BOCA RATON, Fla. (October 17, 2022) – Two clients of the Global Ventures entrepreneur support program at the Research Park at Florida Atlantic University® have been recognized among the 50 fastest-growing companies in Florida.
FloSpine, which researches and develops innovative and high-end instruments and medical devices for spinal implants, and ReachLink, a growing provider of behavioral telehealth counseling, are both among the 50 honorees in GrowFL’s annual Florida Companies to Watch program.
The awards program – now in its twelfth year – honors impressive second-stage companies from throughout the state for developing valuable products and services, creating quality jobs, enriching communities, and broadening new industries throughout Florida. The 12th Annual GrowFL Florida Companies to Watch awards celebration is presented by Nperspective CFO & Strategic Services, in association with the Edward Lowe Foundation. Research Park at FAU companies have been among the honorees in almost every edition of the awards.
Companies to Watch was developed by the Edward Lowe Foundation as a unique way to recognize and honor second-stage companies that demonstrate high performance in the marketplace with innovative strategies and processes. In addition to evaluating past growth and projected success, applicant companies are judged according to their special strengths and impact in their markets, communities, and within the state – thus deeming them worth watching.
66 finalists were announced earlier this year, and the 50 honorees were selected after a final round of judging by a panel comprised of past honorees, economic development leaders, and corporate partners of GrowFL. Companies were judged on a number of criteria including growth in the number of employees; impact of the business in the job market; increase in sales and/or unit volume; current and past financial reports; innovativeness of the product or service; response to adversity; and contributions to aid community-oriented projects.
“GrowFL Florida Companies to Watch was designed to celebrate the spirit of entrepreneurship and to shine a spotlight on the most deserving companies,” said Jennifer Taylor, president, and CEO of GrowFL. “This year’s honoree span 21 different counties, representing 22 different industries, and 50% of them are woman, veteran, or minority owned. This diverse group of honorees can only mean one thing – Florida is the place where entrepreneurs thrive!”
Since the first awards celebration in 2011, GrowFL has honored 550 companies from throughout Florida with this prestigious award. Many of the past honorees have now grown their companies to stage 3 and stage 4 businesses employing more than 500. With this year’s honorees, GrowFL has now recognized 600 companies throughout the state that are making a positive impact on the economy and the communities in which they live.
“These are some of the most vibrant and dedicated entrepreneurs in our state. They are the champions that keep our communities strong by stimulating the economy, keeping the workforce employed, and giving back in ways that will change the course of our state for years to come. Like all the classes before them, this class of GrowFL Florida Companies to Watch honorees truly embody success and I know they’re only getting started,” said Dr. Tom O’Neal, GrowFL founder.
To qualify for the award, companies must be headquartered in Florida and have between 6 and 150 employees and revenue between $750,000 and $100 million in 2021. From 2018 through 2021, these companies generated $1 billion in revenue and added 881 employees, reflecting a 96% increase in revenue and a 104% increase in jobs for the four-year period. That translates into a 24% average annual revenue growth and a 26% average annual growth in employees.
These companies projected continued growth in 2022, with a 40% revenue increase and a 20% growth in employees compared to 2021. If their projections hold, these companies will have generated $1.5 billion in revenue and added 1,233 employees over the last five years — a 174% increase in revenue and a 146% increase in jobs since 2018.
Companies named to the list will be officially recognized at the 12th Annual GrowFL Florida Companies to Watch Celebration on February 23, 2023, at the Hard Rock Live in Universal CityWalk, Orlando, FL. Tickets are on sale now. For more information on GrowFL Florida Companies to Watch or to purchase tickets, click here.
Past Research Park at FAU GrowFL Florida Companies to Watch honorees are:
2012 – ModMed
2013 – Flagship Solutions Group
2014 – MobileHelp, Akron Biotech
2016 – Aerospace Technologies Group
2017 – Yachtico
2020 – Aventusoft, 4ocean, MPLT Healthcare
2021 – Flospine, ReachLink
About the Research Park at Florida Atlantic University®
The Research Park at Florida Atlantic University® is home to technology companies and research-based organizations working to support the research and development activities of Florida Atlantic University and to foster economic development and broaden the economic base of Broward and Palm Beach counties. The Research Park at FAU hosts Global Ventures, an international soft-landing center for second-stage technology companies and FAU Tech Runway, a South Florida public-private partnership that serves as a hub to accelerate technology development and incubate startup companies. The Research Park at FAU is a 70-acre destination for R&D companies to thrive, established in 1985, it is widely regarded as South Florida’s laboratory for new entrepreneurial ideas and technologies. The Research Park at FAU is governed by the Florida Atlantic Research and Development Authority, an independent special district created by Palm Beach and Broward counties in partnership with Florida Atlantic University, organized under Chapter 159, Part V, Florida Statues. (www.research-park.org)
GrowFL is dedicated to support and accelerate the growth of second-stage companies throughout Florida, by providing their leaders focused, efficient, and timely access to resources they deem important, such as connections with other second-stage company leaders, and to professional organizations whose expertise, experience, and products lead to the second-stage company’s continued growth and prosperity resulting in diversification and growth of Florida’s economy. Second-stage growth companies have at least 6 employees and $750,000 in revenue and possess an intent and desire to grow beyond second-stage. Website: http://www.growfl.com