Page 1

Annual Report 2012/13


FISCAL YEAR TOTALS

53 2,058 companies assisted

Greg Wingfield welcomes Clive Drinkwater and visiting UKTI companies to the Richmond area.

new jobs created

276m

$

in capital investment

Regional economic developers welcome ITL to the Dominion Resources Innovation Center in Ashland.


ECONOMIC IMPACT*

3,197 Sabra Dipping Company breaks ground on an expansion to their facility in Chesterfield County.

total new jobs created

440m

$

total impact in new sales * based on the IMPLAN economic model which uses multipliers based on consumer expenditures. GRP staff entertain a delegation from the Republic of Moldova.


To Our Investors & Stakeholders

2

There will be an addition to the Richmond skyline once the new Gateway Plaza building is erected on East Canal Street.


The final push toward completing five-year goals As the fourth fiscal year of our five-year funding cycle closes, we are reminded of the economic uncertainty that most businesses have faced. Starting in 2009, our current five-year cycle included the Great Recession which slowed prospect activity and — more importantly — commitments to the region. As businesses make up for lost time, Partnership staff are identifying more prospects for the region to capitalize on. This loosening of the economy in the last 18 months has resulted in a significant increase in our prospect pipeline, however, commitments have not mirrored that affect. The economy is recovering at a snail’s pace, so we have decided to increase our aggressive marketing strategy. Efficient marketing missions have improved our relationships with site location professionals, as well as increased our visibility among the national business community.

Our business recruitment efforts were headlined by several companies with international roots, including Aditya Birla Minacs, Integrated Technologies Ltd. and Kalokids. Other notable announcements included Morooka USA, The Vitamin Shoppe and Sabra Dipping Company’s two expansions. Among these projects, and many of the others we assisted, location was paramount in their decision. To support these projects, our most effective tools in regional marketing include the vast data and information we curate on our websites, led by GRPVA.com. In the past year, we recognized that this award-winning resource needed to metamorphasize and adapt to mobile use. Read more about our new tools on page 6. Our business retention and expansion program saw transition in April, as Bethany Miller was hired as the new manager of Business First Greater Richmond.

Despite the changeover, the local volunteers continued their service by logging 550 face-to-face interviews. Our workforce development and talent promotion tool, RichmondJobNet, set milestones this year by exceeding three of its four annual goals. Also, job seekers showed approval in the program’s usefulness with its Facebook page reaching 1,000 likes to accompany 5,000 followers on Twitter. Although it is not our organization’s mission to win awards, the Partnership has been recognized by national and international associations. As we work into the 2013-2014 fiscal year, and the start of a capital campaign to sustain our work as a non-profit organization, the Partnership staff will continue to champion the Richmond Region’s assets and strive to improve its business climate.

Daniel A. Gecker, Chairperson 2012-2013

Gregory H. Wingfield, President and CEO

3


Board of Directors 2012-2013 Officers Daniel A. Gecker, Chair

Slaughter Fitz-Hugh,Vice Chair

William G. Broaddus, General Counsel

Gregory H. Wingfield, President & CEO

Anita Saunders, Corporate Secretary

Board of Directors Katherine Busser

Slaughter Fitz-Hugh

Angela Kelly-Wiecek

Patricia S. O’Bannon

Exec.Vice President Capital One

President CapTech

Board of Supervisors Hanover County

Board of Supervisors Henrico County

Bob DeLille

Daniel A. Gecker

T. “Jay” Moore

Charles Samuels

CEO/Owner Creative

Board of Supervisors Chesterfield County

Partner Hunton & Williams LLP

President Richmond City Council

Cecil “Rhu” Harris

Byron C. Marshall

Doug Roth

Tracy Kemp Stallings

Administrator Hanover County

Chief Administrative Officer City of Richmond

Sr.Vice President/Area Executive BB&T

Chief Operating Officer HCA Johnston-Willis Hospital

John Vithoulkas

Ned W. Massee

Kim Scheeler

James L. “Jay” Stegmaier

County Manager Henrico County

Vice President Corp. Affairs, MWV

President Greater Richmond Chamber

County Administrator Chesterfield County

Alternates

4


Partnership Staff Gregory H. Wingfield President & CEO Barry I. Matherly Sr.Vice President, Business Development Rowena Fratarcangelo Vice President, Business Development Chuck Peterson Vice President, Business Information Bethany J. Miller Vice President, Business Development Olga Molnar Research Manager Michael C. Ivey Communications Director Grace Festa Business Development Manager Anita Saunders Executive Assistant to the President

