Traditionally, Northern California's economy has relied on jobs relating to the extraction of natural resources, particularly timber. Over the past couple of decades, the downturn in the timber industry has resulted in a depressed regional economy and subsequent job shortages. As a 2nd Generation WIRED region, Northern California looks to stimulate job growth and lay the groundwork for a robust, diverse economy.
In a partnership led by the Northern Rural Training & Employment Consortium (NoRTEC), the region seeks to create a private-sector network of local investors to provide capital for local entrepreneurs to expand to a larger market. These efforts are supported by the region's Workforce Investment Boards (WIBs), Small Business Development Centers (SBDC) and regional economic development organizations.
In a phased approach, NoRTEC plans to change the economic climate of the region and lead the partners in:
Identifying and providing 4,500 regionally based businesses -- including 1,500 high growth, innovation-based entrepreneurs -- with support to grow their companies.
Organizing and seeding nine regionally linked, locally based angel investment funds to area businesses; leveraging a minimum of $32.5 million in private sector capital.
Recruiting 35 high growth, regionally based companies receiving seed-stage investment capital, and provide in-depth advice and technical support to help these companies navigate the product launch and early expansion phases.
Creating approximately 2,000 jobs through these high growth companies, along with additional jobs from transitioning companies in the region.
