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1. What is MEDB?
2. What prompted MEDB's creation?
3. What is MEDB's role? Does MEDB have a particular role in economic development in Maui?
4. Are there other EDBs in Hawaii?
5. Do all the EDBs look the same?
6. Are the EDBs independent of each other or do they work together?
7. Who funds MEDB? What is MEDB's annual budget?
8. Is MEDB a government agency?
9. How is MEDB governed? Who makes decisions about the work that MEDB does?
10. What is MEDB's track record? What has it accomplished?
11. What is High Tech Maui?
12. Does MEDB own the Maui Research and Technology Park (MRTP)?
13. Does MEDB own the Maui Research and Technology Center (MRTC)?
MEDB, the acronym for Maui Economic Development Board, Inc. is a 501(c)(3) nonprofit corporation. It was established in 1982 to initially focus on diversifying Maui's economy. At the time of MEDB's formation, Maui's economy was dependent on agriculture and tourism, both of which were vulnerable to forces beyond the community's control. MEDB's mission now involves taking innovative actions that strengthen existing industry as well as diversifying through new opportunities.
prompted MEDB's creation?
A conference on Maui's economic future, held over 20 years ago, attracted the participation of Maui's elected, business, and community leaders. They explored approaches Maui could take to strengthen its economy. Through presentations and workshops, the conferees determined that Maui's economic future would benefit by diversifying into the high technology arena. It was believed that the high tech industry would create significant and rewarding job opportunities and an incentive for Maui's youth to return home. The participants stressed the importance of developing the infrastructure needed to support high tech activity already in Maui and to attract high tech companies to locate to Maui. The conference concluded that the greatest likelihood of success in pursuing this mission was to create an institution whose focus would be assisting the County with pursuing this high tech future. Thus, MEDB was formed.
is MEDB's role? Does MEDB have a particular role in
economic development in Maui?
MEDB remains focused on diversifying Maui's economy, but over the years has expanded its activities to include support for new and existing businesses and for the infrastructure necessary to ensure a strong economy. To assist in these endeavors, MEDB:
Encourages socially responsible investment in Maui
there other EDBs in Hawaii?
Yes. While each county in the state has an Economic Development Board, MEDB was the first to be organized. MEDB works closely and collaboratively with its counterparts on the neighbor islands. The EDBs have also formed a statewide nonprofit called the Economic Development Alliance of Hawaii to expand their collaborative efforts.
5. Do all
the EDBs look the same?
All of the EDBs have a similar mission: to support economic development in their communities. All are not-for-profit and all work to develop appropriate programs and projects for their counties. As community-based organizations, all EDBs understand the needs and desires of their respective communities and the importance of working with the broadest base of the population within each community. This understanding is core to the demonstrated success of each of the EDBs.
the EDBs independent of each other or do they work together?
Each EDB is an independent nonprofit corporation with its own Board of Directors and staff. Over the years, the EDBs have worked to support one another and to build economic stability statewide. In 1998, the EDBs formally created the Economic Development Alliance of Hawaii (EDAH). Through this new entity, the EDBs work collaboratively on projects that can positively impact both their counties and the state.
funds MEDB? What is MEDB's annual budget?
Over the years, MEDB has received local, state, and federal funding. It has also received funding from private businesses, foundations, and individuals. More than 90% of MEDB's annual budget is derived from funds restricted to the development, implementation, or maintenance of specific "projects." Less than 10% of the funding is non-restricted. Nonrestrictive funding comes primarily from donations and membership contributions. MEDB's operating budget for 2006-2007 is approximately $3.4 million.
8. Is MEDB
a government agency?
No. MEDB is a private, 501(c)(3) nonprofit corporation. It is not a government agency. Some of MEDB's projects have received funding from the county, state, and federal governments.
is MEDB governed? Who makes decisions about the work
that MEDB does?
MEDB is led by a capable, diverse, and professional Board of Directors, comprised of business leaders of small and large companies, educators, nonprofit managers, professionals, and representatives of the public sector. The Board is responsible for the fiscal solvency, policies and programs of the organization. The Board sets the goals of the agency and reviews the progress on various activities. Staff, under the guidance of a President/Chief Executive Officer, handles the day-to-day decisions which are carefully determined to meet the organization's mission and long range plan.
10. What is MEDB's track record? What has it accomplished?
Since 1982, MEDB has spurred numerous initiatives that have affected the lives of Maui residents and supported Maui's businesses. Some examples of MEDB's work include:
is High Tech Maui?
High Tech Maui is the marketing theme created by MEDB to promote our community's interest in developing a high technology industry on Maui. In collaboration with other partners who share the vision of High Tech Maui, MEDB regularly showcases Maui's scientific and technological resources and potential. The partners utilize a variety of tools to market High Tech Maui including the quarterly High Tech Maui newsletter, a video on "The Business Side of Paradise," a meeting attraction program, special events, presentations, and one-on-one meetings.
MEDB own the Maui Research and Technology Park (MRTP)?
No. The Maui R & T Partners, the developer of the Park, owns the MRTP. The partnership has its own staff and collaborates with MEDB and other entities to promote the continued development of the Park and Maui's emerging technology industry through ongoing marketing efforts of the High Tech Maui campaign.
MEDB own the Maui Research and Technology Center (MRTC)?
No. The MRTC is a state-owned facility, under the High Technology Development Corporation (HTDC). MEDB worked closely with state legislators to secure funding to create the Center, which houses numerous start-up technology businesses and a communications center.
© 2013 Maui Economic Development Board, Inc. All rights reserved.