the launch of Digital Candy. Digital Candy offers advanced artificial intelligence searches on the web to identify counterfeit products and misused logos, domains, images and video.
Events
September
Marinnovation — Tuesday, Sept. 13, 2016 4:30pm – 7:30pm, Marin Commons, San Rafael visit marineconomicforum.org to register
North Bay Innovation Week September 12-16, 2016 Throughout Sonoma and Marin counties visit: northbayihub.com
100MARIN — Wednesday, September 28, 2016 block party outside of Il Davide, San Rafael 6:00pm – 8:00pm visit: www.100MARIN.org to register
The naming of the Marin Economic Forum’s new chief not only opens a new chapter for this important public/private partnership, but it also reinforces the Marin economy’s focus on building the county’s position as a center for the growing bio-sciences industry.
Jim Cordeiro recently took over as the forum’s chief executive officer, leading an organization the mission of which has been making sure that the economic health of our county is not left out of our decision-making process.
In recent years, the organization has been commissioned to do reports on the economic impact of Marin General Hospital, the economic benefits of the Marin Center complex, Novato’s role and position in the growing bio-sciences industry, Sausalito’s economic issues and the costs of homelessness in Marin.
These reports put important facts and figures on the table as local officials shaped plans for proposed buildings as well as long-term community planning goals.
The group has also promoted bolstering Marin’s standing as a bio-science center.
Fast-growing Bio-Marin and the important work of the Buck Institute for Aging Research are terrific cornerstones for building a center for an industry that likely won’t grow out of date.
Cordeiro, a scientist who had founded his own bio-tech company and has been active in the entrepreneurial community, should be a solid fit for the commission.
The Life Sciences industry is among the fastest growing in the region, according to the North Bay Life Sciences Alliance annual report.
It identified 94 businesses in Marin, Napa, Solano and Sonoma counties involved in global life science markets. But there may be as many as 470 businesses across 20 different life science sub-industries with headquarters or branch offices in the North Bay, the report said.
There were 10,000 employed in life science jobs in the four counties as of mid-2015, the latest data in the April 30 document. That’s up by 100 jobs in life sciences, working out to generate more than $48 million in new-business income.
The multiplier effect of those 10,000 workers is estimated a $4.8 billion, or about 7.3 percent of the $65 billion regional economy. Since 2010, the 30 percent expansion rate of life science workers makes this category among the fastest growing industries in these four counties.
BioMarin
Top industry employers in the region include BioMarin, Medtronic, The Buck Institute for Research on Aging, Ultragenyx, Genentech, Raptor Pharmaceuticals and Trivascular Technologies and Steris. Last year, Trivascular merged with Endologix and Steris with Synergy Health.
Life science industries include biomaterials and bioprocesses, medical devices and therapeutics, agricultural biotechnology, animal health and nutrition, and nutraceuticals.The alliance was started in 2012 to monitor trends in employment, financing, commercial space and government support for life sciences businesses in the four counties.
Life science industries include biomaterials and bioprocesses, medical devices and therapeutics, agricultural biotechnology, animal health and nutrition, and nutraceuticals.The alliance was started in 2012 to monitor trends in employment, financing, commercial space and government support for life sciences businesses in the four counties.
A life sciences and biotech industry veteran has been tapped to lead the effort to attract and grow new business in Marin.
Jim Cordeiro, a co-founder of the now-defunct Oceana Technologies, a San Francisco-based firm, has been named CEO of the Marin Economic Forum, the San Rafael-based nonprofit.
“Jim is a great hire for this job,” said Robert Eyler, the forum’s chief economist and founding CEO. “He had a life sciences-based company and he was CEO of that company — he knows the industry very well. Jim also comes with some nonprofit board experience, where there was a political advocacy piece of it.”
Cordeiro, a 42-year-old Novato resident, succeeds Steve Lockett, who relocated to North Carolina after a half-year stint in the post, the forum announced last month.