Partnership hires new VP, promotes three other staffers In April, the Partnership announced the hiring of Bethany J. Miller as its newest vice president of business development. Miller is in charge of the region’s business retention program, Business First Greater Richmond, and will support a multi-jurisdictional volunteer team tasked with interviewing business owners and operators. Three veteran employees were promoted during the year, including Grace Festa to business development manager, Michael Ivey to communications director and Anita Saunders to executive assistant to the President and corporate secretary. There are 11 years of combined experience at the Partnership among the three promoted.

Mission Statement To help grow the Greater Richmond economy through the attraction of high quality jobs and new capital investment, the retention of existing businesses, and the continued improvement of the region’s business climate.

5


Key projects assist regional marketing mission The Partnership staff advanced several important tools this fiscal year, including two technology-based upgrades. Moving forward, the team continues to build networks, create promotional materials, and identify opportunities to market Greater Richmond globally.

important for staying competitive. The site also offers a new investor center and updated maps and publications sections.

New Prospect Presentation

GRPVA.com Redesign

As an award-winning website, GRPVA. com has garnered the attention of local, national and international organizations for its progressive design and ease of use. Not wanting to rest on our laurels, the Partnership began an intensive process of redeveloping its website design and site structure. While working with Rick Whittington Consulting, the Partnership staff developed several new features including a rotating image window on the front page that includes regional accolades and success stories. Several of the success stories were complemented with executive inter6

GRPVA.com now displays the most valuable information on the front page, including real estate information and data.

views available on our video channels. Since many site location professionals conduct their initial research without contacting our office, the Partnership has begun allowing the download of the International Economic Development Council (IEDC) dataset to visitors of the website. We recognize that data integration is key to site location success, and permitting this data to be easily accessed is

If you’ve had the privilege of attending a prospect meeting in our boardroom, then you’ve probably seen what the Partnership uses as its secret weapon: “The Frontroom Show.” Based on years of data cultivated by the Partnership’s research department, the Show had been built and maintained in an antiquated technology structure. The Show could only be accessed within our computer network and had its use limited to our boardroom. Renamed the Prospect Presentation, the new Internet-based presentation accesses our robust data collection for use on computers and iPads – bringing the Presentation out of our boardroom and Continued on next page


Target Cluster Initiatives

Continued from previous page into situations where our marketing team can access it globally. The Prospect Presentation operates like a website, but displays data like presentation software. We have already received praise for the tool from international businesses on inbound marketing missions.

RVA Brand Adoption

In what began as a grass roots regional marketing initiative, ‘RVA’ has grown into a phenomenon in the Richmond Region. Two initiatives by the Partnership include the use of the ‘unbrand’ – RVA Agents and RVA USA. RVA Agents was launched at the 18th Annual Meeting & Investor’s Reception as a way to engage active regional ambassadors and business travelers. Armed with black sunglasses and pocket-sized brochures, Agents are asked to help the Partnership with our mission: tell the story of Greater Richmond to fellow travelers, vacationers, colleagues and clients, and help bring business to the Richmond Region.

Photo by Hunter Henkel

Guests at the 18th Annual Meeting & Investor’s Reception open their classified envelopes, unveiling a pocket-sized brochure and RVA Agent sunglasses.

RVA USA is an effort to embrace the RVA moniker and take it to a global scale. With the agreement of our four local economic development partners, the Partnership has begun using it as a regional marker. With a need to differentiate and help identify RVA as a location, we decided to add USA to the popular logo. With permission to expand the reach of RVA beyond the regional and national stage to international territories, the Partnership has begun including the logo on print and promotional materials.

This year, the GRP completed several important steps to adopt the recommendations from the industry study conducted by Market Street Services, Inc., in FY11. Target industry clusters were identified and serve as the driving force of the Partnership’s programs: n Health & Life Sciences n Supply Chain Management n Advanced Manufacturing n Food & Beverage DIN BOLD > AGENTS n Finance & Insurance n Professional & Creative Services To promote and support the region effectively, the Partnership completed a series of industry profiles for each of the clusters showcasing Greater Richmond’s depth of advantages, representative companies, educational opportunities, workforce data, incentives, innovation and experience. These brochures were presented and mailed in a tri-fold folder to nearly 1,000 consultants and site location professionals. The Partnership also began creating industry landing pages that reflect website front pages instead of interior pages, which is useful in online marketing. 7


Business Attraction & Regional Marketing

8

Aditya Birla Minacs opened a customer care center which will employ upwards of 600 in the next few years.


