Manufacturing Matters

 Manufacturing Matters

Tuesday, April 29, 2008 Issue 4, April 2008   VOLUME 2 ISSUE 4  
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What do a supply chain integrator, a manufacturer of hands-free garden hose reels, and a global satellite network operator have in common?


Entrepreneur
Magazine named its Hot 100 fastest-growing businesses in America and three of them are New Jersey companies.  Coming in at #21 is Brighton Cromwell in Randolph and #’s 61 and 62 are both located in Fort Lee, Orbcomm Global Capital Corp. and Hydro-Industries. 

What is the Hot 100 all about?  This is the 14th time Entrepreneur Magazine has compiled the list.  The criteria for the list in 2008 is that the companies:

  • must have been founded no earlier than 1999 and no later than 2003,
  • must have sales in 2003 of $100K or greater and sales of at least $1 million in 2007 but less than $1 billion,
  • must have positive job growth between 2003 and 2007, and
  • must have a minimum level of sales growth.

There are other qualifiers such as the founders must be actively involved in the businesses and the companies cannot be spinoffs or divisions of a larger company.  Some general statistics about the 100 companies that are on the list include:

  • The entrepreneurs are 88% male and 12% female with an average age of 43.
  • Most entrepreneurs started with a combination of savings and personal funds, money from family and friends, and credit cards.  Only 19 used private investors or venture capital. 
  • Most (76%) had turned a profit by their second year of business and 75% had earned their first million by that time.
  • Total collective revenues for 2007 for the companies were $4.6 billion.
  • Total collective employment among the companies on their first day of business was 517 and total collective employment projected by 2009 is 15,232. 

Brighton Cromwell (http://www.brightoncromwell.com) is a supply chain integrator for the defense industry, primarily supporting after-market parts for the military.  Started in 2002 by three entrepreneurs in their late twenties and an initial investment of $140K, they turned a profit in their first year, made their first million in 2004 and had sales of $8.8 million in 2007.  They have grown to 21 employees and expect to have 35 by 2009.  They define success as "Building a company into something great by striving for excellence and conducting business with uncompromising honesty and integrity."   

Orbcomm Global Capital (http://www.orbcomm.com) is a global satellite network operator.  Orbcomm provides low cost, two-way data communication around the world through a global network of 29 low earth orbit (LEO) satellites and supporting ground infrastructure.  Started in 2001, the company now has 100 employees and sales in 2007 of $25.8 million. 

Hydro-Industries (http://www.no-crank.com) developed and patented a water powered engine that rewinds hose with an easy, single push of a lever…no batteries, electricity or springs required. Started in 2001 by two entrepreneurs with an initial investment of $250K, they turned their first profit and made their first million in 2003.  They now employ 40 people and had sales of $23 million in 2007.  Their success secret is “Focusing on the target, do not fear failure, always hire the best people you can and attempt to be the biggest and the most advanced in your niche.”    

Congratulations to all of the companies that made the list and especially to the three from New Jersey.  To read more about the Hot 100, go to http://www.entrepreneur.com/hot100/

 

 

       


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