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Impact of Second-Stage Companies on Our Economy


This issue we're taking a look at second-stage companies and the massive impact they have on our economy. Too often second-stage companies are overlooked because they fit in between developmental benchmarks that attract our attention. We tend to notice the first sparks of breakout ideas, forget about them for a time, and then remember them again when they go supernova with global sales in the hundreds of billions. Second-stage companies have already survived the initial product conception and launch, so they aren't as cutting edge or exciting to us as the day they unveiled their new ideas. However, they haven't grown to the point that they're a household name yet either.

These companies are simply growing right now, like trees in a forest, and everyone knows that watching trees grow in real time is much less dramatic than encountering a 200-foot-tall redwood. Which brings us to the huge impact these quietly growing, second-stage companies have on our economy. They're not giants today, and they won't be tomorrow, but give them a few years with the right resources and they could be. Making sure we recognize and promote the potential of second-stage companies is crucial to building an even stronger Hoosier economy.

The 2013 Indiana Companies to Watch awards, presented by the IEDC, ISBDC and Edward Lowe Foundation, is an event centered directly around recognizing and encouraging Indiana second-stage companies to ensure they reach their full potential. Companies headquartered in Indiana, with between $750,000 and $100 million in revenues and between 6 and 150 employees are encouraged to apply before April 19, 2013. You can also nominate a company that meets these criteria by March 29, 2013. [Learn More]

It's a fantastic example of just how much we value the promise of second-stage Hoosier companies for the future of our economy, and yet another reason Indiana is a state that works for business.

Victor Smith, Indiana Secretary of Commerce

Eric Doden, IEDC President

 

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