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Annual Report 2010/11


Business Attraction & Regional Marketing

12

Business Attraction & Regional Marketing

Business Retention & Expansion

80

Business Retention & Expansion

New Business Formation & Small Business Support

COMPANIES ASSISTED

568

660

New Business Formation & Small Business Support

JOBS CREATED

689 1,045 271

2,005


Business Attraction & Regional Marketing

Business Retention & Expansion

New Business Formation & Small Business Support

CAPITAL INVESTMENT

$

23.8m

$

68.2m

23.9m

3,173 total new jobs created

$

115.9m

$

ECONOMIC IMPACT*

522m

$

total impact in new sales * based on the IMPLAN economic model which uses multipliers based on consumer expenditures.


To Our Investors & Stakeholders Serving as the leading economic development organization for Greater Richmond requires us to be analytical, strategic, collaborative, forward-focused, innovative and savvy. Let’s not forget results-driven.

2

Greater Richmond Partnership, Inc.


The Partnership’s programs this year supported the creation of 2,005 new jobs and $115.9 million in new capital investment. Since 1994, the Partnership has helped to create more than 90,000 new jobs and $7.4 billion in capital investment. This year, Greater Richmond welcomed several new businesses, including GE’s Information Security Technology Center and Emerson Ecologics. Both were significant wins for the region and we’re certain there are more to come. Prospective business visits were up over 30 percent from the previous year, a positive indicator that businesses are gaining confidence in the economy. Instead of idly waiting for the market to shift in our favor, we are proactively evaluating and evolving our program strategies to remain highly competitive. Recently, we conducted a target cluster analysis giving us the information needed to make the forward-thinking, smart decisions necessary for economic development success.

At the same time we remain committed to our mission and the work of our core programs. Our business attraction team leveraged the Picasso exhibit at the Virginia Museum of Fine Arts and the Final Four national media attention to lure a targeted group of location decision makers to come learn about Greater Richmond and experience it firsthand. Virginia again ranked as the “Top State for Business” by CNBC and Richmond was recognized as the “Small City of the Future” by fdi magazine. These are tremendous accolades demonstrating that Greater Richmond is the ideal location for new and existing businesses to locate, stay and grow. Both the Virginia Chamber of Commerce and the International Economic Development Council (IEDC) recognized our business retention program, Business First Greater Richmond, with their prestigious awards for excellence. Cel-

ebrating its five year anniversary, Business First’s performance surpassed its annual company interview goal, had strong results in assisted companies and new jobs, and exceeded its new investments goal by 36 percent. RichmondJobNet continues to connect talent in the region to job opportunities and has evolved into a tool to attract new talent, positioning Greater Richmond as a career destination. IEDC also recognized RichmondJobNet with its top award in their New Media category. We know there is plenty of work to be done and we are confident that we are headed in the right direction. Your support, input, encouragement and commitment to the Greater Richmond Partnership is instrumental in supporting the region in realizing its economic development potential. Thank you for your support and the confidence you place in us.

Letter to Investors

Robert R. Setliff, Chairperson 2010-2011

Gregory H. Wingfield, President and CEO

Annual Report 2010-11 3


Board of Directors 2010-11

4

Officers Robert R. Setliff, Chair Katherine E. Busser,Vice Chair Gregory H. Wingfield, President & CEO

Valerie M. Derricott, Corporate Secretary William G. Broaddus, General Counsel

Alternates

Board of Directors Stephen E. Baril

Daniel A. Gecker

Slaughter Fitz-Hugh

Dr. Gary L. Rhodes

Council Sands Anderson

Member, Board of Supervisors Chesterfield County

President CapTech

Katherine E. Busser

Kathy Graziano

Cecil “Rhu” Harris

President J.Sargeant Reynolds Community College

Executive Vice President Capital One

President Richmond City Council

Robert DeLille

Gail L. Letts

CEO/Owner Creative

Central Va. Region President & CEO SunTrust Bank

County Manager Henrico County

James B. Donati

Robert R. Setliff

Byron C. Marshall

Member, Board of Supervisors Henrico County

Member, Board of Supervisors Hanover County

Greater Richmond Partnership, Inc.

