How Staying in Front of the Pack Helped the 'Forward Thinkers' Nab a Spot on Entrepreneur360
Through surveys and available data, we've examined hundreds of small businesses and come away with six archetypal sets of practices and characteristics that we believe are representative of most growth companies operating today.
The qualifications were simple: Companies had to be domestically owned, privately held, for-profit and have shown net capacity growth over at least two years, with an employee size in 2015 of 10 to 1,000.
Below, we examine the traits of Forward Thinkers, one of the six archetypes of the Entrepreneur360™ Performance Index. To see the other five archetypes, click here.
Forward Thinkers surge ahead in growth and profits by being aggressive in adopting new technologies and processes, setting high targets and expanding proactively. While that high growth rate isn’t easily financed without outside funding, the Forward Thinkers seem to have little problem finding investors -- which may explain why they have unusually influential boards of directors.
Key characteristics
- Forward Thinkers tend to be in mature industries.
- They lead the Entrepreneur360™ in being driven by new production technologies and processes.
- They set the highest average annual growth targets among Entrepreneur 360™ companies.
- They expand proactively.
- They are more likely than their peers to prioritize input from their boards of directors.
- Their focus tends to be more international than local.
Takeaway
It’s no surprise that technological and process innovation can rocket a company to success, particularly in mature industries that may have become sleepy. But fast, innovation-fueled growth also calls for extra attention on company components that may become stressed by the pace of change. What’s more, managers at cutting-edge firms need to be prepared to deal with what may be conflicting direction from outside investors and other stakeholders.
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Avant
Founded: 2012
Business Type: Financial services
Website: https://www.avant.com
Baird Group
Founded: 1991
Business Type: Healthcare
Website: http://baird-group.com
Bloomery Plantation Distillery
Founded: 2011
Business Type: Beverage
Website: http://bloomerysweetshine.com
Bottlenose
Founded: 2010
Business Type: Analytics
Website: https://bottlenose.com
Camgian Microsystems
Founded: 2006
Business Type: IT hardware/Software developer
Website: http://www.camgian.com
CommunicateHealth
Founded: 2009
Business Type: Healthcare
Website: http://communicatehealth.com
Dimagi
Founded: 2002
Business Type: IT products
Website: http://www.dimagi.com
DocuTAP
Founded: 2000
Business Type: Healthcare
Website: http://docutap.com
GetVoIP
Founded: 2012
Business Type: Communication
Website: http://getvoip.com
GSM Nation
Founded: 2010
Business Type: Retailer
Website: http://www.gsmnation.com
Herschman Architects
Founded: 1974
Business Type: Architectural/Engineering
Website: http://www.herschmanarchitects.com
iControl Universal Collaboration Solution
Founded: 2003
Business Type: SaaS technology
Website: www.icucsolutions.com
Jackrabbit Technologies
Founded: 2004
Business Type: Software
Website: https://www.jackrabbittech.com
LCDcycle
Founded: 2010
Business Type: Reseller
Website: http://www.lcdcycle.com
Lemonly
Founded: 2011
Business Type: Infographics
Website: http://lemonly.com
Local Eye Site
Founded: 2007
Business Type: Staffing
Website: https://localeyesite.com
MeritHall
Founded: 2011
Business Type: Resource management
Website: http://merithall.com
MN8 Foxfire
Founded: 2010
Business Type: Manufacturing
Website: http://www.mn8foxfire.com
Mobius Consulting
Founded: 2011
Business Type: Engineering
Website: http://mobius-llc.com
Param Software Corporation
Founded: 2006
Business Type: Staffing
Website: http://param-solutions.com
PEDEGO ELECTRIC BIKES
Founded: 2009
Business Type: Manufacturing
Website: https://www.pedegoelectricbikes.com
proof eyewear
Founded: 2010
Business Type: Manufacturing
Website: http://www.iwantproof.com
Raizana Tea Co.
Founded: 2009
Business Type: Food
Website: http://raizana.com
SeaSnax
Founded: 2010
Business Type: Food
Website: http://www.seasnax.com
Signature Party Rentals
Founded: 1986
Business Type: Rentals
Website: http://www.signatureparty.com
SoapBox Soaps
Founded: 2010
Business Type: Manufacturing
Website: https://www.soapboxsoaps.com
Stamford Innovation Center
Founded: 2012
Business Type: Incubator/Co-working space
Website: http://www.stamfordicenter.com
Syndio
Founded: 2009
Business Type: HR software/Analytics
Website: https://synd.io
The SALUS Group, Inc.
Founded: 2005
Business Type: Healthcare
Website: http://www.thesalusgroup.com
ThunderCat Technology
Founded: 2008
Business Type: IT products
Website: http://www.thundercattech.com
Trepoint
Founded: 2011
Business Type: Branding
Website: http://www.trepoint.com
Read more about each archetype:
For Entrepreneur360 'Data Champions,' Success is Steady, Plotted and Planned
What Entrepreneur360 'Controllers' Know: Watch Markets and Keep the Customer Happy
The Success Secrets That Helped the 'Best Practicers' Land on the Entrepreneur360
Growing Against the Grain: Meet the Entrepreneur360 'Contrarians'
Confident and Sales-Focused: A Look at the Entrepreneur360 'Classics'