Strategies for developing an annual report—Part 1

NOTE: The nation’s community of technology-based economic development organizations has entered annual report season, and already we've seen several released from SSTI members. All document the impact TBED can have for advancing research, moving it to market, and helping businesses improve their profitability and competitiveness.

To help the TBED community in preparing their own annual report, SSTI is speaking with a few of our members to learn more about their evolving approaches for preparing their annual reports. This week, we share insights from our first conversation, based on an interview with Amanda Schroeder, senior vice president, external engagement for the Georgia Research Alliance (GRA).

Planning and producing an annual report can be a year-long process of data acquisition, information verification, message development, and the final product's actual writing, design, and production. This process can all seem a bit overwhelming, so it is wise to know where to start. Shroeder offers some advice.

For GRA, the process begins with identifying and gathering relevant data for key performance measures, Schroeder says. She emphasizes that selecting the right metrics to collect is critical. "The key consideration is that you align with your stakeholders about what metrics you need to gather," she said, “because what you share in your report has to be of value to them.”

For Schroeder, metrics gathering involves two categories: all eight of GRA’s member universities. and the GRA university startups. The data collection needs to be coordinated and delivered to the state, a requirement with the State of Georgia, which provides program funding.

Once collected, the data needs to be analyzed and validated internally. “This system can be anything from a spreadsheet to a robust database, depending on the organization's size," said Schroeder. However, she noted, there is more to it than simply capturing numbers: ample time is required for scrutinizing the data and verifying its accuracy.

Message development gets underway once all of the metrics and other essential information are gathered. Schroeder noted that a good practice for most organizations is to start with a strong data-based message that conveys the economic impact of the organization. "We always lead with how we grow the economy and how we help drive a high-tech workforce,” she said. “It’s crucial to establish how our organization generates strong financial ROI for the state.” (See “Georgia’s economy grows” on pg. 3 of the report.)

However, economic figures won’t tell the whole story. One challenge is what to do with information that can’t be neatly wrapped in a metrics package. "In the last year or so, we decided to expand from almost a purely numeric message to one that focuses on all of the ways we drive impact for the state," said Schroeder.

For example, she pointed to an agreement forged through GRA that provides all member universities access to each other’s core research facilities and sophisticated laboratory equipment. Such sharing is on a scale believed to be unprecedented in the U.S., and it demonstrates both collaboration and a commitment to cost effectiveness (see pg. 4 of GRA’s report). Other report content addresses non-data-driven messages that convey how GRA’s work benefits businesses and the people of Georgia directly (see pg. 6 of the report).

Schroeder also noted that a key message is to explain what technology-based economic development is. "Most of the people GRA interacts with have some idea of what we do, but they may not have a solid grasp of TBED and how it works for Georgia," she said. "Our aim is to help them appreciate the extraordinary impact that comes from growing university research and entrepreneurship in our state."

Click here to view the GRA annual report.