Administrator Hanover County

Virgil R. Hazelett

Chief Administrative Officer City of Richmond

Kim Scheeler President Greater Richmond Chamber

James L. “Jay” Stegmaier County Administrator Chesterfield County

Tom Silvestri President & Publisher Richmond Times-Dispatch


High-performing organizations are proactive in evaluating their effectiveness and look for ways to improve results. The Partnership views itself as such, and in early 2011 hired Market Street Services, Inc. to conduct a Target Cluster Study. Facing a changed regional and national economic landscape, analyzing target clusters was a prudent decision. To ensure success, a steering committee was formed including board members, a Richmond Regional Planning Council representative, as well as Partnership staff. Market Street provided in-depth analysis of the region and made recommendations for Greater Richmond’s competitive advantages beyond just business costs and infrastructure. Industry analysis addressed questions of future growth potential, wage potential, skill sets and talent development, existing and emerging competitive advantages, and diversification opportunities for the regional economy.

The Partnership Board has adopted the recommended target clusters, shifting from eight target industries to five clusters. Moving forward, we will focus efforts on

these clusters with strong existing and emerging competitive assets and work to incorporate recommendations best suited for this post-Great Recession economy.

Target Industries Supply Chain Management

Advanced Manufacturing

Finance & Insurance

Logistics Research & Analytics

Energy Technology

Banking & Securities

Research & Development

Insurance

Multi-Modal Transportation & Warehousing Wholesale Trade

Professional & Creative Services Information & Communication Technology Advertising, Public Relations & Creative Services

Target Analysis Study

Health & Life Sciences Innovative Care Health Information & Management Life Sciences

Specialty Foods Processing & Packaging

Annual Report 2010-11 5


Business Attraction & Regional Marketing Industry leaders like GE and Emerson Ecologics announced significant expansion projects in Greater Richmond. Businesses like these create headlines and demonstrate the confidence leaders have in our region. This speaks volumes to prospects that Greater Richmond is the right choice for business success.

6

Greater Richmond Partnership, Inc.


The following are highlights of some of the business attraction successes.

Recent Successes

German-owned company, abakus solar USA, located its first U.S. operations in the City of Richmond to distribute solar panels and components. The company has special competence in high-quality BIPV (building integrated photovoltaic), tailor made according to the requirements of customers and architects. The company has aggressive plans to grow its distribution range along the East Coast over the next few years. ECA Colleges located its Virginia College in Chesterfield County and quickly began an aggressive marketing campaign. Emerson Ecologics, the leading provider of professional-grade nutritional supplements to the healthcare practitio-

Five-Year Goal

Annual Goal

FY2011

% of Goal

Total Assisted Companies

125

25

12

48%

New Foreign Located Co.

25

5

3

60%

All Other New and Expanding Companies

100

20

9

45%

New Jobs

8,500

1,700

689

41%

Capital Investment (million)

$1,500

$300

$23.8

8%

Inbound Prospect Visits

350

70

64

91%

Place 50 Positive Media Messages

50

10

16

160%

Program Goals

ner market, will invest up to $1 million to open a distribution facility in Chesterfield County. The project will immediately create 35 new jobs, growing to a total of 60 jobs over the next three years. GE announced plans to open an Information Security Technology Center in

Henrico County. The center is expected to create approximately 200 new hightech jobs focused on cyber security, as well as network design, architecture, data management, and application development over the next few years. Continued on next page

Annual Report 2010-11 7


Continued from previous page General Gene Inc. USA is a Chinese company located in the Virginia BioTechnology Park that is developing technologies for the early prevention, detection, and treatment of cancer. Their products predict neoplasia 5 to 10 years before current state-of-the-art cancer detection techniques, therefore reducing the incidence of cancer. Partnership Senior Vice President Gene Winter and Chesterfield County’s Will Davis discuss projects with site location consultants at the Virginia Museum of Fine Arts.