Cordeiro has 18 years of industry experience working as a leading scientist at Nodality, Affymetrix and other biotechnology and academic organizations.
“One of the things the Marin Economic Forum is likely to do is get a little more involved in higher-level socioeconomic and sociopolitical issues in Marin County that affect Marin County business, and Jim has some experience in that, too,” Eyler said.
Cordeiro has served as an adviser and on the board of directors for the Pacifica Education Foundation, which has a focus on 21st-century learning and technology.
Marin Economic Forum’s $400,000-a-year budget is funded by the county of Marin, contributions from businesses and individuals, and revenue generated from economic reports prepared by the forum. The county provides matching funds up to $150,000 per year. Founding sponsors, who contribute a minimum of $10,000 a year, include Autodesk, Bank of America, Kaiser Permanente, Marin General Hospital, Whole Foods Markets, the city of Novato and the county of Marin.
The Marin Economic Forum has teamed with the city of Novato, the Buck Institute and other regional organizations to form the North Bay Life Sciences Alliance to promote further biotech development in the North Bay.
“The focus of the economic forum is how we can build a sustainable pipeline in the innovation space and life sciences,” Cordeiro said. “Through partnerships and collaborative efforts we are working on with them to commercialize the intellectual property that is generated through them.”
Marin Supervisor Judy Arnold, vice president of the forum’s executive board, said Cordeiro’s resume is impressive and he will serve the nonprofit well.
“He comes from a focus in life sciences, and the Marin Economic Forum is focusing on bringing more of that to Marin,” she said. “We are very excited about the possibilities to grow and for Marin County to become more of a go-to place for businesses and work.”
Cordeiro said there is room to grow in the existing industry, pointing out Marin’s biotech and life sciences leaders, including BioMarin Pharmaceutical Inc., Ultragenyx Pharmaceutical, Raptor Pharmaceutical Corp. and Cytograft Tissue Engineering,
“Life sciences is my background — it’s a passion of mine,” Cordeiro said. “These are the kind of jobs we want to make available, so people can afford to live and work here.”
Cordeiro holds a bachelor’s degree in marine biology from the University of California at Santa Cruz as well as several patents.
The BIO International Conference returned to the birthplace of biotechnology, San Francisco, for 2016. Bio2016 attracted over 15,000 biotechnology and pharmaceutical leaders for one week of intensive networking and partnering meetings to discover new opportunities and promising partnerships.
The North Bay Life Science Alliance (NBLSA), in partnership with the Marin Economic Forum, held an important presence at the conference as part of the California Pavilion. NBLSA monitors trends in employment, financing, commercial space, and government support for life-science businesses in the NBLSA counties (Marin, Sonoma, Napa, Solano). Importantly, the North Bay is one of the global hubs of life-science businesses and finance in Northern California which, in turn, is a global hub for research and development in the field.
Recognizing the impact of the NBLSA region, the California Life Sciences Alliance (CLSA) asked our chief economist, Dr. Robert Eyler, to be the opening speaker at the California Pavilion.
Following the completion of the conference, we co-hosted a morning session at the Buck Institute for media and senior executives who attended the event. Presentations were made by Chris Stewart, NBLSA COE and Chairman and Stelios Tzannis, Entrepreneur in Residence at the Buck Institute.
NBLSA Annual Report
NBLSA also recently published its annual report, produced by the Marin Economic Forum (MEF), which identifies 90 businesses involved in global life-science markets within the NBLSA counties, with as many as 470 headquartered and branch businesses stretching across different life-science sectors in the North Bay.
As of the second quarter of 2015, the NBLSA counties accounted for 10,000 jobs in the life-science sector. For the entire year 2015, researchers were awarded $13 million in National Institute of Health (NIH) grants, primarily from the Buck Institute for Aging Research in Marin County. Venture capital trends are moving toward a larger proportion of life-science investment in portfolios. In Marin County, biotechnology is second only to software as venture capital investment since 2009.
