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High tech begets high tech. This is particularly true when it
comes to the St. Louis Regional Technology FAST 50, an award that
recognizes the region’s 50 fastest growing high-tech companies
that develop and/or provide technology-based products or services.
For instance, this year World Wide Technology, a four-time
FAST 50 winner ranked 8th in 1999, and recently recognized by
Black Enterprise Magazine as the largest African-American corporation
in the United States, spun off Telcobuy.com, an e-marketplace
company for the telecommunications industry.
Sonacom, a FAST 50 winner this year as well as in 1998,
recently spun off two companies: Sonacom AV Interactive (SAVI),
which targets high-end users of customized audio-visual presentation
and conferencing technologies and Sonacom Internet Solutions
provides filtered bandwidth and Web development services to small
and mid-sized companies.
This fall, Open Systems Group, a designer and developer
of automated solutions will launch Open Media Group, a
separate company that will focus on wireless electronic document
systems.
Next year, Stockell Information Systems, a four-time FAST
50 winner, specializing in computer consulting, is starting a
new company, E-Care Link LLC. The company will offer a
physician remote access package that allows doctors to order and
review test results.
And that’s not to mention numerous other St. Louis FAST 50 companies
that are expanding throughout the U.S. as well as internationally.
Many of these companies have managed to make the FAST 50 year
after year. In fact, most of them are repeat winners, with only
eight newcomers this year. Six companies—Cornerstone Solutions,
The Mattson Jack Group, SSE, Solutions Consultants, GA Sullivan
and Wave Technologies—are on the list for the fifth consecutive
year.
The program, now in its fifth year, has already provided a number
of benefits to the region. Most noteworthy was its impetus in
the creation of the Technology Gateway Alliance, which just celebrated
its 2nd year. In just a short time, the Alliance—the fastest growing
technology alliance in the nation—boasts many accomplishments
as well. The most recent include:
• Planned and produced TechFair 2000, which featured more
than 100 experts who discussed technology breakthroughs.
• In partnership with the Missouri Venture Forum and the RCGA,
created opportunities for funding start-up companies through InvestMidwest
Venture Forum, which convened some 400 regional and national
venture capital firms and other qualified investors to consider
deal-ready proposals by 20 select start-ups.
• Launched TechTour 2000, a traveling networking event
that will be held quarterly. Participants identify technology
resources, while making contacts and learning about facilities.
• Joined with EMC Corporation, Ernst & Young, Influence, Sonnenschien
Nath & Rosenthal, Washington University’s Olin School of Business
and the RCGA as a founding sponsor of St. Louis’ First Tuesday,
a unique networking forum for regional high-tech entrepreneurs
to connect with venture capitalists.
• Supported Envision CEO Steve Lowy’s effort to create the “Technology
is the New Spirit of St. Louis” mural.
• Attracted more than 300 member firms and more than 700
volunteers to its ranks. In fact of those companies on this year’s
FAST 50 list, 33 are Technology Gateway members and 44 are RCGA
members.
Even more significant is the FAST 50 stats. Average 1999 revenue
for the group was close to $170 million, representing an average
growth rate between 1995 and 1999 of $459%. Together, they employ
11,000-plus people in the metro area. And, the average amount
each FAST 50 company plans to spend on research and development
in 2000 is approximately $1 million. The statistics confirm what
we already know—technology companies are thriving in the region.
All told, the dramatic growth of high-tech firms in the region
is helping establish St. Louis as a center for fast growing “New
Economy” firms, complementing St. Louis’ continued strength as
a headquarters location for mid- and large international companies.
Richard C.D. Fleming
President and Chief Executive Officer
St. Louis Regional Chamber and Growth Association
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