2010 Annual Report - Insyte Consulting and TDC Foundation, Inc.

Message from the Chairman and President

        

Warren C. Johnson and Benamin L. Rand,

2010 was a very good year for Insyte Consulting in several respects. First and foremost, our project work produced over $86 million in benefits for our WNY clients from Niagara Falls to Olean, according to independent third-party surveys conducted for the United States Department of Commerce. Especially noteworthy in these challenging economic times are the almost 900 jobs that we saved or created, according to our clients. Since 2000, we have delivered over $832 million in benefits, including over 6,000 jobs saved or created. That represents a return on investment of 31-to-1. Our documented impacts are presented on the facing page.

We had a strong year financially in 2010 with record high project revenues from 145 projects involving over 65 clients. 2010 also saw a continuation of positive investment performance for our affiliate, the TDC Foundation. As a result, our combined fund balance increased by almost $150,000, providing additional resources for re-investment in the community and/or our on-going operations.

In addition to our project work, we continued to support entrepreneurship and innovation throughout our region. As the designated Small Business Innovation Research (SBIR) regional specialist, we worked with entrepreneurs and small companies to help bring over $6 million in SBIR grants from the federal government to WNY in 2010 for development and commercialization of new technologies.

We also coordinate the Western New York Venture Association (WNYVA), which provides a forum for WNY entrepreneurs seeking private funding. The WNYVA has grown over 75% in the last two years, as has its affiliate the Buffalo Angels, which was accepted last year as a member of the Angel Capital Association, the trade association of leading angel investment groups. In the last two years, six companies secured funding via the WNYVA and/or the Buffalo Angels. Finally, we continue to provide coaching and feedback to entrepreneurs and start-ups in our many capacities as coordinator of the WNYVA, the managing partner of the WNY Business Development Fund, a sponsor of Bright Forum (previously the Buffalo Niagara Investor & Entrepreneur High-tech Forum created by the New York State Center of Excellence in Bioinformatics and Life Sciences) and a coach for the University at Buffalo’s Panasci Business Plan Competition (one of our teams, Graphene Devices, won the 2010 competition).

We cannot end our annual report without gratefully acknowledging our many community partners who help us daily to fulfill our mission “to transform our region by stimulating the growth and creation of dynamic companies to provide a superior standard of living for our residents.” Particular standouts in 2010 include: National Grid, whose Manufacturing Productivity Program grants continue to provide valuable assistance to manufacturers pursuing sales growth and/or operational excellence; NYSERDA, which partnered with us to offer energy audits and incentives under its FOCUS program; and the Chautauqua County Industrial Development Agency, which faithfully supports and promotes the interests of Chautauqua manufacturers and other businesses.

Customer Impact

We evaluate our success by the impact we have on our customers. An independent study reported the following impacts in 2010 for customers surveyed*:

• $29,369,048 Increased and retained sales
• $4,601,600 Cost savings realized
• $9,461,796 New investments in modernization
• 895 Jobs created and retained

*Source: U.S. Dept. of Commerce