8

Special Event

Location decision advisors are a target audience for attracting new businesses to our region. To influence this group, the Partnership invited several to come see Greater Richmond from a different perspective. Giving them a firsthand experience keeps our region in a “top of mind” position. To lure this key audience to visit, we leveraged the Picasso: Masterpieces from the Musée National Picasso, Paris exhibit

Greater Richmond Partnership, Inc.

at the Virginia Museum of Fine Arts. Traveling from various locations along the East coast, the target audience was excited by the prospect to see, and to visit the Greater Richmond region. Some had been here before, but not for some time. For others, this would be their first personal introduction. The strategy was to use a day and a half to showcase the region’s assets. On the bus tour, the guests visited business parks and facilities and were introduced to business and community leaders. The tour demonstrated the diversity our region has to offer in regards to industries, real estate options, lifestyle choices, as well as the ease of getting around the region and the value of Greater Richmond’s location at the intersection of I-95 and I-64. The highlight was the VMFA private reception and an intimate tour of the Picasso exhibit. It was an opportunity unlike any other and left a lasting impression. One of the site selectors who had some

familiarity with Greater Richmond before his visit said, “It reinforced my positive image of Richmond and brought me up to date on many features of the region.” And another said, “Greater Richmond wasn’t on my radar, but it definitely is now!”

Leveraging National Media

The national media spotlight had shown bright on Richmond in March thanks to Virginia Commonwealth University and the University of Richmond’s March Madness run renaming it Hoopstown USA. Richmond in the news was serendipitous timing in helping gain attention from the location advisors for this event. The Partnership leveraged this opportunity by launching a Google Adwords campaign as well as incorporating VCU’s Final Four publicity into the tour to demonstrate the community spirit of Greater Richmond.


During FY2011, the Partnership generated a total of 189 new prospects. Of those, 4 percent invested in the Greater Richmond region and 88 percent (157

Prospect Status Located.................................4% Active..................................60% (Decision expected in next 6 mo.)

Active 2...............................23% (Decision expected in next 6-12 mo.)

Semi-Active..........................5% (Decision expected in next 12-36 mo.)

Closed..................................8%

prospects) are still being actively worked by the Partnership staff. In addition to new prospects developed during the fiscal year, Partnership staff

Source of Leads Marketing International.....................41% Domestic.........................33% Virginia Economic Development Partnership...21% Allies & Direct Company Contacts...............................3% Site Consultants & Real Estate........................2%

continued to work with prospects from earlier years. The combined total was a pool of 355 prospects.

Origin of Parent Company Europe................................58% North American...................22% Israel...................................15% Asia.......................................5%

Prospect Activity

Industry Sector Manufacturing.....................50% CleanTech..........................12% Information Tech...................7% Food Processing..................7% Life Sciences........................6% Creative & Knowledge Based Services....................6% Logistics...............................3% Finance.................................2% Other.....................................7%

Annual Report 2010-11 9


Marketing Missions & Events

Partnership Senior Vice President Gene Winter signs a working agreement with Bavaria. Partnership President Gregory H. Wingfield accepts awards at the IEDC conference.

Partnership and local economic development staff welcome an inbound trade mission from the UK.

10

Greater Richmond Partnership, Inc.

Trade and Industry Expos Contacts Solar Power International 22 Mid-Atlantic Bio 58 NASFT Fancy Foods 32 Biotechnica 18 Electronica 14 Analytica 17 Data Center World 12 Hannover Messe 27 7 X 24 Exchange 31 78 Bio International

Marketing Missions (U.S.) Contacts NY Metro Area 10 Minnesota 11 CT-NY-NJ-PA-MD 22 Northern California 8 Illinois – Wisconsin 17 Metro Washington, DC 16


Partnership staff tour a renovated shipyard facility in Denmark.

Partnership President Gregory H. Wingfield signs a working agreement with BioCity in Nottingham, UK.

Special Marketing Missions/Events/Projects Governor’s London Reception IMAC Annual Meeting Scandinavia/UK Marketing Mission Israel Alternative Energy Mission UK Spring Marketing Mission

Contacts 35 12 82 38 42

Special Marketing Missions/Events/Projects Israel Spring Marketing Mission Toulouse, Fr. Investment Seminar NYC Governor’s Reception Site Location Conusltant Tour

Contacts 14 24 62 7

Partnership Senior Vice President Gene Winter visits an electric vehicle facility in Israel.

Annual Report 2010-11 11


Business Retention & Expansion Celebrating its fifth program year, Business First Greater Richmond has had an eventful 2010-2011, helping local businesses succeed in an unsure economic environment.

12

Greater Richmond Partnership, Inc.


The program boasts several retention and expansion success stories and has been recognized by the International Economic Development Council and the Virginia Chamber of Commerce for excellence.

