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GrowFL Florida Companies to Watch is an awards program honoring second-stage companies headquartered in the state of Florida. These companies demonstrate high performance in the marketplace or exhibit innovative products or processes. The awards program is designed to seek businesses from various industries throughout the state, not just the major metropolitan areas. The companies selected each year make an astounding impact on Florida’s economy by collectively providing thousands of jobs and contributing millions of dollars in revenue. In short, they tell a compelling story about the state’s diverse economic landscape. Florida Companies to Watch is presented by GrowFL, in association with the Edward Lowe Foundation.

What do companies receive if selected as a Company to Watch?

Honorees do not simply make it onto a list. They become part of a cohort of second-stage companies known for their distinguished leadership, innovation, and impact. Honorees receive the following:

• Special recognition at the GrowFL Florida Companies to Watch event on Thursday, February 27, 2025, at the Hard Rock Live! Universal CityWalk, Orlando, FL, attended by business and government leaders from across the state.

• 2 Complimentary tickets to the event (extra seats or tables are available for purchase).

• Trophy inscribed with your company’s name.

• Increased exposure to the media.

• A graphic announcing your company as an award winner (to be used on your website or in marketing materials).

• Recognition of your company in Florida Trend magazine, press releases, and social media.

• Invitation to participate in the GrowFL Florida Companies to Watch Leadership Institute on Wednesday, February 26, 2025.

• Invitation to participate in future Florida Companies to Watch events, including a leaders retreat designed explicitly for GrowFL Florida Companies to Watch award recipients.

What are the Eligibility Criteria for this award?

A second-stage company must be characterized as an established and growing firm as defined by the traits below. They are typically past the startup phase and face growth challenges rather than survival issues. A company must meet the following for the year ending 2023:

• Be a privately held commercial enterprise headquartered in Florida (not publicly traded, subsidiary, or division of another company or nonprofit).

• Employ 6 to 150 full-time equivalent W-2 employees, including the owner.

• Have between $750,000 and $100 million in annual revenue or working capital from investors or grants.

• Have not won this award in the past.

• Demonstrate an intent and capacity to grow based on evidence such as:

• Employee or sales growth

• Exceptional entrepreneurial leadership

• Sustainable competitive advantage

• Other notable factors that showcase the company’s success

I’ve been nominated for an award. Now, what do I do?

First, congratulations—July 17, 2024, at 5:00 pm central time. Only online applications will be accepted.

Apply at https://growfl.com/about-growfl-flctw/apply/

I have not received a nomination — may I still be considered?

Absolutely. Companies may apply directly and need not be nominated. Please complete an application by July 17, 2024, at 5:00 PM Central time.

Apply at https://growfl.com/about-growfl-flctw/apply/

How are award recipients selected?

The award recipients will be selected by a panel of independent judges comprised of GrowFL CEOs, economic development leaders, and partners. The judging panel has complete discretion in determining the recipients.

The award will be based on the following criteria:

• Growth in number of employees.

• Impact of the business in the job market.

• Increase in sales and/or unit volume.

• Current and past financial reports.

• Innovativeness of the product or service.

• Response to adversity.

• Contributions by the nominee to aid community-oriented projects.

• Other criteria deemed appropriate by the judges.

What are “Special Strengths”?

Special strengths make a company stand out from its competition or make it the leader in its field. A company’s strength might be its innovative products or business practices, special use of technology or involvement in its community. The application asks companies to provide examples of how they embody any of these strengths. This list is not exclusive, and companies are encouraged to provide alternatives.

May we provide product samples, customer testimonials, or other exhibits?

We are unable to accept materials other than your application. However, refer to these materials or quote from them to support your points in the application.

How is financial information used?

Please be assured that we exercise numerous measures to ensure the information you provide is kept confidential and used only to select awardees. Information provided in the application, including the financials, is used to determine if a company is eligible for the award and to gauge a company’s growth factors. Without this information, judges have no way to determine your eligibility. Moreover, judges sign a nondisclosure agreement before they begin reviewing applications.

The information provided in the application may also be used to write a company profile for a commemorative magazine. The magazine does NOT publish revenue figures, and references to finances are made using growth percentages only, if at all (e.g., “the company experienced 45% growth over two years as a result of the new product”). At your request, we omit references to growth percentages entirely.

If selected as an honoree, a company’s contact information (namely the company’s name, principal’s name, industry, city, and description) is used to publicize the program and the awardees. Financials from specific companies are NOT used for this purpose. Specific data, such as revenue figures, are used only in the aggregate for statistical purposes. In this way, it is impossible to isolate data from the whole and attribute it to an individual company.