Section header With the assistance of allies and partners, the Partnership’s regional marketing team assisted 17 companies that invested more than $192 million and have planned 1,384 jobs in the region. Prospect activity was healthy, with the Partnership generating 333 new prospects this year with nearly 600 projects actively being worked. The Business Attraction & Regional Marketing team used pre-existing travel commitments to their advantage by attending 30 domestic conferences and completing 21 international missions.

Recent Successes

Aditya Birla Minacs opened a customer care center in Henrico County. Minacs plans to hire 600 within the next few years to fulfill its contract with a Fortune 100 technology company. As part of the Washington Redskins new football training village in the City of Richmond, Bon Secours added 190 jobs and invested $30.8 million. By bringing its old-fashioned ice cream to the Richmond market, Blue Bell

Five-Year Goal

Annual Goal

FY2013

% of Goal

125

25

17

68%

New Foreign Located Co.

25

5

7

140%

All Other New and Expanding Companies

100

20

10

50%

New Jobs

8,500

1,700

1,384

81%

Capital Investment (million)

$1,500

$300

$192.3

64%

Inbound Prospect Visits

350

70

69

99%

Place 50 Positive Media Messages

50

10

26

260%

Program Goals Total Assisted Companies

Creameries invested $50 million in a distribution center in Henrico. The first phase of the facility includes 20 new positions. Colorado-based Decadence Gourmet Cheesecakes started production of gourmet cheesecakes and savory dips in Henrico County. East Coast fans of the company’s unique “Cheesecakes in a Jar” rejoiced. Design Ready Controls expanded its operations in Henrico County, adding 42

jobs to its control panel assembly plant. The Minneapolis-based company is a leading supplier of control panel solutions. FedEx Ground started building a new $4 million distribution center in Hanover County. Two phases are planned for the center, eventually encompassing 320,000 square feet. Phase I has been completed. Ashland-based Hanover Foils increased production with a $500,000 expansion Continued on next page 9


Continued from previous page adding 18 positions. The company has seen its growth double every year since forming in 2009. Hocer Medical will invest $5 million in the Virginia BioTechnology Research Park and create 50 jobs. The Chinese company will produce ultrasonic surgical devices and equipment in the city. Health Diagnostic Laboratory Inc. has formed a joint venture with a Canadian company to bring to market a blood test for assessing colon cancer risk. Innovative Diagnostic Laboratory LLP will employ 45 in their $1.5 million Henrico County facility. Integrated Technologies Ltd. (ITL) opened a sales office in the Dominion Resources Innovation Center in Ashland. ITL is a contract designer, developer and manufacturer specializing in medical and laboratory instrumentation. Jensen Leisure Furniture opened a small distribution company to expand its reach to the East Coast. The company only uses Forest Stewardship Council (FSC) certified wood in its designer patio products. 10

Representatives from Morooka celebrate their partnership and opening of their assembly plant in Hanover County.

UK-based Kit for Kids Group decided to locate its first U.S. expansion in Hanover County. Doing business as Kalokids, the company designs and manufactures interactive children’s carpets, rugs, soft play and classroom furniture. A small sales office was started for business-to-business marketing. MedCPU, an Israeli company, opened a five-person office in Shockoe Bottom. The company hopes to increase sales with health care providers as they begin to

comply with “meaningful use” regulations required by the federal government. Hanover-based Morooka Co., Ltd. announced plans to start production of rubber track carriers. The local business partnered with the Japanese parent company to start the $15 million assembly center. Remedi SeniorCare will create 38 jobs at its $7 million building in Hanover County. The company moved into a new 22,000-square-foot facility equipped with Paxit, an automated robotic dispensing technology that can support 10,000 longterm care residents throughout the state. Continuing to invest in Chesterfield County, Sabra Dipping Company announced an expansion of North America’s largest hummus plant. The $86 million project will create 140 new jobs for the spread maker. The Vitamin Shoppe Inc., a leading specialty retailer and direct marketer of nutritional products, started construction on a distribution operation on Route 1. The $39.4 million facility will create 174 jobs and adds another supply chain company to Hanover County’s portfolio.