The Economic Value of Doing Good: BioMarin’s Impact on the Bay Area Economy
MEF chief economist Dr. Eyler has produced a case study for BioMarin, using the Company’s revenue, employment figures, and aggregate wage data to construct an economic model of its impact on the overall Bay Area economy.
Headquartered in San Rafael, BioMarin is one of the largest private-sector employers north of the Golden Gate Bridge. BioMarin’s presence leads to regional spending beyond its headquarters and operations in Marin County, and this ripple effect spreads to industries beyond biology research and manufacturing.
Another highlight from BIO2016 was the keynote address by Dr. Bennet Ifeakandu Omalu and Will Smith. Dr. Omalu is a Nigerian-American physician, forensic pathologist and neuropathologist who was the first to discover and publish findings of chronic traumatic encephalopathy (CTE) by examining American football players while working at the Allegheny County Coroner’s Office in Pittsburgh.
Dr. Omalu’s efforts to study and publicize CTE in the face of opposition by the National Football League were first reported in a GQ magazine article in 2009. The article was later expanded into a book, Concussion, and adapted into a film of the same name where Dr. Omalu, the central character, is portrayed by Smith. The movie’s production led to the creation of a foundation named after Dr. Omalu to advance CTE and concussion research.
MEF Chief Economist Update
by Dr. Robert Eyler
Brexit and Marin County: Marin is Sound as the Pound?
As Brexit was passed by voters in the United Kingdom, many questions remain and new ones are being raised. Locally (and regionally), there may be repercussions for Marin County, which has several companies who compete on a global basis. The three primary issues Marin County residents and employers need to consider are: (1) housing and financial market performance; (2) shifts in tourism flows, and (3) trade links to the UK as either a marketplace or a gateway to mainland Europe.
The June 23rd vote in the United Kingdom (UK) is further proof that we are likely to remember 2016 as one of the most politically-focused years in this century, and perhaps in the last 25 years. While American politics are slowly building to a crescendo in November for the presidential election, the UK debated, placed on the ballot and voted to leave the European Union (EU). Because the pound sterling (the UK’s currency) is not part of the consortium of countries using the Euro, the unwind is more about how currencies are trading for each other and less about compliance. That unwind from trade and financial infrastructure based on EU membership will be a large enough headache.
The EU is a group of countries that came together from the European Common Market of the 20th century, and began the move toward a common currency (which non-Euro countries, including the UK, backed out of in the 1990s). These agreements begin with free trade among members, then customs unions (harmonizing trade laws inside and outside the membership), and then common markets (trade flows free for goods, financial capital and labor). The latter issue became paramount for the UK as the flow of migrant workers from other EU countries increased to take advantage of strong currency and high wages in the UK. The EU countries otherwise are a mixed bag of recovery stories since the last recession, and migration issues were exacerbated by refugees from the Middle East seeking a new life.
For Marin County, housing may be positively affected for two reasons. First, the outflow of capital toward the United States from the UK will further reduce pressure on interest rates; the Federal Reserve knows this and may now further delay interest rate increases to prevent the U.S. from becoming a magnet for UK wealth seeking the slightest of interest rate gains. Mortgage rates will remain stable and low, and housing demand will remain supported. Those residents with global investments may find losses from emerging markets that have ties to the UK (Indonesia and Malaysia are two examples); countries like Japan may be helped by this financially, though auto sales to the UK (and wine sales there for the North Bay region) may suffer.
For Marin County businesses, trade and labor connections to the UK may be delayed due to connections toward other EU countries changing. UK and US trade and financial relations otherwise should be little affected if there are no direct connections outside the UK. Business such as Autodesk and BioMarin may need to consider the size and scope of offices and business branches in the UK if used to service Europe more completely. This is a major theme for US businesses using the UK as a launching pad for Europe). This may slow progress in life sciences generally, especially if global uncertainty is exacerbated by this situation.
