33 Fast-Rising Businesses Cited As "Companies to Watch"
Last year's honorees expected to grow another 31% this year
The state has spotlighted 33 Indiana small businesses as its annual "Companies to Watch."
Each year, the state singles out 25-to-50 companies with fewer than 150 employees, an approach that's innovative in some way, and a sharply rising sales curve.
Some of the picks don't pan out. Anderson electric-car maker Bright Automotive folded last year, four years after earning a company-to-watch citation. But Indiana Small Business Development Center director Jacob Schpok says most keep on growing. 2008 pick ChaCha has gained a foothold in the search engine market, while lightweight RV manufacturer Livin' Lite has multiplied its sales 18-fold since its 2011 selection.
Schpok says last year's 25 companies to watch had increased revenue 25% the previous year. A year after their selection, he says, they're on pace to grow by another 31%.
This year's picks came from a pool of about 300 nominees. They include 10 Indianapolis companies, plus eight more in Noblesville, Lebanon, Carmel, Fishers, Zionsville and Greenfield. The rest are scattered across 10 counties, mostly in northern Indiana.
Nearly two-thirds of the honorees are manufacturing or IT firms.
The state will recognize the 33 winners at a gala dinner in Indianapolis next month.