Prospect Activity Using our logistical advantage on the East Coast of the United States, the Partnership marketing team successfully assisted a higherthan-normal amount of companies focusing on domestic distribution and expanding their reach with new sales offices. In addition to developing new prospects, our team continued to work with prospects with longer time horizons and prospects from earlier years.

Current Prospects Active 1..............................23% Active 2..............................16% Semi-Active........................33% Suspect...............................28% Active 1: A final decision on the project is expected within 1 year. Active 2: A final decision on the project is expected within 2 years. Semi-active: A final decision on the project is expected in 3-4 years. Suspect: The company has not disclosed enough information regarding their project.

introduction

introduction

Business Attraction

Business Attraction

Business Retention

Business Retention

talent promotion

talent promotion

Marketing

Source of Leads Communications

Marketing Origin of Parent Co. Communications

Industry Sector

GRP Direct Contact............74% Europe................................47% Small Development business development North America. Small business development Va. Economic ...................47% Partnership.........................13% Asia.......................................4% Allies Referral.......................6% Middle East..........................1% Conclusion Conclusion Private Sector Referral.........3% South America. .....................1% Site Selection Consultant.....3% Real Estate Broker................1%

Advanced Manufacturing... 50% Health & Life Sciences.......... 9% Food & Beverage................. 8% Supply Chain Management.. 7% Finance & Insurance............. 6% Professional & Creative Services................................ 5% Corporate Headquarters...... 1% Other.................................. 17%

11


Marketing Missions & Events By overlaying travel locations with marketing opportunities, the marketing team optimized the amount of time and money spent on outbound missions. The team more than doubled their attendance of events and missions from 14 to 30 domestically and

12

increased their presence internationally from 11 to 21 opportunities. This two-page spread illustrates the 51 missions and events attended by Partnership staff and other Richmond Region representatives during the fiscal year.

Barry Matherly led the GRP’s first marketing mission to Brazil.

Local staff represent the region at the Fancy Food Show in San Francisco.

Edith Pflug and Barry Matherly tour a food processing facility in Switzerland.

The GRP held it’s first Brokers Breakfast for local real estate professionals.

Representatives tour the Range Rover plant in the United Kingdom.

Regional representatives traveled with Honorary Consul for Canada William Benos.


Note: The dots on this map may represent multiple missions or events in the same market.

30 21 173

domestic missions international opportunities travel days 13


Business Retention & Expansion

14

Hardywood’s brewing team gets ready to brew a batch of RVA IPA, the “Community Hopped IPA” with fresh, local, community-sourced hops. Photo courtesy Hardywood Park Craft Brewery


Section header The Business First Greater Richmond program is a collaborative effort by the Greater Richmond Partnership, its four local partners and a network of volunteers and service providers, all dedicated to helping businesses thrive in the region. The Business First team includes economic development professionals, government partners, finance agencies, training institutions, international trade experts, workforce development experts and more.

Outreach & Impact

n 550 companies interviewed n 18,000 existing jobs represented n 419 new jobs created n 1,621 existing jobs retained n 36 closed referrals n $77.8 million in capital investment

Volunteer Activity

Business First Greater Richmond was fortunate to have the commitment and support of more than 70 local volunteers who assisted with on-site company visitations during Fiscal Year 2013. Through training offered at the local and regional

Five-Year Goal

Annual Goal

FY2013

% of Goal

2,500

500

550

110%

Survey Completion Rate

60%

60%

47%

78%

Assisted Companies/Closed Referrals

500

100

36

36%

7,500

1,500

419

28%

Program Goals Company Interviews

New Jobs Jobs Retained Capital Investment (millions)

1,621 $250

level, each volunteer maintains the knowledge necessary to have informed interactions about local economic development initiatives and appropriate business assistance resources when meeting with company representatives. Through in-person conversations with company executives, program volunteers helped local economic development officials capture critical information about more than $70 million of planned capital investments and an anticipated need for 423,350 square feet of additional space Continued on next page

$50

$77.8

156%

Business First is an existing business assistance initiative. The strategy uses face-to-face interviews with top leaders of existing businesses to gather feedback on doing business in Greater Richmond.

Business First Greater Richmond honored its volunteers at an appreciation event at the Virginia Center for Architecture in April.

