Greater Washington Initiative to expand fund-raising scope - Washington Business Journal:

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The immediate impact of the decision will be felt by GWI Managintg PartnerTom Morr, who now must head out into the communitu to raise new funds for the group for the first time in his four-yeard tenure. "I will be now going to our existingt investorsand others," Morr says, "to try to get the fundingy we need for another five years." The 9-year-olr group acts as a central point of contacf for companies interested in movingt to or expanding in the D.C. which has 21 jurisdictions all vyingfor investment. The Greatert Washington Initiative receives funding from the Boardd of Trade and those 21area governments.
But the vast majoritt of its funding -- 70 percent -- comez from private companies. Morr wants the group's budget to grow beyond its annua averageof $2.2 million. But he's not goinbg to ask current investorzs tocontribute more. "The way to do that is to spreadx the baseof support," he says, by seekinbg money from companies that haven't contributed in the past. "GWI's a great concept that was born out of therecognition ... that an organizationn needed to be formed to fill a gap throughoutgthe region," says David Edgerley, director of the Montgomery Countu Department of Economic Development.
"The initiative was created to sell thewhols region," Morr says. "I'm selling the whole The initiative helps company execsdetermine whether, or where, they want to locate operationas in the area, then puts them in contact with the appropriatse county or city economic development officials. The initiativde also provides research onthe region, much of whicuh is posted on its Web site. What mighty be most important to economic development officialszis GWI's marketing outreach to companies in other parte of the country and world. "For us, the big thinyg was making sure the worldknows ...
that we are this diversed tech center," says Larry director of the Loudoun County Economic The initiative has been aggressive on this somethingPeter Nostrand, chairman of the Board of Trade and CEO of D.C.'s SunTrust Bank, learned the hard way on an October GWI marketinh trip to the soutb of England. "They work you to death," Nostrand with a laugh. "You think you're goinvg to go over there and pub Ratherthan fun-and-games, the initiative pitched the D.C. regiojn to executives from 40 to 50British companies, Nostrane says. The results of these outreacj efforts are clear and made the decisionto re-uo the initiative an easy one, Nostrandr says.
"If GWI didn't Rosenstrauch says, "we'd have to invent it to do these kindeof things."