FastTech 50 Economic Impact

by | Dec 2, 2011 | Community Circle, Microsoft Dynamics NAV, Tecknowledgy

On Wednesday I shared with you my remarks from Tuesday’s FastTech 50 events. The below information appears in today’s online version of the HBJ.  Again, congratulations to the winners!

Well, its late fall and that must mean it’s Fast Tech 50 time again. This year’s event was an expanded technology conference with multiple tracks and events for folks that work in the technology sector/emerging market arena to come out and meet their peers and network with other similar executives. All the feedback I received from participants is that we have hit a grand slam with the expanded efforts. The Tech sector is back.

Economic Impact
The local economic impact made by this year’s Fast Tech 50 is phenomenal. When reviewing the entire 50 companies an impressive overview quickly emerges — these organizations are responsible for creating almost 4,700 jobs and over $831 million in revenues to our local economy. Increases of over 10 percent for jobs and revenue from last year’s list.

We had over 349 companies express an interest in becoming a member of the exclusive Fast Tech 50 club. The Class of 2011 continues Houston’s tradition of technology excellence. And they also bring to the forefront new and different stories of entrepreneurial success. This year’s list of honorees includes 18 first-time honorees, 6 two-time honorees, 7 three-time honorees, 9 four-time honorees, 5 five-time honorees and 3 six-time honorees and 2 eight-time honorees.

The Class of 2011 will continue the trend of being one of the youngest we have ever had in our program. In comparing this year’s group of winners, it’s clear that they represent a much younger and still developing group of early stage companies. They will have an impact on our local and national economy for many years to come, and they will add to the legacy of what makes Houston the top city in the country to start a business.

Let’s review the nomination and listing process. To qualify for the Fast Tech 50, a company’s headquarters, or a foreign company’s U.S. headquarters, must be located in the Houston SMSA region. A minimum 51 percent of the company’s consolidated net revenues must be involved in the original manufacture, design or development of technology products or delivery of services. A nominee must have minimum net revenues of more than $200,000 in both years. Rankings were determined on the revenue growth percentage from fiscal 2009 to fiscal 2010.

The nominees were asked to submit the nomination form, an audited, reviewed or compiled financial statements or tax returns for 2009 and 2010, an overview letter and background information on the company, its products and/or services. Representatives from PKF Texas validated the information on the nomination form from the information packet. The percentage of revenue growth was computed by comparing net revenues from 2009 to 2010. The organizations with the 50 highest percentage growths were then listed. The average growth rate for this year’s group is a staggering 65 percent.

This year’s No. 1 ranking goes to HPI Technologies Inc. They grew a remarkable 12,616.82 percent during the past year. Congratulations to John Filla, Hal Pontez and their team. It’s a great story of entrepreneur collaboration. The single largest revenue contributor from the Fast Tech 50 to our local economy is RigNet Inc.    .RigNet Inc. Latest from The Business Journals HBJ reveals Fast Tech 50 rankingsHouston firms reap business from Eagle Ford expansionRigNet consolidates M loan Follow this company .at $93 million. Congratulations to Mark Slaughter and his team.

2012 Fast Tech 50
Nominations will be accepted for the 2012 Fast Tech 50 list by contacting the Houston Business Journal, PKF Texas or any of the additional sponsors. Organizations that are nominated will receive additional information and application packets during Spring 2012.

Congratulations to all of our honorees. We look forward to seeing you in next year’s listing.

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