15


Continued from previous page due to expansion. This business intelligence gathering work is essential to the ability to understand the regional business climate.

ANNUAL REPORT & PROGRAM FINDINGS 2012-2013

CHESTERFIELD | HANOVER | HENRICO | RICHMOND

Success Stories

GenetworX is a fast-growing startup company that specializes in providing personalized medicine based on an individual’s genetic profile. They were located in multi-tenant office space in the Innsbrook office complex before deciding that they would need additional room to grow their business. Working with the Business First Henrico team, they have set up their headquarters and laboratories in the former Innsbrook Library. Henrico County Economic Development Authority staff worked with the company to negotiate a lease with the County and move their operations within the Innsbrook business community. Their new space consists of 18,000 square feet, and based on growth calculations, GenetworX is expecting to add 50 to 100 employees and $3 million of investment within the first two years. 16

l

l

For more detailed information on program findings, please visit the Business First website for its 2012/13 Annual Report.

l

Since opening in 2011, Hardywood Park Craft Brewery has pursued organic and sustainable growth through the hiring of passionate team members and a dedication to local resources and partnerships with many Richmond-based organizations. In December 2012, Hardywood purchased a neighboring building to accommodate its need for more office and warehouse space, a beer education center, and a climate controlled warehouse for its barrel aging program. The new building has freed up square footage in the company’s

previous space for more than $750,000 in equipment investments. By the end of 2013, the expansion will create more than 20 jobs in manufacturing, sales and marketing, administration and hospitality. It will also increase the brewery’s production capacity by more than 50 percent. Collaboration with local farmers and artisans has become the hallmark of Hardywood’s Reserve Series of beers. These gourmet beers are designed to showcase the local flavor of the Richmond Region through the use of fresh local ingredients, such as ginger and honey, in its awardwinning Gingerbread Stout. Hardywood gives out 1,000 hop rhizomes each spring so that hundreds of local gardeners can make Richmond greener while contributing fresh, local hops to the brewery’s “community hopped beer,” RVA IPA. l

l

l

Chesterfield County Economic Development staff conducted a Business First call with the new Hyatt Place Richmond/Chester. Weekday business has been strong over the past year; however, Continued on next page


Continued from previous page the business was looking to increase leisure traveler stays, especially during the weekend. A few miles down Route 1 in southern Chesterfield, Swift Creek Mill Theatre is undergoing a major renovation to become Americans with Disabilities Act (ADA) compliant for the first time in the facility’s 350-year history. This upgrade is literally opening the historic property for the first time to new demographic markets, including active seniors. The Mill approached Chesterfield Economic Development regarding tapping into the Virginia Tourism Corporation (VTC) Marketing Leverage Program, which if successful will result in a $10,000 one-to-one matching grant for a targeted marketing program to a new and broader theatre audience. One of VTC’s missions is to increase overnight visitation in the state through cultivation of new markets. By connecting the two requests, Business First Chesterfield was able to address the needs of two local businesses. As of press time, it was not known whether the highly competitive $20,000

monwealth and resulted in new marketing partnerships in Chesterfield County. l

Chesterfield County identified a possible solution that would address needs for Swift Creek Mill Theatre and Hyatt Place.

grant package will be awarded to the Chesterfield partners; however, as stated in the application, the resulting marketing plan “to promote The Mill’s accessibility, culture and history and encourage stays at our local Hyatt Place encompasses four avenues: online advertising, print advertising, printed materials and cross-promotion via onsite and website methods.” Unquestionably, a Business First Chesterfield visit heightened outreach to the cultural tourism industry and awareness of financial resources available through the Com-

l

l

Total Party Planner is an IT company which specializes in catering and banquet management systems that support a myriad of functions from scheduling and dish recipes to invoices and staffing. During a standard Business First Hanover visit, volunteers discovered that Total Party Planner had gained recent traction as a standard platform for numerous caterers across the country and abroad. Business First Hanover identified the potential for larger sales abroad and introduced Total Party Planner to Virginia Economic Development Partnership’s (VEDP) international trade program,Virginia Leaders in Export & Trade (VALET). Since taking part in VALET, Total Party Planner received a $5,000 grant from VEDP’s export promotion program and has begun to retool their international sales approach to focus on new markets. As of press time, Total Party Planner is in conversations with multiple contacts in Australia looking at new sales leads and potential joint ventures. 17


Talent Development & Workforce Promotion

18

GRP intern Curtis Colbert explains the benefits of RichmondJobNet to a job seeker at a local career fair.