Outreach & Impact

n 567 companies interviewed n 19,974 existing jobs represented n 1,045 jobs created n 172 existing jobs retained n 80 closed referrals n $68 million in capital investment

Volunteer Activity

The Business First program would not be possible without the more than 80 dedicated volunteers who are committed to helping local businesses thrive and succeed. To ensure that volunteers have the tools they need to accomplish their mission, training has been provided throughout the year in each of the Part-

Program Goals Company Interviews Survey Completion Rate Assisted Companies/Closed Referrals New Jobs

Five-Year Goal

Annual Goal

FY2010

% of Goal

2,500

500

571

114%

60%

60%

53%

88%

500

100

80

80%

7,500

1,500

1,045

70%

Jobs Retained Capital Investment (million)

172 $250

nership’s four local government partners. Additionally, in appreciation of the important job Business First volunteers do, a recognition event was held in January at the Cultural Arts Center in Glen Allen. This event gave program leaders a chance to personally thank volunteers and gave volunteers a rare chance to mix and mingle.

$50

$68.2

136%

Volunteer Newsletter

This year, Business First introduced “Outreach,” a new e-newsletter focused on providing volunteers with the information and tools they need to help local businesses succeed. Editions include relevant program news, tips and tricks, and feature stories about individual volunteers.

Business First is a business assistance program. It uses face-to-face interviews with top leaders of existing businesses to gather feedback on doing business in Richmond. For more detailed information on the findings of the interviews, please see the Business First Annual Report available on our website: http://bit.ly/o0oAaa

Continued on next page

Annual Report 2010-11 13


Continued from previous page

Recent Successes

Specialty Coating & Laminating, a manufacturer of poly extrusion and aqueous coated paper and paperboard products, was formed when previous owner Berry Plastics slated the Hanover facility for closure. Thanks to outreach through the Business First program, Hanover County Economic Development became aware of the imminent shutdown of the local facility and took action. SC&L’s management partnered with a local investment

firm to secure financing and negotiate the purchase of the facility, land and equipment from Barry. A Virginia Community College System job-saving grant was identified, and Hanover County applied for the funds to assist SC&L in completing due diligence and forming a new company. There were 36 jobs saved and SC&L is now a profitable operation. Paragon Home Care, an in-home senior care giving agency, was in need of new staff in order to expand the company’s client base. Paragon was referred

to the City of Richmond Workforce Pipeline, a Business First partner and service provider for Richmond firms. The Workforce Pipeline identified likely sources of CNAs, screened candidates, and organized a hiring event. Paragon Home Care was so pleased with the pre-screened candidates that they hired all eight. The company intends to use the service again when future hiring needs arise. Hill Phoenix, a designer and manufacturer of display cases and refrigeration Continued on next page

Five Years of Business First Greater Richmond Sept. 2006 Business First program launches with more than 80 volunteers from the business community joining the effort.

14

Greater Richmond Partnership, Inc.

June 2007 First program year closes strong with more than 300 business contacts made.

Sept. 2008 Area partners hit milestone with 1,000 business interviews recorded.

Dec. 2008 Firms interviewed to date represent more than 70,000 jobs in the community.


Continued from previous page systems for the food retail industry, had an immediate need for temporary warehouse space. A Chesterfield County Economic Development representative was able to make direct contact with the broker representing the Enterchange, which is located directly across from Hill Phoenix’s facility. In less than two hours, the company was able to work out a short-term agreement which solved their warehousing issues. Ironworks Consulting, a technology consulting firm, was experiencing

June 2009 200 individual businesses’ challenges are addressed and identified.

explosive growth when contacted by a Henrico Business First volunteer. Henrico Business First helped Ironworks locate a larger office space and also connected the company to the Virginia Department of Business Assistance (DBA), a Business First ally and service provider. The DBA walked Ironworks through the benefits it was entitled to as a result of the expansion. Overall, the company added 34,000 square feet of office space, will make a $20 million investment, and will hire 300 employees over a three year period.

April 2010 Redesigned website launches.

Five Year Anniversary

Business First Greater Richmond is celebrating its fifth program year in 20102011. Since the launch of Business First in October 2006, the program has amassed an impressive list of accomplishments: n 2,400 companies interviewed n 716 companies plan to add jobs n 6,500 new employment opportunities n 540 companies plan to expand n $274 mil in new capital investment n 2,000 new jobs created n 2,500 jobs retained

Dec. 2010 Business First program recognized by the Virginia Chamber with Torchbearer award.