The application asks if information, including employee counts, revenue growth percentages, and other details entered on the application, should not be used publicly. Companies may select “No” according to their comfort level.

Are franchisees eligible?

Franchisees are technically eligible if they are wholly owned and operated. Some franchises typically don’t fare very well in this competition if the local owner does not have complete autonomy to lead or grow the business (e.g., branding, innovating solutions, branching out). Franchisors operate differently, so if the business owner can be entrepreneurial in approach and isn’t bound by the franchisor in strategizing for growth, then it’s worth a shot. To help the judges understand that your franchise operates differently than the typical one, please address the entrepreneurial aspects of your franchise on the application.

Are start-ups eligible?

Start-ups that meet the eligibility requirements may apply. Revenue can include equity investments and grants, as long as the funds are being used for working capital.

Are nonprofit organizations eligible?

Nonprofit organizations are not eligible for this award. To be considered for it, a company must be a commercial enterprise.

Are past honorees eligible?

As we like to say, once an honoree, always an honoree. Past honorees are not eligible to apply again and are considered GrowFL Florida Companies to Watch Alumni. Alumni are eligible for unique opportunities such as attendance at leader retreats, events, networking, and the annual Alumni Award. Be on the lookout for notices from GrowFL and the announcement that the Alumni Award application period will open up in October.

Are publicly traded companies eligible?

Firms traded on public stock exchanges are not eligible for this award. GrowFL Florida Companies to Watch only considers privately held businesses.

Why can’t my company be more than 51% owned by another entity?

Applicants must be privately held and not a subsidiary or division of another company. If the parent company is eligible, we encourage that entity to serve as the applicant. Companies to Watch focuses on businesses controlling their destiny regarding strategy, vision, and profit. Entities that take direction from a parent company are often unable to exercise such power. If you feel your situation is in a “gray area,” enter “Yes” to the question in Section 2K, then answer the following questions, and we will consider your situation on a case-by-case basis.

Can “convertible debt” be included as revenue?

Yes, convertible debt can be included in your revenues, but explain this in the textbox immediately below the revenue amounts. Also, explain when the debt will mature and if company ownership will change upon conversion. Lastly, list the conversion as “other” in Section 4C (percentage of revenue from various sources).

Must my company have between 6 and 150 employees?

Companies must have between 6 and 150 “full-time equivalent employees” in 2023 to qualify for the award. To determine “full-time equivalent” for purposes of this award, consider the following:

• An employee qualifies as full-time if working 21-40 hours/week (this amounts to 1 FTE)

• An employee qualifies as part-time if working 20 hours/week (you would then count each employee as 1/2 an FTE).

• An alternative way to calculate FTEs is to annualize this figure. This approach is ideal if seasonal employees do not work a full calendar year or if they worked less than 20 hours per week (base the annualized figure on 2,080 hours/year, which is 1 FTE).

• If you provide staffing services or use contract employees, these personnel should be listed in the “Leased Worker” and “Contract Worker” sections. Note that leased and contract workers do not count toward eligibility.

Must a company have between $750,000 and $100 million in revenue?

Companies must have between $750,000 and $100 million in revenue in 2023. In addition to sales receipts, revenue may have included equity investments, grants, or other forms of funding in 2023 that were used as working capital. Be sure to apply the same approach for all requested years and list the various sources of revenue in the application.

How can we improve our application?

The following best practices were followed by past winners:

• Submit your application before the deadline. Applications may be updated up until the deadline. Take this time to proofread for typos, spot errors, and edit for conciseness.

• Past winners recommend printing out the example application as soon as possible. This allowed them to collect various data and compose their “Company Strengths” statement before submitting the online form.

• Provide specific examples in the essay sections to support your statements of what was accomplished.

• Using lay terms for technical processes is helpful, and avoiding jargon and buzzwords is advisable.

• It helps to hear how your company compares to others in your field (e.g., if your practices are unique and, if so, how).

• Use exact amounts for employee counts and revenue figures (judges tend to trust exact figures more).

I forgot my login — how do I retrieve it?

If you are not a contact on your company’s application, because of confidentiality, we do not provide access to applications except those listed as company contacts or if the application contact allows us to do so. You can request a password reset on the application site where you registered. If you have any issues, contact [email protected] with your full name, title, and email address. If you are not the application contact, copy the application contact in your message. We will request permission from the application contact person on record to share the online login account with you.

When will a decision be made?

A virtual finalist announcement is scheduled for August 1, 2024. Honorees will be selected from the pool of finalists and notified by mid-October. Remember that all applications are active and eligible until the final decisions are made.