E.I. Medical Imaging enjoyed a grand celebration of great accomplishments at the Colorado Companies to Watch Gala Awards Banquet Friday, June 18, 2010. All 50 of the Top companies selected from over 300 nominated were present. Each company was asked to come up to the stage to receive a crystal award. Highlights of the companies accomplishments were announced as a slide show was shown on the main projector screen.
(Left to Right) Mia Varra (EIMI Marketing Director), Matt Varra, Chas Maloy (EIMI President), Brooke Maloy, Dutch Bansbach
Chas Maloy acepting EIMI award
These Colorado Companies to Watch are second-stage entrepreneurial enterprises that are investing in people, technology, infrastructure and their communities as they build their businesses.
And what a diverse collection of products and services they produce: craft beer, medicine, information technology, natural foods, pet products, camping equipment, biofuels, military combat simulations, online learning systems. They represent some of the state's biggest sectors, such as aerospace and biotechnology, and growing upstarts like new energy and sustainable products, and unheralded traditional sectors like manufacturing and agriculture.
"The business environment in Colorado pretty much lends itself to growing second-stage companies," Gov. Bill Ritter said. "Even in this downturn, we're still a state that relies very heavily on small business development as an economic driver. We're a state with a great entrepreneurial spirit."
From Denver to Durango, Golden to Grand Junction, Cortez to Colorado Springs, Lamar to Lakewood, businesses that are grappling with growth rather than survival are blooming around the state. Companies selected must be privately held, employ six to 99 workers, generate $750,000 to $50 million in sales or a similar range of working capital and be headquartered in Colorado.
From 2004 to 2008, these companies have generated nearly $1.3 billion in revenue and added 1,400 employees - a 200 percent increase in revenue and 163 percent increase in jobs. This year, the companies expect to grow revenue by 44 percent and their work forces by 18 percent.
Colorado Companies to Watch is organized by the Colorado Office of Economic Development and International Trade in association with economic development councils throughout the state. The panel of independent judges selected the companies based on such factors as employee or sales growth, entrepreneurial leadership and sustainable competitive advantage.
The program was developed by the Edward Lowe Foundation, which was created in 1985 by the late creator of Kitty Litter and his wife, Darlene, to promote entrepreneurship. The foundation has established "Companies to Watch" programs in Arizona, Indiana, Mississippi and Michigan, which in 2005 became the first state to participate. Colorado's first class of companies in the program shares at least one important trait with its counterparts in other states.
"All these companies showed double-digit rates of growth on both employees and on revenue so that tells you that these really are indeed companies to watch," said Penny Lewandowski, director of entrepreneurship development for the Michigan-based Edward Lowe Foundation.
As you'll find in the pages that follow, many of these companies have been quietly building their businesses.
"What we were finding out with these second-stage companies was they often slide below the radar screen," Lewandowski said. "They are so busy working on their businesses; they aren't always typically the ones you see on the awards stage."
The program focuses not only on traditional measures of success but on such metrics as the impact companies have on their communities and how they have embraced technology. Even in economically distressed places like Michigan - where this year's awards event had its highest attendance ever - the program is finding dozens of silver linings.
"People get excited because there has been so much negative news - and a lot of that is realistic - but there are so many companies that are still doing so well," Lewandowski said.