For tourism, we may see a flip of British tourism for Americans. Marin County residents may now plan trips to London they have delayed because the pound’s value falling suddenly provides a tax break for travelers. For UK travelers, they are facing a tax increase coming to Marin County, wine country, and the greater Bay Area. Businesses in Marin County, such as hotels and B&Bs and restaurants, may here fewer UK accents in the coming months, which could make for some marketing challenges given the summer has started. (DO WE KNOW IF UK TOURISM IN MARIN COUNTY IS SIGNIFICANT? THIS COULD BE A SUPPOSITION WITH LITTLE SUPPORT IN REALITY.)
Under the assumption that global uncertainty ebbs a bit after the tidal wave of opinions and concerns is done crashing over news channels, Marin County should be economically good after this is all said and done. The UK has multiple reasons to sort the aftermath out quickly, and then we can prepare for November and more political zaniness.
100+ People Who Care: Marin County (100MARIN) is Marin County’s premier giving circle. The organization was created to increase the collective impact of its members’ annual dues, while helping to further the causes of deserving, local non-profits. Founded in January 2015, the group holds meetings twice a year, at which each attendee pledges $100. Five Marin-based non-profits then each make four-minute pitches, everyone votes for their favorite presentation, and the winner leaves with all of the pledge money. 100MARIN has been a fiscally-sponsored arm of the Marin Economic Forum since July 2015.
Here’s how it works:
A group of individuals commits to an annual donation schedule, e.g. giving $100 2-4 times per year
They then convene on that same schedule to hear presentations form 3-5 local non-profits
At the end, a vote is conducted to determine which organization will receive the group’s pooled donations
The awareness and engagement opportunities for both nominated charities as well as non-profit community at large are increased
MEF Board Director, Brigitte Moran, CEO of Agricultural Institute of Marin (AIM)
Brigitte is dedicated to realizing AIM’s vision of building a pavilion focused on celebrating the region’s agricultural roots, supporting artisan development and the success of our 500 local farmers and food purveyors, as well as educating and connecting communities to local agriculture.
The FARM FIELD STUDIES PROGRAM brings children and young adults from around the Bay Area to local farms. The goal is to empower young people to make food choices that will positively impact their long-term health. Knowledge of where food comes from is a powerful tool for teaching good nutrition. Experiencing farms first-hand can inspire young people to become active participants in a sustainable food system as consumers, and even as producers of their own food.
“Created in the late 1980s from the trust of a wealthy Ross couple, Leonard and Beryl Buck, the Buck Institute is an independent research facility whose mission is “to increase the healthy years of life.” Within its walls dozens of world-class scientists work in a collaborative environment to understand how getting older contributes to Alzheimer’s, Parkinson’s and heart diseases, as well as cancer, stroke, diabetes and glaucoma.
“The Buck Institute is absolutely an asset to the growth of life science commerce in Marin,” says Robert Eyler, Sonoma State University professor of economics and chief economist for the Marin Economic Forum. “Short of a leading research university, there’s nothing like it between the Golden Gate Bridge and the University of Oregon in Eugene.””
It is with gratitude that I begin my tenure as CEO of the Marin Economic Forum (MEF). Before coming to the MEF, I co-founded Oceana Technologies and worked as a leading scientist at biotechnology and academic organizations. I served on the board of directors for the Pacifica Education Foundation, leading efforts in fund development, 21st century learning and technology. My diverse skill set and strategic management provide the tools to guide business decisions, oversee and participate in all aspects of our community’s needs and wants. I am active in the biotechnology, entrepreneurial and nonprofit communities.
MEF and its board acts as a source of networking and information about the Marin County economy, and the county’s role and connections in the North Bay. With the support of our Staff, Board of Directors and community, we will continue educating Marin about its economy and communities to strengthen economic vitality.
MEF “working groups” facilitate us finding out more of what is happening on the front lines in Marin’s economy, and what questions are being asked by local businesses and non-profits. We are fortunate that Marin has an existing robust life-science community, from BioMarin to the Buck Institute for Research on Aging, and the North Bay Life Science Alliance (NBLSA).