June 2011 Five-year program results = 2,000 jobs created and 2,500+ retained, plus $270 million in new capital investment.

Awards & Recognitions

Business First Greater Richmond was fortunate enough to win two major awards in 2010/11. The International Economic Development Council recognized it as the best Business Retention & Expansion Program. It was also given the Torchbearer Award for the Seventh Congressional District by the Virginia Chamber of Commerce.

Annual Report 2010-11 15


Talent Development & Workforce Promotion RichmondJobNet continues to support Greater Richmond’s business community and career seekers through a variety of outreach tools including the website, Facebook and Twitter.

16

Greater Richmond Partnership, Inc.


Outreach results are impressive with social media usage up from last year. Product enhancements such as website upgrades and a new Facebook page as well as a new marketing study are expected to have an even greater impact on the region’s professional community moving forward.

Improvements & Upgrades

A variety of changes have been made to RichmondJobNet’s products over the past year in order to continue to provide fresh, relevant content to Greater Richmond’s professional community. With social media interaction on the rise, staff worked on a new Facebook page designed to provide more career resources to users who prefer to remain in the Facebook environment. The new page was released at the beginning of the 2011-2012 fiscal year. Website improvements have focused on providing quicker access to key components as well as the addition of more dynamic content

Five-Year Goal

Annual Goal

FY2010

% of Goal

240,000

48,000

24,527

51%

Site Registrants

5,000

1,000

393

39%

Career Concourse Subscribers

2,500

500

169

34%

New Twitter Followers

6,000

1,200

1,549

129%

Program Goals Site Visits

for better search engine optimization. They include: n The addition of a blogs section to the homepage, which links to the most recent entry of a variety of quality career blogs. n An enhanced twitter feed which provides more twitter content to webpage viewers. n A new feature on the RichmondJobNet calendar which allows registrants to add events to their own electronic calendars with a single click.

n The addition of investor logos on the career search results page, highlighting local employers who support RichmondJobNet and the Greater Richmond Partnership.

Electronic Outreach

This year, RichmondJobNet continues to reach jobseekers and other careerminded individuals in impressive numbers

RichmondJobNet is an online career resource center for individuals interested in starting or advancing their career in the Greater Richmond region. The site was developed in response to unprecedented economic changes in our community and the growing need to help job seekers connect with local employment opportunities.

Continued on next page

Annual Report 2010-11 17


RichmondJobNet’s innovative use of social media was recognized by the International Economic Development Council, which awarded the tool first place in its 2010 New Media category.

Continued from previous page through its website. n 24,460 website visitors n 88,512 page views n 1,900 registered job seekers n 12 unique e-newsletters As our audience increasingly gravitates toward the dynamic and interactive nature of social media platforms, Twitter and Facebook have become essential outreach tools. Staff has dedicated increased attention to these outlets, with a focus on engaging Richmond’s career community. n 1,549 new Twitter followers (3,467 total) n 26,000 tweets n 52,088 Facebook post views n Facebook post feedback up 112% n New Facebook likes up 24%

Workforce Services

The Partnership’s staff continues to sup-

18

Greater Richmond Partnership, Inc.

port RESOURCE, the region’s Workforce Investment Board, by serving on the board of directors and as the chair of the Program Planning and Development committee. Staff also provided research support, creating target industry profiles which helped RESOURCE more firmly understand the employment opportunities existing in its chosen target industries. Additionally, the Partnership collaborates with the newly formed Business Solutions Team, which delivers comprehensive workforce development services to new and expanding businesses.

Strategic Plan

To improve the effectiveness of our outreach efforts, the RichmondJobNet team worked with seniors in Virginia Commonwealth University’s School of Mass Communications to generate fresh marketing ideas. In particular, the student team was tasked with presenting strategies

designed to attract college students and young adults to RichmondJobNet’s services and features. This demographic is the next generation of Greater Richmond’s labor force, which is often considered to be the region’s number one business location asset. After a month-long period of research, the student team provided insights about how young people access career information, what marketing methods reach them, and how they interact with the internet and social media tools. Recommended marketing strategies included various changes to our outreach methods, increased advertising, and the introduction of fun, useful promotional items and giveaways. Based on the study, the RichmondJobNet team will be implementing several new initiatives in the upcoming 20112012 fiscal year. To help with these efforts, Continued on next page


Continued from previous page the Partnership will be hiring a student intern from the project team in Fall 2011.

