To qualify as a host for Companies to Watch, an organization must have statewide reach, either through its own network or through a series of partnerships. This ensures participation from all geographic areas, including traditionally underserved locations. In addition, the host must prove they have direct access to second-stage companies.
Hosts are strongly encouraged to partner with a wide variety of other organizations including membership organizations, universities, trade associations and economic development offices. Partnerships with private-sector companies are also vital to the success of the program as the service provider community (attorneys, accountants, public relations and more) is often a great source for nominations, as well as sponsors of the event.
The Edward Lowe Foundation licenses Companies to Watch on a statewide basis, with each license agreement covering a three-year period. License fees for statewide programs are $8,000 each year. Regional licenses will be considered especially to accommodate states with large geographic areas, such as California and Texas.
Services from the foundation provide the backbone for Companies to Watch. Sophisticated technology tools are in place to provide branded Web presence for the program and for the host organization to manage the nomination and application process. In addition to these tools, the foundation serves as the "honest broker" for the judging process by managing both the preliminary and final judging, as well as the due diligence of provisional winners. In short, this means the host organization may refer questions about the judging process and outcomes to a reliable third party, the Edward Lowe Foundation.
The license fee covers the following specific services:
Host organizations must commit to specific responsibilities necessary for a smooth launch and implementation of Companies to Watch. These primary responsibilities are:
To ensure the necessary finances are available to run this program, the host organization must receive sponsorship commitments of at least 50 percent of the necessary funds to produce the event five months prior to the event date. One approach is to consider Companies to Watch as a fundraising mechanism that uses sponsorships and advertising from a magazine or ticket sales from the event as a self-sustaining revenue source. However, this decision is solely that of the host organization.
The license fee covers approximately 50 percent of the foundation's hard costs associated with Companies to Watch. The costs for technology, Web site management and foundation employee salaries are not included in the fee and are absorbed entirely by the Edward Lowe Foundation.
Companies to Watch has been a great opportunity for bringing together various organizations that serve Indiana entrepreneurs. Although these entities typically operate independently, the event brought everyone into the same space. It's truly a statewide program."
—Jeff Heinzmann, state director of Small Business Development Centers at the Indiana Economic Development Corp., Indiana Companies to Watch presenter
Governor Jennifer Granholm at the 2006 Michigan 50 event
Photo by Gregg Cole
Arizona 50 Companies to Watch at the 2006 Arizona 50 event
Photo by Gregg Cole
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