Section header Greater Richmond’s labor force is often considered one of the region’s top assets in business location decisions. RichmondJobNet connects talent with the business community and works to establish the Richmond Region as a top career destination for professionals. The program has seen unprecedented success this year, with three out of the four goals exceeding 100 percent completion.

Electronic Outreach

RichmondJobNet has continued to support job seekers with a variety of online resources, growing its audience and digital presence. Website visits increased 23 percent, including an increase in page views over the last fiscal year. n 49,336 website visitors n 34,952 unique visitors n 158,900 page views n 1,014 registered job seekers n 13 unique e-news blasts Social media continues to be an important outreach tool to connect with careerminded individuals who gravitate toward these dynamic, interactive platforms.

Five-Year Goal

Annual Goal

FY2013

% of Goal

240,000

48,000

49,336

103%

Site Registrants

5,000

1,000

1,014

101%

Career Concourse Subscribers

2,500

500

242

48%

New Twitter Followers

6,000

1,200

1,429

119%

Program Goals Site Visits

RichmondJobNet has continued its impact on social media as well. The Facebook page hit a milestone this year, as it passed the 1,000 “Likes” threshold. n 1,429 new Twitter followers n 57 average tweets per day n 130,473 people reached on Facebook n 166 new Facebook fans

Career Fairs

The RichmondJobNet team attended several job fairs and career events this year, connecting face-to-face with local job seekers and spreading the word about the website’s suite of resources. These outreach efforts were tremen-

dously successful, resulting in 349 new registered job seekers and increased awareness among RichmondJobNet’s target population – area job seekers.

TV Coverage

Two television interviews boosted visits to the site, mostly piggybacking hot topics such as the Amazon distribution center opening and a regional study regarding retention of young professionals and millennial talent. Partnership President Greg Wingfield fielded questions from WWBT 12 regarding the study and cited RichmondJobNet as a tool for talent retention.

RichmondJobNet works to support businesses by promoting employment opportunities to a broad and engaged audience and by building a credible brand for the region as a top career destination. It also serves as an online career resource center for individuals interested in starting or advancing their career in the region.

19


Marketing Communications

20

Greg Wingfield answers questions from WWBT NBC 12 during a television interview.


Public Relations

Media hits include industry publications in domestic and international locations: n 9 press releases n More than 50 media hits tracked

Social Media Marketing

Facebook: 494 fans Twitter: 2,739 followers LinkedIn: 345 company followers Video sites (e.g.YouTube): 9,113 views Flickr: 11,360 photo views

Email Marketing

Email templates were redesigned starting in October to coincide with the relaunch of GRPVA.com. Monthly eNewsletter “Headlines� n 11 editions sent to more than 1,700 n Open rate average: 25% n Click rate average: 30% NewsFlash and Travel notices n 13 emails sent to select audiences n Open rate average: 21% n Click rate average: 18%

Websites

Nearly every statistic on our five websites increased this year compared to FY12: GRPVA.com (relaunched Oct. 2012) n 63,025 total visits (up 35%) n 45,354 unique visitors (up 39%) n 149,134 pageviews (up 31%) BusinessFirstRichmond.com n 2,158 total visits (down 6%) n 1,639 unique visitors (down 10%) n 5,830 pageviews (up 2%) RichmondJobNet.com n 49,336 total visits (up 23%) n 34,952 unique visitors (up 25%) n 158,900 pageviews (up 3%) RichmondWorldView.com n 3,526 total visits (up 84%) n 3,176 unique visitors (up 102%) n 5,659 pageviews (up 44%) LoveWhatYouFind.com n 3,886 total visits (up 4%) n 2,813 unique visitors (up 7%) n 15,000 pageviews (up 20%)

Advertising

Local and out-of-market print, online and billboard advertising were utilized this year, while also expanding online placement to include Google and LinkedIn. Google Adwords n 5.97 million impressions n 22,942 clicks LinkedIn campaigns n 29.5 million impressions n 9,737 clicks n 441 leads collected

Communications Recognition

It was a very successful awards season for the Partnership, as our organization won a total of 10 communications awards from three different associations: The International Economic Development Council, the Southern Economic Development Council and Graphic Design USA. Three products in particular, GRPVA. com, the GRP Annual Report and the Business First Greater Richmond Annual Report were honored with two awards each.