RJN Around Town

n Staff attended the first annual Averett College job fair in November 2010,

What we’re reading on

meeting with job seekers face-to-face to increase awareness of the free career resources available through RichmondJobNet. n The Partnership sponsored and attended two Linkedin Live RVA events to promote RichmondJobNet as well as other Partnership programs and services.

dianafakhouri: @RichmondJobNet Thanks for the heads up - found my new job through y’all!

n RichmondJobNet’s posters and flyers can be spotted in libraries, one-stop centers, and college career offices throughout the metropolitan area. n The Richmond region’s graduating seniors and rising upperclassmen noticed RichmondJobNet ads in their college or university newspapers last May.

DougFRSH757: Got an interview tomorrow thx to @RichmondJobNet

MsCori: Love following @Richmondjobnet. So easy to help find jobs for friends. Part of my master plan to bring them all close to me in Richmond! wrecycleit: Thank you @Richmondjobnet for connecting us to @NothinginVain. We can’t wait for her to join us here in #rva

EditorDee: @RichmondJobNet Helped me, they can help you! :) SouthernStates: @RichmondJobNet Thanks so much for the RT! We received some great responses!

TheJGB: Many thanks to @RichmondJobNet for getting me the head start on applying to the internship that I ended up getting with Dominion!

Annual Report 2010-11 19


Marketing Communications Using targeted strategies and a multi-platform approach helped the Partnership exceed its annual goal for Media Message Placement by 60 percent.

20

Greater Richmond Partnership, Inc.


GRPVA.com website

n 32, 200 unique visitors for FY (up 43%) n Average of 130 visits per day (up 29%) n 67% are new visitors Website traffic growth is attributed to leveraging the Partnership’s social media tools, Google adwords campaign, and communications and PR efforts.

An Israeli reporter from the Maariv, one of Israel’s largest newspapers, visited Greater Richmond at the invitation of the Partnership. The news article encouraged Israeli companies to explore opportunities in Greater Richmond and Virginia, particularly leveraging Dominion’s interest in innovative technologies.

Social Media

Monthly eNewsletter

The Partnership’s use of social media was spotlighted in the Mashable article, “5 Ways Cities Are Using Social Media to Reverse Economic Downturn.” The article has been shared more than 1,950 times.

Public Relations

n 12 Press releases n 60 media hits tracked Media placements ranged from solar publications, to several U.S. states and international locations, such as England and Israel.

n Subscribers: 1,733 (up 24%) n Open Rate Average: 20% n Click Rate Average: 39%

Advertising

Capitalizing on the national attention VCU and UR basketball created in the NCAA Men’s Final Four, the Partnership launched an online ad campaign on ESPN. com, Google Adwords and LinkedIn. n Total Impressions: 2,367,688 n Total Click Throughs: 1,476

Awards

International Economic Development Council (in population group greater than 500,000): n Winner for 2010 Year in Review: Headlines & Newsmakers in the General Purpose Brochure category. n Honorable Mention for the Annual Report 2009/10 in the Annual Report category. The GRPVA.com website continues to receive recognition for its design, including: n AIGA merit award for advertising design for the AIGA Richmond Chapter’s Grade Six awards show. n “Webpick of the Day” by Communication Arts.

Annual Report 2010-11 21


New Business Formation & Small Business Support The Greater Richmond Small Business Development Center exceeded all of its annual goals, including the key areas of new jobs, retained jobs, capital investment, new sales and business expansions.

22

Greater Richmond Partnership, Inc.


Recent Success

Sam and Teresa Craig started Rebound Industrial Maintenance in the fall of 2009 as a result of General Electric Company closing their Apparatus Service Center. Sam was their Lead Class A Machinist and Teresa has extensive experience in sales, marketing and finance, which helped them transition to executive roles in their new venture. They leased a facility in a south Midlothian industrial park and launched their business with two orders already on the books. They outgrew this site after the first year and moved into a larger site, adding three more employees and more major equipment. The Greater Richmond Small Business Development Center counseled the development of their business, marketing and operations plans, financial pro forma and potential sources of revenue. GRSBDC also provided a list of resources they could draw upon for additional information.

