If the economy is any indicator of what’s to come in the next few years, things aren’t looking too good for most startups. Yet, against the odds, 500 tech startups have seen positive growth over the last few years, and are projected to continue growing, according to Lead411’s Technology 500 list.
The Technology 500 recognizes the fastest-growing tech companies based on the percentage by which their revenues grew from the year 2007 to the year 2009. “It can be difficult to get startups to share revenue details,” says Tom Blue, founder of Lead411 and the Technology 500, “since most venture funded companies are reluctant to make these numbers public.”
In fact, Blue found some companies unwilling to even have their profiles listed on the Technology 500, out of fear of that releasing their numbers might benefit their competition.
Still, if the Technology 500 is a true indicator, the technology sector may be what pulls us out of this economic slump.
More on Technology 500
The goal of the Technology 500 was to build the most comprehensive list of fastest growing private technology companies by revenue, according to Blue: “It can feel like you’re in a bubble when you’re in the startup world; you never know where your company is compared to others, so we wanted to highlight those companies who had gotten the success formula down. We knew this would be of interest to our clients, and it would also help promote the companies on this list.”
The benefit to the participating companies is getting a virtual trophy to add to their collection, which may impress investors and clients alike. Investors can see who’s doing the best in a given industry simply by browsing the list. And competitors can get an idea of the market potential in an industry.
Blue says the response was so overwhelming that he plans to continue the Technology 500 in the future. He hopes to see more unique tech startups in 2011.