NBLSA 2016 annual report highlights Growth, Expansion Of Life Science Companies in North Bay Region. The life science Industry segment accounts for more than 10,000 jobs at 90 businesses. With San Francisco hosting the 2016 BIO International Convention in June, we will be well placed to showcase Marin’s accomplishments and advantages, as well as how we fit in the greater San Francisco Bay Area life science cluster.
A good example of a creative approach to economic growth and sustainable development is the Buck Institute Solar Carport Project. The solar project was five years in the making and owes its success to Ralph O’Rear, a MEF board member, who recently retired as the Buck’s Vice President of Planning and Facilities. Best wishes to Ralph O’Rear in his future endeavors.
I am grateful for this opportunity at Marin Economic Forum. We will use this platform to go beyond the basics and embrace the 4 C’s –- super skills for the 21st century: collaboration, communication, critical thinking and creativity.
MEF Chief Economist Update
by Dr. Robert Eyler
Life Science in Marin County: The Best Hope
Between June 6 and 10, 2016, thousands of workers and scientists in life sciences are coming to the Bay Area for a global conference called BIO 2016. Over 100 executives from this industry are coming to the Buck Institute to hear more about why Marin County is a place specifically for this industry to grow and thrive. Marin Economic Forum recently produced an annual report on the life-science industry in the North Bay (Marin, Napa, Solano, and Sonoma counties), where Marin County stands out. It does not have the most workers, but has the most identifiable set of businesses (though Genentech has a campus in Vacaville, Solano County is relatively new to the life science industry), and has assets – such as the Buck Institute –to act as an incubator for commercial science and a research center for learning.
Marin County has employers that have over 1,900 workers in these businesses. Marin is home to over 3,200 people live in Marin County that work somewhere in the life science industry. Housing prices and the employment growth in this industry show a correlation since 2010, a sign that a growing economy helps housing prices and wealth. The age of these workers are mainly between 30 and 60 years, mainly due to higher educational requirements for scientists, but it is not exclusive. An important point is that as a life-science business grows, it will need sales people, administration, accounting, clerical, and other jobs that spread beyond science and have a wide array of requisite skills and possible wages and job growth.
As these businesses grow, there are more economic impacts. The multiplier effect for Marin County has grown as Marin County’s recovery from recession has become an expansion. In 2014, Marin Economic Forum showed how one life-science job in Marin County generated over $470,000 worth of business income. One job in life-science supported approximately $473,333 of business revenue in Marin County. As of 2015, due to continued economic recovery, that number grew to approximately $491,000 per job. This seems like a large number and depends on taking the entire county economy into consideration, which is a $22 billion local economy in Marin County alone.
Furthermore, the entire county economy being involved is important. A job in Novato has an effect on the City of Novato, approximately $250,000 per job. But because other workers live throughout the county and the indirect and induced effects (the “ripple” effects of that job) on other industries spreads its wings to all parts of the county economy, there is an additional $241,000 of business income supported outside of Novato. In some cases, a larger amount of the countywide total will affect just Novato; the $250,000 is an average effect. The key is that life-science jobs that come to any part of the county have an ability to affect the county overall.
With the new Star Wars movie out on DVD, which is modeled after the first Star Wars movie (which was made to a certain extent here in Marin County), I thought I would write about the life-science industry in that context. The first Star Wars movie was titled precisely: Episode IV, A New Hope. For decades, Marin County has been striving to find a technology industry that will come and stay for a long time. Ironically, the digital film industry (and film’s supply chain, including sound recording) was seen as that in the early 2000s. We may have found that new hope in life-sciences.
Coy Smith, CEO, Novato Chamber of Commerce The Voice of Business in Novato www.novatochamber.com 415-897-1164
A long and successful history of fundraising and working with non-profit businesses plus management experience are among the talents that Coy Smith brings to his position as CEO of the Novato Chamber of Commerce. He has been the CEO of the Novato Chamber since 2004. He received his credential as an Accredited Chamber Executive Graduate in 2007 from the Western Association of Chamber Executives. Coy serves on the Economic Development Commission for the City of Novato, and on the Board of Directors of the Marin Economic Forum, the Board of Superior Chamber Executives of Northern California.