Five-Year Goal

Annual Goal

FY2010

% of Goal

New Jobs

1,200

250

271

108%

Retained Jobs

2,000

400

601

150%

Capital Investment (in millions)

$30

$6

$23.9

398%

New Sales (in millions)

$30

$6

$27.3

456%

Businesses Expanded (firms)

600

120

138

115%

Program Goals

Training for Business Owners (individuals)

15,000

3,000

4,567

152%

Counseling for Small Business Owners (businesses)

2,500

500

568

114%

Contacts with Small Business (via website)

50,000

10,000

12,882

129%

The GRP partners with the Greater Richmond Chamber to fund the efforts of the Small Business Development Center.

Annual Report 2010-11 23


Year End Results The Partnership’s programs supported the creation of 2,005 new jobs and $115.9 million in new capital investment. Since 1994, the Partnership has helped create more than 40,000 new jobs and $7.3 billion in capital investment in the Greater Richmond region. This is a return on investment of $164 for every $1 in funding provided by public and private partners.

24

Greater Richmond Partnership, Inc.


Business Attraction & Regional Marketing Total Assisted Companies New Foreign Located Companies All Other New and Expanding Companies

Talent Development & Promotion

5yr Goal

Annual Goal

2-yr Total

% of 5yr Goal

240,000

48,000

64,945

27%

Site Registrants

5,000

1,000

1,313

26%

Career Concourse Subscribers

2,500

500

496

20%

New Twitter Followers

6,000

1,200

2,929

49%

5yr Goal

Annual Goal

2yr Total

% of 5yr Goal

5yr Goal

Annual Goal

2yr Total

% of 5yr Goal

125

25

23

18%

Site Visits

25

5

19

19%

100

20

4

16%

New Jobs

8,500

1,700

1,414

17%

Capital Investment (millions)

$1,500

$300

$332.6

22%

New Business Formation & Small Business Support

Inbound Prospect Visits

350

70

111

32%

New Jobs

1,200

250

402

32%

Positive Media Messages

50

10

30

60%

Retained Jobs

2,000

400

947

47%

Business Expansion & Retention

5yr Goal

Annual Goal

2yr Total

% of 5yr Goal

Capital Investment (millions)

$30

$6

$34.4

115%

Company Interviews

2,500

500

1,103

44%

New Sales (millions)

$30

$6

$36.3

121%

Survey Completion Rate

60%

60%

54%

90%

Businesses Expanded (firms)

Assisted Companies/ Closed Referrals

500

100

145

New Jobs

7,500

1,500

Capital Investment (millions)

$250

$50

600

120

256

43%

29%

Training for Business Owners (individuals)

15,000

3,000

7,869

52%

1,303

17%

Counseling for Small Business Owners (businesses)

2,500

500

1,047

42%

$205.2

82%

50,000

10,000

26,391

53%

Contacts with Small Business (via website)

5-Year Score Card

Annual Report 2010-11 25


Financial Statement

Despite a reduced budget, the Partnership continues to work with the assets that we have in order to meet our goals. The Partnership’s leadership continues

to seek investors from the private sector to meet the $9 million, five-year funding goal. Because of this reduced income, we consistently seek cost-cutting measures and

will continue to engage the private sector to improve funding in the upcoming fiscal year with the Private Sector Finance Committee leading the way.

Balance Sheet as of June 30, 2011 Assets Cash Investments

$1,029,680 878,520

Other Current Assets

24,704

Total Current Assets

1,932,904

Fixed Assets

49,796

Other Assets

12,136

TOTAL ASSETS

$1,994,836

Liabilities and Equity Total Current Liabilities

$345,220

Equity

1,649,616

TOTAL LIABILITIES AND EQUITY

26

Greater Richmond Partnership, Inc.

