FWF has been named to the Michigan 50 Companies to Watch list by Michigan Celebrates Small Business (MCSB). Michigan Celebrates received 575 nominations for the Michigan 50 Companies to Watch award, which surpassed last year’s record of 425 nominations. In addition to a competitive landscape for this award, the businesses who are selected by the judges go through a rigorous due diligence process prior to the final decision.
This year’s Michigan 50 Companies to Watch have made a substantial economic impact, totaling $365 million in total annual revenue for 2019. From 2016 through 2019, these companies generated $1 billion in revenue and added 723 employees (both in Michigan and out of state), reflecting a 101.9% increase in revenue and 93.8% increase in jobs for the four-year period. That translates into a 26.9% annual revenue growth and 24.8% annual growth in employees.
Companies nominated for the Michigan 50 Companies to Watch award must be second-stage companies, defined as having six to 99 full-time-equivalent employees and generating $750,000 to $50 million in annual revenue or working capital from investors or grants. Additionally, the companies must be privately held and headquartered in Michigan.
Judges from economic and entrepreneurship development organizations selected the 2020 winners. The judges evaluated the nominees’ demonstration of intent and capacity to grow based on the following:
- Employee or sales growth
- Exceptional entrepreneurial leadership
- Sustainable competitive advantage
- Other notable factors that showcase the company’s success