The Greater Richmond Partnership won a total of 10 awards from three different organizations.

21


New Business Formation & Small Business Support

22

Little House Green Grocery owners Jessica Goldberg and Erin Wright. Photo courtesy Jessica Goldberg/Erin Wright


Section header The Greater Richmond Small Business Development Center exceeded most of its annual goals, including the areas of new jobs, retained jobs and business expansions. Most of the Center’s efforts focus on training and counseling business owners, which combined, contributes to more than 4,000 individuals and businesses assisted.

Recent Success

Little House Green Grocery was founded by Erin Wright and Jessica Goldberg in 2012. Erin and Jessica wanted to create a neighborhood friendly grocery in their Bellevue neighborhood, located on the North Side of Richmond. As grocers, they work with over 60 local farmers, bakers and food artisans to bring you delicious foods, new ideas, and great service. Little House Green Grocery offers fresh Virginia-grown produce, dairy, meats, groceries and fine pantry staples along with prepared foods, beer & wine. They offer a weekly subscription service for fresh fruit and vegetables, along with events and classes. Little House Green Grocery was part

Five-Year Goal

Annual Goal

FY2013

% of Goal

New Jobs

1,250

250

255

102%

Retained Jobs

2,000

400

444

111%

Capital Investment (millions)

$30

$6

$5.7

95%

New Sales (millions)

$30

$6

$4.1

68%

Businesses Expanded

600

120

141

118%

Training for Business Owners (individuals)

15,000

3,000

3,338

111%

Counseling for Small Business Owners (businesses)

2,500

500

712

142%

Contacts with Small Business (via website)

50,000

10,000

18,978

190%

Program Goals

of the Greater Richmond Chamber’s inaugural i.e.* Startup Competition for entrepreneurs and innovators. They were one of the top 12 finalists and worked with the Greater Richmond Small Business Development Center in the development of their business plan and formation of the business. Erin and Jessica have done an excellent

job meeting their growth targets, utilizing social media and word of mouth to attract more customers. They have developed a local community customer base that guides them in identifying new products and service offerings. Their goal is to stay small and as they become successful, possibly open a second location in another neighborhood.

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

23


Five-Year Progress

24

The Partnership’s 18th Annual Meeting & Investor’s Reception was held at the Hotel John Marshall last year. Photo by Hunter Henkel


Section header

Five-Year Score Card Section header Business Attraction & Regional Marketing

4yr Total

% of 5yr Goal

Talent Development & Promotion

5yr Goal

Annual Goal

Total Assisted Companies

125

25

54

43%

Site Visits

New Foreign Located Companies

25

5

14

56%

Site Registrants

All Other New and Expanding Companies

100

20

40

40%

Career Concourse Subscribers

2,500

500

998

40%

New Twitter Followers

6,000

1,200

6,696

112%

4yr Total

% of 5yr Goal

Section header

5yr Goal

Annual Goal

4yr Total

% of 5yr Goal

240,000

48,000

153,896

64%

5,000

1,000

3,445

69%

New Jobs

8,500

1,700

4,673

55%

Capital Investment (millions)

$1,500

$300

$884

59%

New Business Formation & Small Business Support

5yr Goal

Annual Goal

Section header

Inbound Prospect Visits

350

70

267

76%

New Jobs

1,250

250

915

73%

Positive Media Messages

50

10

64

128%

Retained Jobs

2,000

400

1,828

91%

Business Expansion & Retention

5yr Goal

Annual Goal

4yr Total

% of 5yr Goal

Capital Investment (millions)

$30

$6

$46.6

155%

Company Interviews

2,500

500

2,225

89%

New Sales (millions)

$30

$6

$47.3

158%

Survey Completion Rate

60%

60%

52%

87%

Businesses Expanded (firms)

Assisted Companies/ Closed Referrals

500

100

265

New Jobs

7,500

1,500

Capital Investment (millions)

$250

$50

600

120

534

89%

53%

Training for Business Owners (individuals)

15,000

3,000

16,704

111%

2,903

39%

Counseling for Small Business Owners (businesses)

2,500

500

2,517

101%

$355.8

142%

Contacts with Small Business (via website)

