Synygy CEO Mark A. Stiffler Named Entrepreneur of the Year.
BALA CYNWYD, Pa.--(BUSINESS WIRE)--June 27, 2000
Mark A. Stiffler, president and CEO of Synygy, Inc.(R), The Incentive Compensation Company(TM), was named the Software Services Entrepreneur of the Year at the 2000 Ernst & Young Greater Philadelphia Entrepreneur of the Year(R) Awards gala, held last Friday at the Pennsylvania Convention Center.
"This is a great honor," said Stiffler, who founded the company in his tiny, one-bedroom condominium in 1991, where a handful of employees worked until moving into "real offices" in April 1992. "I was truly impressed by all the finalists for the awards, so to have our achievements at Synygy recognized in this way is especially gratifying."
Over 42 finalists from 33 companies competed in eight categories. In addition to Stiffler, the awards were given to such well-known business leaders as Monroe Milstein of the Burlington Coat Factory, Inc. and Walter Buckley III and Kenneth Fox of the Internet Capital Group, Inc.
Stiffler demonstrated his flair for seizing an opportunity when he used his acceptance speech to the 600 attendees to mention that Synygy had many job openings, including one for a Chief Financial Officer, and that those who are interested in applying could find the job description on the Synygy web site at "S-Y, N-Y, G-Y dot com".
The basic idea behind Synygy came to Stiffler while he was working as a consultant. Stiffler was asked by a client to create a multimedia presentation to teach salespeople how to analyze their data. It occurred to Stiffler that salespeople should be selling and not trying to figure out what their data meant, so he developed the technology to automate the analysis of performance and sales data.
Synygy was incorporated in January 1991, and the first customer commitment came in December 1991. By the end of 1992, the company had three Fortune 500 clients, with one of these new clients asking Stiffler to help design and manage its incentive compensation plan (since this work involved the same sales data that was being analyzed for each salesperson).
Thus began the creation of what has become the incentive compensation management industry.
Over the years, Stiffler realized that improving the management of incentive compensation plans represented a huge opportunity, and he repositioned Synygy to focus exclusively on software and services for managing the incentive compensation plans for companies with over 100 plan participants.
Synygy has grown an average of 75% per year since its founding--while at the same time being profitable for each of the past 28 quarters and building a $20 million business without debt and without any outside investors. Under the leadership of Stiffler, Synygy has become the primary player in a new, rapidly growing, multi-billion dollar market that is 98% untapped.
Synygy is experiencing rapid growth and expects to increase from 250 employees to over 400 in the next six months.
"Incentive compensation is emerging as one of the key opportunities for companies to drive the execution of their business strategy," concluded Stiffler. "Properly managed, an incentive compensation plan can be more than just a way to calculate how much money to pay the sales reps. It's a way to significantly increase both the top line and the bottom line and to gain a competitive advantage."
About the Ernst & Young Entrepreneur of the Year Award
The Entrepreneur Of The Year awards program was founded and is produced by professional services firm Ernst & Young LLP to honor outstanding entrepreneurs whose ingenuity and perseverance have created and sustained successful growing business ventures.
It is sponsored nationally by USA Today, the Nasdaq-Amex Market Group, CNN and CNNfn, and the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation.
Synygy Inc.(R) (www.synygy.com), The Incentive Compensation Company(TM), is the largest provider of incentive compensation software and services. Synygy's IC Expert 7.0 software has been used to implement and manage more incentive compensation plans for more plan participants for more of the world's largest corporations than any other solution.
Synygy created the incentive compensation management industry in 1991 and has helped its customers turn their incentive compensation plans into a source of strategic advantage. Based in Bala Cynwyd, Pennsylvania, Synygy's success and rapid growth have been recognized on the Inc. 500 for the past three years and on the Philadelphia Business Journal's Philly 100 for the past five years.
Synygy is a registered trademark and The Incentive Compensation Company is a trademark of Synygy, Inc. Entrepreneur Of The Year is a registered service mark of Ernst & Young LLP.
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|Date:||Jun 27, 2000|
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