INDIANAPOLIS (Inside INdiana Business) — The Midwest’s reputation as a place for startup businesses is receiving a boost from Inc. magazine may further push the message.
The publication has ranked its top 250 fast-growing companies in the Midwest, including five that are based in Indiana and five more with a significant presence in the Hoosier state.
Inc. reports the 250 startups collectively grew annual revenue by an average of 360% between 2016 and 2018.
“The companies on this list demonstrate just how much the small-business sector impacts the economies of each Midwest state,” says Inc. editor in chief Scott Omelianuk. “Across every single industry, these businesses have posted revenue and growth rates that are beyond impressive, further proving the tenacity of their founders and CEOs.”
The highest-ranked Indiana company is Indianapolis-based IKIO LED Lighting. In comes in at number 42 overall in the Midwest. The lighting manufacturer serves commercial, industrial, horticulture, residential and hospitality industries. According to Inc., IKIO had a 430% growth in two years.
The other four companies with headquarters in Indiana include:
No. 54 Vespa Group
No. 74 SupplyKick
No. 103 Spot Freight
No. 108 Hubstaff
Indy-based SupplyKick says it registered a 170% growth over three years. The company is a marketplace partner that helps companies to grow sales and move products on Amazon.
“Our exceptional growth proves expert online selling is the only certain future of retail, and we have proven to be leaders in connecting category-leading brands with customers on the Amazon Marketplace,” said SupplyKick Founder and Chief Executive Officer Chris Palmer.
The publication says the companies employ 27,000 workers in the twelve state region.
“If there’s one immediate takeaway that can be drawn from this 2020 Inc. 5000 Series: Midwest list, it’s this: The coasts don’t have a monopoly on fast-growth businesses,” stated the publication.
Click here to read more about the Inc. list.