50,000

10,000

59,342

119%

25


Financial Statement Section header

Listed on these two pages are the financial balance sheets for the organization, ending the fourth of a five-year funding cycle. The Partnership continues to work with the assets that we have in order to meet our marketing goals. Leadership plans a modified refunding cycle, starting with the 2014-2017 fundraising campaign to seek investors from the private sector for a three-year funding goal. Balance Sheet (as of June 30, 2013) Assets Cash and Cash Equivalents Other Current Assets

$853,530 53,628

Total Current Assets

907,158

Investments

669,824

Net Property and Equipment

44,710

TOTAL ASSETS

$1,621,692

Liabilities and Net Assets Total Current Liabilities Net Assets TOTAL LIABILITIES AND NET ASSETS

26

$251,928 1,369,764 $1,621,692


Financial Statement Comparison

Budget FY2013

Actual FY2013

Income Private Contributions

$1,005,000

$1,105,005

Chesterfield County

320,000

320,000

Hanover County

320,000

320,000

Henrico County

320,000

320,000

City of Richmond

320,000

320,000

Reserve Fund

495,000

-

Investment Income

18,000

141,261

$2,798,000

$3,021,266

$1,525,000

$1,506,158

Domestic Marketing and Promotion

618,000

517,433

International Program

310,000

334,552

TOTAL INCOME Expenses Administration

Workforce Development (Chamber contract)

59,000

59,000

Business Retention Program

25,000

24,591

Small Business Development Center (Chamber contract)

261,000

261,000

$2,798,000

$2,703,519

TOTAL EXPENSES

27


Investors 2009-2014 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 BB&T Scott & Stringfellow 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

CapTech Ventures, Inc. CarMax CCA Industries, Inc. Centerpointe Associates Cherry Bekaert LLP Chmura Economics & Analytics Christian & Barton, LLP Cobb Technologies The Collegiate School Colliers International ColonialWebb Contractors Columbia Gas of Virginia, Inc. Community College Workforce Alliance Control Dynamics Inc. Creative Davenport & Company, LLC 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 Gresham, Smith and Partners Gumenick Properties Alexander Hamilton, IV Have Site Will Travel HCA Highwoods Properties Hirschler Fleischer HKS Architects Hodges Digital Strategies W. Barry Hofheimer Hourigan Construction Hunton & Williams LLP The Jefferson Hotel Jewett Automation, Inc. Jewett Machine Manufacturing Co., Inc. John Tyler Community College Joyner Fine Properties J. Sargeant Reynolds Community College KBS Inc. Keiter Kjellstrom & Lee, Inc. Korman Signs KPMG LLP


Kraft Foods, Inc. / Mondelez Lamar Advertising LandAmerica Charitable Fund of the Community Foundation Long & Foster LeClairRyan Luck Companies M&T Bank Markel Corporation The Martin Agency McCandlish Holton PC McGuireWoods LLP McKesson Medical-Surgical, Inc. McKinney and Company Media General, Inc. M.H. West & Co., Inc. Mitchell Wiggins & Company, LLP Morton’s, The Steakhouse Mutual Assurance Society of Virginia MWV NewMarket Corporation Nursefinders, Inc. Odell Owens & Minor, Inc. PadillaCRT Patient First Corporation PwC (PriceWaterhouseCoopers LLP) Prudential Slater James River Realtors

Rainbow Station, Inc. Richmond Association of REALTORS The Richmond Times-Dispatch Rick Whittington Consulting LLC RSM McGladrey Rutherfoord Sands Anderson PC Sheetz S.L. Nusbaum Realty Company Staffmark St. Catherine’s School St. Christopher’s School Stefanini SunTrust Bank SuperValu Swedish Match North America, Inc. Thalhimer/Cushman & Wakefield Alliance Thompson McMullan, PC Titan Group TLA, Inc. Troutman Sanders LLP Ukrop’s Homestyle Foods Union First Market Bank Universal Leaf Tobacco Co., Inc. University of Richmond Verizon Communications Village Bank Virginia Air Distributors

Virginia Commonwealth University & VCU Health System Virginia Credit Union, Inc. Thomas J.Vozenilek Warren Whitney Wells Fargo Advisors Wells Fargo, N.A. Westin Hotels The Whitlock Group Williams Mullen W.M. Jordan Company

29


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

Oct. 2013

please recycle

Annual Report 2012-2013  

The 2012-2013 Annual Report gives detailed information regarding the Partnership's programs and goals.

Read more
Read more
Similar to
Popular now
Just for you