Anyone who harbors doubts about the impact that Michigan small businesses have on job growth and economic expansion will be enlightened by statistics recently released by the Edward Lowe Foundation.
Looking at the companies that made the list of 2011 Michigan 50 Companies to Watch, the foundation found that these firms (all of which are fast-growing, second-stage companies):
- In 2010, created 1,581 full time equivalent employees
- Project to create 527 net new jobs in 2011
- In 2010, earned $290 million in total annual revenue (up 34% compared to 2009.)
What if a single large Michigan company had added 1,581 jobs last year? The news would have created banner headlines across the state. Yet the fact that this same number of jobs was created by 50 individual small firms puts the news under-the-radar and underplays what a tremendous impact these companies have on the state’s economy.