Members of Rockville Economic Development, Inc.’s board and staff joined the Mayor and Council on Oct. 21 for a work session to discuss the focus of REDI’s economic development efforts.
Those areas for Fiscal Year 2025, which began July 1, are: life science/biotech, small-scale manufacturing, small business and clean technology.
The city’s life science/biotech sector comprises over 120 firms and is part of a region that ranks No. 3 in the United States for life science. As the public-private partnership charged with helping businesses launch, locate and expand in Rockville, REDI’s efforts include creating a branded identity, sense of community and networking opportunities for Rockville’s biotech/life science industry; adding to the tax base and jobs market; filling vacant real estate space; spurring investment in redevelopment; and supporting the development and growth of entrepreneurs and small businesses.
REDI also provides technical support to the city’s approximately 300 small-scale manufacturing businesses and is creating opportunities for those businesses to interact with each other.
Efforts to support small business and entrepreneurship include fostering a strong entrepreneurial ecosystem through technical assistance and programs such as the Maryland Women’s Business Center, incentive programs and the Explore Rockville website, which is part of a campaign to market the city as a place to visit, live or locate a business.
In addition, REDI is researching and developing a strategy to support job and business growth in the clean technology sector.
The Mayor and Council received an overview from the board of the life science branding project, the Rock East District Boost Report and REDI’s annual report for Fiscal Year 2024, which ended June 30. The information outlines REDI’s efforts to grow Rockville’s economy through incentive grants, engagement, analysis, business counseling and training. It further details REDI’s life science branding project to address global messaging challenges and attract businesses, and a study of Rockville’s competitive advantage in providing light industrial real estate options to meet small-scale manufacturing business needs.
Find the Oct. 21 presentation and annual report at www.rockvilleredi.org/research-data. For video of the work session, find the Oct. 21 Mayor and Council meeting listing at www.rockvillemd.gov/AgendaCenter.