Madison County economic development group hires director, Sam Korsmoe

Sam Korsmoe’s experience working in Vietnam might seem like an unusual resume to bring prosperity to Madison County.

But in an odd way, Vietnam and Madison County are similar — they both have tremendous potential to grow their economies, said Korsmoe, a Great Falls native who was recently hired as executive director of the Madison County Economic Development Council.

By NICK GEVOCK Chronicle Staff Writer

http://bozemandailychronicle.com/articles/2004/10/17/news/guy.txt

"In Vietnam I was looking at a very large market, but very immature," Korsmoe said Thursday in a telephone interview. "Vietnam has 80 million people, and it’s economy is growing very, very fast."

Madison County’s potential lies in its incredible assets, Korsmoe said. The county is blessed with world-class trout streams, historic Virginia City and a strong ranching tradition, among other things.

Unfortunately, those assets haven’t helped Madison County prosper as much as they should, Korsmoe said.

The county’s average earnings per job in 2000 was $16,053, according to a Sonoran Institute report that relied on government statistics, he said. By comparison, the Montana average was $23,653 and the national average was $36,316.

The council — a nonprofit organization funded through membership dues and grants — has been brainstorming for ways to boost the economy in Madison County for more than two years. It came up with a list of three priorities, including more aggressive marketing of tourism and creating a recognizable brand of Madison Valley beef.

But the ideas were just ideas without someone to see them through.

That’s where Korsmoe came in.

Korsmoe, 43, was living in Ho Chi Min City, where he had founded a market research firm, when he heard about the job. He was ready to return to Montana, so he sold his interest in the company and applied for the executive director’s job.

As director of the council, Korsmoe will also serve as director of the Madison Valley Hospital Foundation, which raises money for the hospital and is paying part of his $40,000 annual salary.

These days he is busy writing grant proposals, looking for help funding the economic development projects.

He’s most excited about developing a brand for Madison County black Angus beef. Instead of shipping the beef out of the county for slaughter and packaging and earning commodity prices, he said the county needs to export the finished product — top-notch beef.

That means the county needs a slaughter and packing plant.

But he believes a unique label combined with marketing to the thousands of tourists who come through Madison County is a recipe for success.

"We have an opportunity to put our brand right in front of people’s faces when they eat at our restaurants here," Korsmoe said.

Korsmoe’s experience in Asia could be a real asset in the search for new markets for Madison County beef, County Commissioner and Council Chairman Dave Schulz said.

But the job is bigger than that, he said. The overriding goal is to get the economy moving in the county.

"We want to help the businesses that are here do a little better," he said.