In an effort to seek out new business/economic ideas, attracting and creating new industries as part of the SEDI plan, SEDI is inviting the general public, and our college and high school students to participate in an essay contest to discover the best and brightest business/economic ideas, solutions and plans. From each group, an essay winner will be selected, with the winners each receiving $500 (Five hundred dollars). SEDI will provide each contest winners with the necessary guidance, to execute and implement their viable business ideas, plan or solutions.
In the wake of the current economic down turn in U.S. Virgin Islands, it is time for all hands to be on deck, residents, consumers, businesses, investors, financial institutions and the government. In 2007, the St. Croix Economic Summit Agenda was organized in partnership with the St. Croix Foundation. The Summit successfully brought together over 200 private (businesses) and public (government) sector stakeholders, for a two-day session at the University of the Virgin Islands, St. Croix Campus. The economic summit produced a working document, a white paper, a blueprint for implementation, called SEDI (St. Croix Economic Development Initiative).
Now, more than ever, is an appropriate time and ideal opportunity to execute this economic blueprint. To further enable outreach, develop, and strengthen our community, SEDI envisioned the creation of an Economic Development Think Tank focused on strengthening the private sector, particularly the expansion and creation of small businesses. Private sector/small businesses are the engine of our economy and all funds expended by our public sector come from private sector economic activity. All available means to stimulate economic growth should be pursued, exploring every resource, market tools, programs and policies to spur the local economy. The creation of new small businesses and assistance to existing businesses should be a fundamental strategy going forward.
Essay contest criteria requires a comprehensive overview of current economic conditions, identifying the deficiencies, required infrastructure enhancements if necessary, recommendations for viable approaches to address the problems, and the introduction of new business models, ideas, inventions, and plans if applicable.
The essay will be evaluated based upon a number of fundamental factors:
• St. Croix Economic Contributors and Indicators
• Gross Territorial Product (GTP) or Gross Domestic Product (GDP)
• Define the economic infrastructure (energy, roads/highways, transportation and technology) connecting St. Croix to St. Thomas and St. John
• The role of Agriculture
• Explanation of the difference between St. Croix and St. Thomas Marketplace
• St. Croix Past, Present and Future economic trends (industries and sectors)
• Explanation of the private sector role to the local economy
• Explanation of the government policy/role to the local economy
• Explanation of small business role to the local economy
• Small business and job creation
• Describe St. Croix labor force Past, Present and Future
• Workforce orientation, training and customer service
• Describe the relationship between Education System and the economy
• The impact of the global economy to St. Croix economy
• The impact of the global financial markets to St. Croix economy
• Current structure of government and protocol dealing with economic issues
• Elected officials knowledge base, understanding and experience dealing with economic issues
• The qualifications and criteria for electing an elected official
• Comprehensive Economic Long-term Planning and cooperation between government officials and private sector.
• Elected official buy in, accountability and commitment to the private sector, residents and voters
• The impact of social and political leaders to the economy
• The impact of the economy and quality of life conditions
SEDI is inviting the entire community to participate. For convenience, the contest will be managed online at www.sedi2012.com. Winning essays will be posted on line and winners identified in the media. For more details and instructions and to submit any inquiries go to the Web site, attn: Anthony Weeks. Essays can also be submitted by fax to the St. Croix Foundation at 773-8727.