$1,994,836


Financial Statement Comparison

Budget FY2011

Actual FY2011

Income Private Contributions

$1,130,000

$1,225,102

Chesterfield County

370,000

370,000

Hanover County

370,000

370,000

Henrico County

370,000

370,000

City of Richmond

370,000

370,000

Reserve Fund

170,000

-

Interest Income

-

157,978

$2,780,000

$2,863,080

$1,524,050

$1,427,285

Marketing and Recruitment Activities

490,950

638,700

International Program

345,000

249,006

TOTAL INCOME Expenses Administration

CoStar Realty Information

29,000

33,269

Workforce Development (Chamber contract)

75,000

75,000

Business Retention Program

41,000

49,391

Small Business Development Center (Chamber contract)

275,000

275,000

$2,780,000

$2,747,651

TOTAL EXPENSES

Annual Report 2010-11 27


Investors

Public Sector

City of Richmond County of Chesterfield County of Hanover County of Henrico

Private Sector

Alfa Laval, Inc. Altria Group, Inc. Anthem Blue Cross Blue Shield Bank of America Baskervill BB&T Capital Markets BB&T Insurance Services BCWH Architects Blackwood Development Company, Inc. Bon Secours Health System Branch Banking and Trust Company (BB&T) Brandywine Realty Trust The Brink’s Company Capital One Financial Corporation Capstone Contracting Company

28

Greater Richmond Partnership, Inc.

CapTech Ventures, Inc. CarMax CCA Industries Centerpointe Associates Cherry, Bekaert & Holland, LLP Chmura Economics & Analytics Christian & Barton, LLP Collegiate School ColonialWebb Contractors Columbia Gas of Virginia Community College Workforce Alliance Control Dynamics, Inc. Creative CRT/tanaka CXI Davenport & Company Ditch Witch of Virginia Dominion Realty Partners Dominion Resources E.A. Holsten, Inc. Ernst & Young LLP First Capital Bank The Flores Shop Froehling & Robertson, Inc.

Genworth Financial, Inc. Gresham, Smith & Partners Grubb & Ellis|Harrison & Bates Gumenick Properties HCA Virginia Health System Alexander Hamilton, IV Highwoods Properties Hirschler Fleischer HKS Architects The Hodges Partnership W. Barry Hofheimer Hourigan Construction Hunton & Williams LLP J. Sargeant Reynolds Community College The Jefferson Hotel Jewett Automation, Inc. Jewett Machine Manufacturing Company, Inc. John Tyler Community College Joyner Fine Properties KBS, Inc. Keiter, Stephens, Hurst, Gary & Shreaves Kjellstrom and Lee, Inc. Korman Signs Inc.


KPMG LLP Kraft Foods, Inc. / Nabisco Biscuits Lamar Advertising LandAmerica Charitable Fund of the Community Foundation LeClair Ryan Luck Stone Corporation M & T Bank M. H. West & Co., Inc. Markel Corporation The Martin Agency McCandlish Holton, PC McGuire Woods LLP McKesson Medical-Surgical, Inc. Media General, Inc. Mitchell, Wiggins & Company, LLP Morton’s, The Steakhouse Mutual Assurance Society of Virginia MWV (MeadWestvaco Corporation) NewMarket Corporation Nursefinders Odell Owens & Minor, Inc. Patient First

Prudential Slater James River Realtors PwC Rainbow Station, Inc. Richmond Association of REALTORS Rick Whittington Consulting, LLC RSM McGladrey Rutherfoord S.L. Nusbaum Realty Company Sands Anderson PC John Jay Schwartz, MCR, RPA Scott & Stringfellow, LLC Sheetz St. Catherine’s School St. Christopher’s School Staffmark SunTrust Bank SuperValu Swedish Match North America, Inc. Thalhimer/Cushman & Wakefield Alliance ThompsonMcMullan, PC Titan Group TLA, Inc. Troutman Sanders LLP Ukrop’s Homestyle Foods

Union First Market Bank Universal Leaf Tobacco Company, Inc. University of Richmond Virginia Commonwealth University & VCU Health System Verizon Communications Village Bank Virginia Air Distributors Virginia Credit Union Inc. Thomas J.Vozenilek W.M. Jordan Company Warren Whitney Wells Fargo, N.A. Wells Fargo Advisors The Westin Richmond The Whitlock Group Williams Mullen

Annual Report 2010-11 29


901 East Byrd Street | Suite 801 | Richmond,Virginia, 23219-4070 Tel. 804.643.3227 Toll Free 800.229.6332 Fax. 804.343.7167

October 2011

please recycle


Annual Report 2010-2011