## Economic Growth Advisors Programme London Borough Of Brent Inward Investment Key Themes Covered By The Case Study

 Inward investment  Business engagement and retention  
 
Summary 
 
The main objective for the economic growth advisors project was to set out a roadmap towards increasing inward investment in the London Borough of Brent. The approach agreed with appointed advisors Renaisi is detailed below: 1. Desktop research into local economic development in LB Brent and interviews with key LB 

Brent officers, developers and business partners. 2. Inward Investment workshop with key LB Brent officers examining: 
 
 the role of SMEs in economic growth  working with inert landowners 
 options on delivering 10,000 jobs in Wembley  whether Brent Council is 'open for business'. 
 
3. Final report setting out a roadmap for potential investors in the borough and priorities for the 
new LB Brent Investment Team, setting out: 
 
 strategic approach  key roles  working with partners  delivery plan template.  
 The workshop was designed to provide a brief pointer towards current best practice; examples of local and regional public sector; strategies; initiatives considered to have been successful in stimulating inward investment. LB Brent provided case studies of some of the challenges faced in the borough to give local grounding and relevance for the exercise. These challenges include attracting and retaining SMEs, unlocking stalled sites, delivering on planning policy floor space and job targets. The workshop additionally allowed for some assessment of the current strengths and weaknesses of Brent Council as an organisation in delivering inward investment into the borough. The roadmap (shown on page four) is a practical guide to help LB Brent move forward in securing investment to realise its regeneration and growth ambitions, and in the first instance will be used as a tool to build internal corporate support for a more investor friendly LB Brent, and to shape the new investment teams' activities over the next year. 

 
Rationale for project  
 
The London Borough of Brent has significant regeneration opportunities  and potential in Wembley, Park Royal and the Old Oak Common, however in the past Brent Council as an organisation has acted in a reactive way to inward investment on specific sites, not always shining a light on the many and varied opportunities that are available. Brent are competing London-wide, nationally, and internationally for investment and we need to step-up our game. Brent Council is therefore looking to more proactively secure inward investment in specific growth and regeneration areas of the borough, to encourage the growth of existing SMEs, to 
 
 
develop new sectors, such as business tourism, fashion and CCIs, and to source institutional and private investment finance to help fund the many development opportunities within the borough. The project delivers a roadmap that can help LB Brent take the steps needed to more effectively pull inward investment into the borough and create the conditions that support jobs and growth. 

 
Key actions  
 
Desktop research was undertaken into local economic development in LB Brent and interviews held with key LB Brent officers, developers and business partner over March and April 2014. This was followed up with a workshop with LB Brent officers and the production of a report. 

 
LB Brent will now use the roadmap to communicate our proposed approach to inward investment corporately, and, with particular reference to the delivery plan element of the roadmap, to inform the new regeneration investment team activities over the coming year. 


## Key Findings & Outputs And Economic Benefits The Key Outputs Were The Workshop And Final Report Detailing The Roadmap, Which Sets Out: 1. Strategic Approach Toward Facilitating Inward Investment Based On A Four Point Plan:

 understanding our investors 
The main investors that drive growth are developers, single occupiers, SMEs, existing businesses and institutional investors. What each wants differs. The council's approach will be tailored accordingly. SMEs and existing businesses are viewed as quicker wins in terms of attracting investment. Identification and provision of appropriate workspace, move–on space and supporting facilities for these businesses is therefore one immediate priority to be addressed by eg securing affordable workspace in new development under s106, targeting empty commercial space, signposting businesses to commercial agents, and the use of the council's Meanwhile Foundation etc. 

 
 understanding our products 
Brent's vision for growth and development in the borough is as a series of places: Wembley, Alperton, South Kilburn etc. rather than a homogenous municipality. Investment plans / brochures are being drawn up for each of the borough's key growth areas to reach out to potential investors on: 

1) place audit 2) vision for transformational change 3) key projects and interventions basis. 
 
 having supportive policies  ensuring a corporate approach. 2. Key roles for Brent Council in attracting inward investment and business retention:  information provision service  project management role  marketing and promotion  evidenced based policies. 
 
The information provision service is about getting the basics right. The new investment team will be the first point of contact and will aim to be a one stop shop for any organisation looking to invest - developer, occupier, existing business etc. Enquiries will be responded to in one of the following ways: 

 general information provided  site visits arranged  property information provided  signposting to third parties with follow up  liaising with other council departments (as opposed to signposting) with follow up. 
 
 
An investment enquiries information store database has been set up to support this service. We now need to think about developing an online presence. 3. Working with partners 

  GLA and the GLA family  London & Partners 
 UK Trade & Investment  The Regeneration Investment Organisation  West London Business  Developers and Landowners  Employment and skills agencies  Key property agents  Brent Council departments 
 Further and Higher education. 

## 4. Delivery Plan Template

These are the key activities Renaisi advised to be undertaken to build the new investment team capacity to attract inward investment. Another way of looking at this is with reference to the diagram below. Renaisi observed local authorities looking to attract inward investment often jump straight to promotion and big bang investors, FDI, MIPIM etc. but time is more wisely spent in first laying a firm foundation in terms of understanding the importance of the existing business base and SMEs and putting the necessary infrastructure in place in terms of policy, corporate approach, enquiries service to engage with business, before moving on to visioning and developing marketing and promotional collateral for higher impact business outreach activities.  
 
 
The delivery plan template for the new regeneration investment team covers 

  enquiry handling  sector analysis  databases, Renaisi suggested two priority databases:  
o enquiry tracking (we set this up using Infostore) o vacant sites and property (we have something already but it needs to be developed) 
 links to skills/employment  workspace review  inward investment board  agent's seminar  performance indicators  initial promotional campaign. 
 
LB Brent will use the roadmap to inform their inward investment strategy and activities moving forwards. It is however too early to determine the degree to which, for example, the delivery plan will be adopted, nor the level of impacts and economic benefits which might be anticipated to accrue through an improved Brent Council strategy and approach towards inward investment. The roadmap on page 4 above is supposed to show what a streetwise LA will look like. The delivery plan template details some key activities to undertake and work streams to develop to get an investment team in a position where you have a solid understanding of local business and sectors, can develop a credible investment strategy with corporate buy in, build team capacity to fulfil key business engagement and development roles etc. then start moving on to developing marketing collateral and communications.