Fast 50 Asian American Businesses Post Enormous Growth in a Challenging Economy
Every year, USPAACC spotlights the outstanding achievements and continued growth of Asian American-owned businesses through its “50 Asian American Businesses” program. From coast to coast, USPAACC searches for the best-performing companies across industries and ranks them according to their percentage growth over the past 3 years. The revenues and growth rates are then cumulated and the final ranking is officially revealed at the gala reception and dinner during USPAACC’s flagship CelebrAsian Business Opportunity Conference.
At the 2011 CelebrAsian Excellence Awards Gala held at the Millennium Biltmore in Los Angeles, California, the list of USPAACC’s Fast 50 Asian American Businesses was officially unveiled and their Founders, CEOs, COOs and Presidents flew in from all over the country for the black-tie event.
This years’ Fast 50 generated over $3.8 billion sales in FY2010, with companies recording an average annual growth rate of over 500% in the past three years. The Fast 50 represent a wide range of industries nationwide—supply chain management, healthcare, professional staffing, food wholesale, information technology (IT), environmental, green energy, media, etc.—in at least eight ethnic groups: Chinese, Filipino, Indian, Japanese, Korean, Malaysian, Taiwanese and Vietnamese.
The top spot went to Care.com, a company based in Waltham, Massachusetts, with a recorded growth rate of over 500% in the past three years, with average revenue of $3.9 million for the same period. SearchPros, based in Citrus Heights, California, came in second, with 390% growth rate and average revenue of $6.4 million for the last three years.
“USPAACC has been proud to recognize and showcase the continued robust growth shown by Asian American-owned businesses across industries—even during challenging economic times,” said Susan Au Allen, USPAACC National President & CEO. “We congratulate our Fast 50 Asian American Businesses—they are proof positive that through innovation, hard work, and ingenuity, Asian Americans can effectively compete in the mainstream and remain at the forefront as catalysts to the revitalization of our national economy.”
To qualify for the ranking, companies must be owned by one or more Asian Americans with at least 51% ownership stake. Final selection is determined and based on percentage revenue growth over the past three years and other eligibility criteria. This year, the growth rates were independently verified, ranked and officially announced by the renowned global professional services firm of Ernst & Young.