Vermont’s economic development strategy is to provide the infrastructure necessary for businesses to thrive, adapt to changing circumstances and technologies, and sustain economy. This strategy is coordinated through the Department of Economic Development and executed in conjunction with a broad network of partners including other state and federal government entities; Vermont’s institutions of higher education; and non-governmental organizations.

The Department of Economic Development (DED) has direct influence over the foundational elements that pertain to Economic Assistance, Workforce, and Science and Technology Initiatives. The DED supports and implements the state’s strategy in their efforts on – Retention and Expansion; Entrepreneurship; and Recruitment.

DED’s principal focus is to support our existing customers, fostering job retention and organic job growth. This is accomplished through the following programs:

Vermont Training Program 
PursueVT 
Vermont Procurement Technical Assistance Center 
Vermont Global Trade Partnership 
Permit Assistance 
Regional Development Corporations

Along with the programs listed above, other key partners in economic development include: 

Small Business Development Centers
Vermont Manufacturing Extension Center 
Vermont Economic Development Authority 
Vermont Economic Progress Council

DED supports entrepreneurial activities.

The areas of focus will include:

• Higher education and technology transfer from academic research to new business start-ups; 
• Incubator environments with appropriate professional resources to assist early-stage businesses with the financial, market and other knowledge required to move from concept to reality; and 
• Early-stage capital investments.

DED is investing in a variety of incubation initiatives with a clear, focused incubation strategy grounded in higher education. The Vermont Technology Council is a key resource of intellectual and entrepreneurial talent and expertise, and the Center For Emerging Technologies, a partnership with the University of Vermont, is the primary incubator for academic research.

DED will work in conjunction with the Vermont’s Higher Education institutions to support entrepreneurial education on the seed investing and commercialization process by developing a training curriculum and a network of expertise.

DED targets business relocation and expansion to Vermont in industries/businesses in a geographic region from Richmond, VA to Pittsburgh to Toronto to Quebec to Portland, Maine. Opportunities not tied to industry clusters and outside of the target market area will be pursued as they present themselves.

DED’s program is divided into two parts:

• Broad market awareness/general recruiting, and 
• Identifying and leveraging industry clusters.

Although a part of the campaign is broadly directed, the bulk of the efforts and resources are directed at those businesses whose leaders already have some connection to Vermont. DED conducts targeted recruitment activities based upon identified clusters including:

• Environmental Products and Services 
• Aviation/Aerospace 
• Financial Services
• Information Technology/Software design
• Microelectronics
• Value-added Agriculture/Natural Resources
• Specialty Foods
• Tourism

DED constantly seeks an appropriate balance between organic growth and prospecting for new business. And there is focus on fostering the development of Vermont’s next growth industries and companies without undue risk. At the broader policy level, we must continue to work to make progress on the foundational factors that will make and keep Vermont a competitive place to live, do business, and sustain the high quality of life we revere.

To download a copy of the complete Economic Development Strategy in pdf format, click here.