Strength of 'Fast Tech 50' reveals Houston's future is here and now

During the past few weeks, Houstonians have heard a lot about the city's future and what the various candidates for public office have to say about that topic.

While many candidates have discussed their individual ideas about Houston, all have agreed that the Bayou City is a place that encourages new ideas and new businesses. Houston's rich cultural diversity and the "can do" spirit of its business community are the foundations of the city's success.

In the third year of the Fast Tech 50 Awards program, the local economy shows no sluggishness in Houston's tech sector. During this past year, a record number of 235 companies with a local revenue impact in excess of $2.5 billion expressed an interest in becoming a member of this exclusive club by submitting nominations for the Fast Tech 50.

The Fast Tech 50 "Class of 2003" continues Houston's tradition of technology excellence. And it also brings to the forefront new and different stories of entrepreneurial success. This year's list of winners includes 24 first-time winners, 19 two-time winners.

Seven can claim the remarkable accomplishment of being three-time winners:

• Academic Planet Inc. (No. 17)
• Cardtronics LP (No. 21)
• ChaseCom LP (No. 23)
• eRealty.com (No. 19)
• Lexicon Genetics Inc. (No. 43)
• Prime Communications LP (No. 20)
• Synhrgy HR Technologies Inc. (No. 28)

During the past year, Houston saw a mayoral forum held at the Houston Technology Center where the mayoral candidates answered questions about their commitment to the continuing growth of the city's tech sector. The fact that all of the mayoral candidates took the time to come and be a part of this forum in addressing the tech community's questions and concerns is indeed a confirmation that the technology sector has finally arrived at the forefront of local politics.

During the past year, technology industry players had the opportunity to hear from Carly Fiorina of Hewlett-Packard Co. She spoke of Houston's long-term technology successes and her company's continuing commitment to Houston and the Houston tech sector. As one of today's most successful tech CEOs, she recognizes the contributions that Houston has made, and will continue to make, to the future.

The Fast Tech 50

This year's Fast Tech 50 represents a wide variety of industries:

• Three companies -- Synthecon Inc. (No. 27), Xenco Laboratories (No. 34) and Lexicon Genetics Inc. (No. 43) -- are in the biotechnology/life sciences area.
• Eleven are software development companies.
• Nine are hardware-related companies.
• Fifteen provide technical/consulting services.
• Seven are e-commerce/business portals.
• Three are manufacturers.
• Two are in technology communications fields.

One winning company was started in the 1970s. Ten of the Fast Tech 50 were started in the 1980s. Twenty-nine of the award-winning companies were started in the 1990s. Ten of the companies on the list have been started since 2000.

The oldest company in this year's Fast Tech 50 is Advent Global Solutions (No. 29), which was started in 1977.

The single largest revenue contributor to the local economy is Benchmark Electronics Inc. (No. 38) with 2002 revenue of $1.63 billion.

The local economic impact made by this year's Fast Tech 50 is phenomenal. When reviewing all 50 companies, an impressive overview quickly emerges. These organizations are responsible for creating almost 10,400 jobs and more than $2.2 billion in revenue to our local economy.

No longer does a single industry dominates the Houston business climate. Houston's businesses are as diverse as its people and its cultures.

Qualifications

To qualify for the Fast Tech 50, a company's headquarters, or a foreign company's U.S. headquarters, must be located in the eight-county Houston SMSA region.

A minimum of 51 percent of the company's consolidated net revenue must be involved in the original manufacture, design or development of

technology products or delivery of services.

A nominee must have minimum net revenue of more than $200,000 in both years. Rankings for this year's list were determined on the revenue growth percentage from fiscal 2001 to fiscal 2002.

The nominees were asked to submit:

• Nomination form.
• Audited, reviewed or consolidated financial statements or tax returns for 2001 and 2002.
• An overview letter.
• Background information on the company, its products and services.

Representatives from PKF Texas validated the information on the nomination form from the information packet. The percentage of revenue growth was computed by comparing net revenue from 2001 to 2002. The organizations that made the Top 50 places were then listed from the 235 nominations.

Nominations will be accepted for next year's Fast Tech 50 listing by contacting the Houston Business Journal, PKF Texas, or any of the additional sponsors. Organizations that are nominated will receive additional information and application packets during the spring of 2004.

All companies on the Fast Tech 50 list are winners, earning a salute from both those in the industry and all of Houston.