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| Blue Ridge Numerics Added to Inc. 500 List |
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Posted Fri October 24, 2003 @09:27AM
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Inc. Magazine, the premier publication for small and medium-sized businesses, has released its 22nd annual Inc. 500 ranking of the fastest-growing private companies in the U.S. Developer of CFdesign fluid flow and heat transfer software, Blue Ridge Numerics, Inc., ranks #419 on the list, with five-year sales growth of 420%. The Inc. 500 Special Issue hit newsstands on October 14 and will be on display until January 2004.
“The entrepreneurs you’ll find on the Inc. 500 have the type of attitude we need to get this economy moving again,” said Inc. editor-in-chief John Koten. “For them, a tough market is not an excuse for poor performance, but an opportunity to innovate and rise above the competition.”
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The Inc. 500 ranks privately held companies according to sales growth over the past five years. With 75% of all new job creation in the U.S. coming from small businesses, the Inc. 500 is a prescient indicator of the companies and industries that are driving the economy forward. Over the years, the Inc. 500 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, Princeton Review, Morningstar, E* Trade, Intuit and Domino’s Pizza all appearing on the list before they became industry powerhouses.
“Making the Inc. 500 is a major milestone for our young company,” said Blue Ridge Numerics president Ed Williams. “We are especially excited because we are projecting an even greater growth rate for the next five years. We plan to be a fixture on the Inc. 500 list during this decade.”
California leads this year as the state with the most Inc. 500 companies (59), Texas is second with 36 firms on the list, followed by Florida (34) and Virginia (30). Maryland and New York are tied with 28 each.
Inc. 500 is proof that tenacious businesspeople can succeed without the benefit of substantial resources. Of the Inc. 500 founders: 48% had start-up capital of less than $20,000, while only 2% received funding from Venture Capital firms.
To be eligible for this year's Inc. 500, companies had to be independent and privately held through their fiscal year 2002, have had at least $200,000 in sales in the base year of 1998, and their 2002 sales had to exceed 2001 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.
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