Orlando, Florida (July 31, 2019) — GrowFL is pleased to announce this year’s 50 Florida Companies to Watch honorees, a statewide competition that identifies companies expected to see significant growth over the next several years. These 50 companies were selected from more than 500 nominees for Florida Companies to WatchSM, a program hosted by the economic development organization GrowFL, in association with the Edward Lowe Foundation.
The winning company’s management team, competitive market position and strong community involvement were among several factors that put them in contention for the award.
“These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow,” said Dr. Tom O’Neal, GrowFL executive director. “They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets,” he said.
Below is the list of the five 2019 Florida Companies to Watch honorees from Brevard County:
- National Drug Screening, Inc. Melbourne – Other Services
- Probability and Statistics, Inc. Palm Bay – Information Technology
- Raider Outboards, Inc. Titusville – Scientific Research and Development
- Rudram Engineering, Inc. Rockledge – Architectural, Engineering, and Related Services
- Tomahawk Robotics Melbourne – Computer Systems Design and Related Services
“This list recognizes second-stage Florida companies with passionate leaders who are making a difference in growing and diversifying our economy,” said Jennifer Barrows, GrowFL Chairman of the GrowFL Advisory Board and Business Development Executive with WithumSmith+Brown, PC. Second-stage companies are defined as those with 6 to 150 full-time employees and between $750,000 and $100 million in annual revenue. There are many programs and incubators promoting start-up businesses; GrowFL is the only Florida program that focuses exclusively on second-stage companies.
From 2015 through 2018, these companies generated $923 million in revenue and added 935 employees, reflecting a 123.9% increase in revenue and 131% increase in jobs for the four-year period. That translates into a 31% average annual revenue growth and 32.2% average annual growth in employees.
These companies projected continued growth in 2019, with a 34.8% revenue increase and 36.8% growth in employees compared to 2018. If their projections hold, these companies will have generated $1.38 billion in revenue and added 1,541 employees over the last five years — a 201.9% increase in revenue and 216% increase in jobs since 2015.
Companies named to the list will be officially recognized at the 9th Annual Florida Companies to Watch Celebration on November 14, 2019 at the Hard Rock Live, Universal City Walk in Orlando, FL. Tickets are on sale now for the awards ceremony.
For more information or to purchase tickets, visit https://www.growfl.com/flctw19/about-flctw/