Here’s some quick back-of-the-envelope math about Fort Worth companies’ place on the annual Inc. 5000 list of fastest-growing U.S. companies, compared to other Texas cities:
In a web post this week, Sparkyard, the Fort Worth platform that connects entrepreneurs to resources, found 49 Fort Worth companies made the Inc. 5000 between from 2016 to 2020. That compared to 340 from Austin; 321, Houston; 254, Dallas, and 86 from San Antonio. The Inc. 5000 each year ranks U.S. companies based on three-year revenue growth through the end of the most recent year.
Why’s this list important?
“This list is important because high growth companies create tons of jobs – 663,810 in 2020, according to Inc. Magazine, plus these companies tend to have similar characteristics such as being innovation-led and requiring large amounts of capital,” the Sparkyard post says. “They also represent localized wealth creation as dollars invested and wages are returned to the local economy through purchases by employees.”
Not surprisingly, Sparkyard found Fort Worth’s representation lacking. The findings are further reinforcement of conclusions from people on Fort Worth economic development scene that the community needs to do more to attract and retain entrepreneurs.
“Fort Worth’s lackluster representation on Inc. 5000 list is yet another metric by which our city is falling short,” the Sparkyard post said. “High-growth companies are an important part of our economic growth strategy and their impact on our economy should be widely celebrated. These companies represent the employers and job creators of the future and it is important to know who these companies are in our city and how we can help them continue their high-growth trajectory.”
Sparkyard offered some suggestions for boosting the number of Fort Worth companies on the list:
- “Make improving Fort Worth’s showing a priority in our civic discourse. If we make this a goal, then we can all work together to hit it and improve our number of companies on the list.”
- “Run a public relations campaign that encourages founders, CEOs and business owners to sign up. Many companies don’t want their financial information shared with Inc. Magazine, but if we show its importance to our city, then perhaps companies will apply in greater numbers. You can’t win if you don’t play, right?”
- “Create an incentive(s) around the fastest growing company in Fort Worth for the top company on the list or the company who has made the list the most times. This could be a financial prize or it could be a magazine cover, an award at the annual State of the City event sponsored by the Fort Worth Chamber or some other special recognition. Attaching an incentive would make applying worth the effort.”