UF Study: Computer Companies Top State’s Fastest Growing Businesses
September 25, 1997
GAINESVILLE — This year’s list of Florida’s 100 fastest growing businesses is dominated by companies marketing computers and software, as well as human resource organizations including temporary employment firms, a University of Florida study has found.
In a joint project, UF’s Center for Accounting Research and Professional Education and the Center for Entrepreneurship and Innovation have assembled the Florida 100 list, their second annual ranking of the state’s fastest growing businesses. The list includes companies from a variety of industries, which collectively have created 11,668 jobs during the last three years. Many of the top companies demonstrated revenue growth of more than 1,000 percent during that time.
The top company, WalkAbout Computers Inc. of Singer Island, had a growth rate of 8,642 percent, said Michael Plater, executive director of the Center for Entrepreneurship and Innovation. WalkAbout Computers provides portable personal computers with screens that accept handwritten entries, primarily for off-site workers in the utility industry.
“Entrepreneurs of software and computer companies have an advantage due to the increased technological needs of businesses today, especially firms that customize computers to fit companies’ specific needs, such as WalkAbout,” Plater said.
Both economics and lifestyle choices explain the success of personnel and employment services, he said. With the strong economy, many companies want to hire more workers and are turning to temporary agencies to meet staffing needs. At the same time, some workers prefer the flexibility of short-term jobs, while others are without permanent positions as a result of companies downsizing to increase profits.
“Personnel functions are not something that most companies really do well if they’re in another line of business,” Plater said. “They may decide to leave the human resource functions such as payroll, recruitment, and training to specialized outside companies.”
The top retail company and third on the list is Value Financial Services Inc. of Casselberry. Value Financial is a chain of pawn lending stores. They attribute their success to the great demand for nontraditional banking services by large segments of the population.
Geographically, the largest number of high-growth businesses are concentrated in and around Jacksonville (20), followed by Orlando (17), Miami (10), Palm Beach (10), Tampa (9), Fort Lauderdale (8), Naples and Sarasota (8), Gainesville and Ocala (8) and the Panhandle (3).
“Instead of a particular urban center dominating growth, these companies are spread throughout the state,” Plater said. “That bodes well for Florida because it shows the state is providing critical resources throughout the state that help businesses to successfully compete. In the future, the biggest challenge facing all of these firms will be trying to keep up with the high growth and the problems it creates. They’re all struggling to find enough well-trained people and to come up with enough capital.”
As Florida 100 expands, the annual list will be used to help businesses manage their growth, assist local government in attracting high-growth businesses and formulate public policy.
Companies are ranked by sales growth over three years. To qualify, businesses must be headquartered in Florida; have sales between $100,000 and $25 million in the first year of the three-year period; be an independent, privately-held corporation or proprietorship; and show an increase in profit.