Prior to work in the Chamber field, Coy was employed in several capacities in the recycling industry of over 25 years where he received several state and national awards for his work. During that time he worked for the private sector, government agencies and the non-profit sector in various management capacities to implement recycling programs and policies. Coy was one of fifty individuals in the United States to be selected by President Bill Clinton to serve on a task force to develop a National Recycling Policy. He is one of the founders of the Novato Charter School and has served on numerous local state and national Boards of Directors over the past thirty years.
Coy has a BS degree from San Jose State University in Environmental Studies with a minor in Communications. He is married and lives in Petaluma with his two sons.
Novato Chamber Of Commerce — Home of Novato’s Festival of Art, Wine & Music
Founded in 1915 the Novato Chamber of Commerce has been a steadfast resource to the North Bay community for over 100 Years. The Chamber has a long history dedicated to service and advocating for business-friendly practices. However, even as the principle business advocate group in Novato, one of the Chamber’s primary missions has always been to promote the community.
Throughout its 100 year history the Chamber has been instrumental in promoting the community. Less than fifteen years after its inception, the nation was hurled into the depths of the Great Depression. To mitigate the effects the Novato Chamber of Commerce drove in rail cars full of supplies and shelter for the struggling families of the North Bay. The Chamber would eventually endorse a major building project that would transform Bay Area economics forever. In the ‘30s and ‘40s the Chamber would be one of the first and only organizations to secure the bond measure for the construction of the Golden Gate Bridge.
Today the Novato Chamber of Commerce continues to support the community with large-scale community events. Every June the Chamber hosts Novato’s Festival of Art, Wine & Music; this annual festival has captivated residents and visitors for over thirty years. This is the largest free festival in the County with over 80,000 attendees. Boasting over two-dozen varietals of wine and dozen varieties of beer, this festival draws in huge crowds. Along with its many art vendors and margarita booths, there are two fully booked, live music stages. The Chamber’s festival takes great pride in bringing the community out and together for a weekend of fun celebration.
This year the Festival takes place on June 11 and 12 in downtown Novato on Grant Ave. You can find out more about the Festival at www.novatoartwinemusic.com
The Novato Chamber of Commerce has proudly served the region for over 100 years. By supporting the Novato Chamber, you support an organization that stands for community and an organization that is dedicated to the improvement and sustainability of the North Bay.
The recent passage of Brexit by voters in the United Kingdom raised many questions and had far-reaching consequences. And despite our small footprint, Marin County potentially will feel the repercussions.
Entrepreneurship and Sustainability
Congratulations to Working Solutions. On Friday, July 8, they funded their 400th microloan! The loan was made to Firebrand Artisan Breads, a local bakery in Oakland that is taking the Bay Area by storm with its signature breads and delicious pastries.
Congratulations to Michael Leifer and the launch of Digital Candy. Digital Candy offers advanced artificial intelligence searches on the web to identify counterfeit products and misused logos, domains, images and video.
Brigitte is dedicated to realizing AIM’s vision of building a pavilion focused on celebrating the region’s agricultural roots, supporting artisan development and the success of our 500 local farmers and food purveyors, as well as educating and connecting communities to local agriculture.
A long and successful history of fundraising and working with non-profit businesses plus management experience are among the talents that Coy Smith brings to his position as CEO of the Novato Chamber of Commerce. He has been the CEO of the Novato Chamber since 2004. He received his credential as an Accredited Chamber Executive Graduate in 2007 from the Western Association of Chamber Executives. Coy serves on the Economic Development Commission for the City of Novato, and on the Board of Directors of the Marin Economic Forum, the Board of Superior Chamber Executives of Northern California.
