2 MN Cos. on List of Nation’s Fastest-Growing Women-Led
Local companies Innovative Office Solutions, LLC, and eCapital Advisors, LLC, made the 2013 “Top 50 Fastest-Growing Women-Owned/Led Companies” list, produced by The Women Presidents’ Organization (WPO.)
Innovative Office Solutions, LLC, owned by Jennifer Smith, ranked 25th and eCapital Advisors, LLC, owned by Lisa David, ranked 45th on the recently released list, which included companies based in North America.
WPO—a national nonprofit membership organization whose members are women leaders of multimillion dollar companies—annually ranks businesswomen in the United States and Canada based on several factors.
To be considered for the 2013 list, businesses were required to be privately held, women-owned or led, and have reached annual revenue of at least $500,000 in 2007 and $2 million in 2012. The rankings were determined based on a company’s actual revenue growth and percentage of revenue growth between 2008 and 2012. The top 50 were selected after that formula was applied to each of the 400 North American business applicants.
“This year, more than half of the companies in the top 50 are new to the ranking, and this trend illustrates how diverse women-owned and led companies are,” Marsha Firestone, president and founder of WPO, said in a statement.
Founded in 2001, Burnsville-based Innovative Office Solutions provides office supplies and products to businesses nationwide. The company’s gross revenue grew from $32.8 million in 2010 to $48.6 million in 2012. It also hired 16 additional employees during that two-year period. The company ranked 20th on the 2012 list.
Also founded in 2001, Bloomington-based eCapital Advisors provides business analytics, financial reports, and strategic planning for businesses, including IBM and Oracle. The firm’s gross revenue grew from $7.1 million in 2010 to $15.9 million in 2012, and it hired 17 additional employees during that time. The firm was not on the 2012 list.
Happy Family, a New York-based company that manufactures a line of organic meals and snacks, ranked first on the list, with revenue that jumped from $13.3 million in 2010 to $62.3 million in 2012. Strategic Communications, LLC, a Louisville, Kentucky-based company that provides communication solutions for health care, education, and non-profit organizations and professionals, came in second, with revenue that grew from $23.1 million in 2010 to $41.2 million in 2012. View the full list here.
Combined, the 50 companies on the list generated $3.2 billion in 2012 revenues and collectively employed 24,000 individuals. The average age of the 50 businesswomen whose companies made the list was 47, and roughly 90 percent founded their businesses.
Twin Cities Business recently explored the prevalence of women executives at Minnesota companies and what’s needed to create opportunities for more women to advance in their careers and move up in the executive ranks. To read that April feature story, click here.
Additionally, St. Catherine University—in conjunction with Twin Cities Business—recently produced a report that examined the number of women executive officers and directors at Minnesota’s 100 largest public companies. To read that report, which appeared in the April issue of Twin Cities Business, click here.