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Ernst & Young: High-growth entrepreneurs setting pace for revenue growth
July 23, 2012
By Rob Starr, Content Manager, Big4.com
According to data compiled by Ernst & Young LLP from more than 600 finalists of the 2012 US Entrepreneur Of The Year® program, one segment of the U.S. economy continues to exceed expectations – entrepreneurs. Innovation-driven entrepreneurs continue to defy the odds, expanding their companies, spurring job growth and creating momentum in an otherwise moribund economy.
Entrepreneur of the Year finalist data spans 26 regions across the US and can also be segmented into nine industry categories. Energy, cleantech and natural resources led the group in employment gains at 49 percent between 2009 and 2011; technology followed at 42 percent and services at 33 percent. Life sciences had the slowest employment growth.
Revenue growth among Entrepreneur Of The Year finalists was equally impressive. Sectors leading the group in revenue gains between 2009 and 2011 were energy, cleantech and natural resources at 87 percent, technology at 73 percent and retail and consumer products as well as distribution and manufacturing, both at 49 percent. Real estate, construction and lodging had the slowest revenue growth.
The Entrepreneur Of The Year finalist data also showed significant differences in both employment and revenue growth for companies that acquired funding from private investors over their life-cycles versus those that did not receive outside investment. In fact, companies that received private funding grew revenues at 178 percent and employment at 32percent over the past two years.