Repeat Honorees in the 2021 Utah 100 Rankings Provide Insights into the Ongoing Success of Utah Firms
The MountainWest Capital Network's latest iteration of the 27-year-old recognition program showcases the 100-fastest-growing Utah-based companies over a five-year period (on a percentage-growth basis).
For the past 27 years, the MountainWest Capital Network has been identifying and recognizing the 100 fastest-growing companies in the state of Utah, based upon percentage revenue growth over a five-year period.
And this year is no different, with Vineyard-based Dynamic Blending coming in as the #1-ranked Utah 100 company for 2021.
In addition, the MWCN also recognizes
- The Top 15 Revenue Growth Companies (based upon the five-year revenue growth of these firms), as well 15 companies the MWCN names
- The Emerging Elite (firms with less than five years of operating history the nonprofit feels are worthy of separate praise for their initial progress and potential for ongoing sucess).
A list of the top 10 firms in the 2021 Utah 100 is shared below that highlights the company name, the city where the firm is located, and a brief description of the company's focus:
- Dynamic Blending, Vineyard (a contract manufacturer of cosmetics, skin care, personal care, oral care and other liquid products)
- Thread Wallets, Provo (an accessories brand of what the company calls "carry products")
- Awardco, Provo (a rewards and recognition company)
- Clean Simple Eats, South Jordan (a health and fitness company which provides meal plans, fitness programs, protein powders, and supplements)
- JOJO's Chocolate, Sandy (a manufacturer of delicious, low-sugar chocolate bars)
- Gathre, Lindon (a leather home goods product design company)
- Motivosity, Lehi (a developer of an employee recognition software platform)
- Lion Energy, American Fork (a provider of safe, silent, renewable energy storage products for work, home, and recreation)
- PCF Insurance Services, Lehi (a full-service insurance consultant and brokerage firm)
- Artemis Health, Salt Lake City (a SaaS-based benefits data analytics platform for self-insured employers)
If you were paying attention, 7 of the 10 firms noted above are based in Utah County, with the remaining 3 headquartered in Salt Lake County.
In fact, when you analyze the companies included in this year's Utah 100, the city garnering the most honorees (not surprisingly) is Salt Lake City, with 20 companies.
The other cities with 2021 Utah 100 honorees are outlined below, ranked first by most firms per city and then in alphabetical order (by city name):
- 15 Companies: Lehi;
- 7 Companies: Draper;
- 6 Companies (per city): Orem, Provo, and South Jordan;
- 5 Companies: American Fork;
- 4 Companies (per city): Ogden and Sandy;
- 3 Companies (per city): Lindon and Pleasant Grove;
- 2 Companies (per city): Cottonwood Heights, Kaysville, St. George, and West Jordan; and
- 1 Company (per city): Bountiful, Bluffdale, Farmington, Heber City, Midvale, Murray, Park City, Payson, River Heights, Springville, Vineyard, West Valley City, and Woods Cross.
On a county by county basis, Salt Lake County landed 45 companies in the MWCN's 2021 Utah 100 (which is not surprising at all given the population base of the county with roughly 1.16 million residents).
But at slightly more than half the population of Salt Lake County (~665,000 citizens), Utah County crushed it with 41 member companies on the Utah 100 list.
Other counties that are home to 2021 Utah 100 companies are
- Davis County, with 5 companies;
- Weber County, with 4 companies;
- Washington County, with 2 companies; and
- Cache, Summit, and Wasatch Counties, respectively, with 1 company apiece.
The Multi-Year, Utah 100 Honorees
Making the grade as a Utah 100 company is a pretty big deal. I know.
My prior PR consulting firm (The David Politis Company) came in at #100 one year back when Michael Leavitt was the Governor of Utah. Did we hit the mark two years in a row? Not a chance.
What's interesting about this year's ranking is the fact that the MWCN has also noted firms that have received recognition as multi-year Utah 100 honorees.
To this end, shown below is a breakdown of those firms who made the grade, growth-wise, to land a spot in the Utah 100 more than once. These firms are:
- 17X Honoree: USANA,
- 14X Honoree: Conservice,
- 11X Honorees: Executech, and Packsize;
- 9X Honoree: Pluralsight;
- 8X Honoree: Foresight Wealth Management;
- 7X Honoree (six firms): Collective Medical, FirstMile, Grant Victor, OptConnect, Peak Capital Partners, and Xyngular;
- 6X Honorees (five firms): Lucid, Huge Brands, ObservePoint, ProdataKey, and Signs.com;
- 5X Honorees (nine firms): 1 Source Business Solutions, Abode Luxury Rentals, Alpha Warranty Services, Beauty Industry Group, eAssist Dental Solutions, Legacy Tree Genealogists, Lendio, LifeVantage, and Podium;
- 4X Honorees (12 firms): Beddy's, Blue Raven Solar, Complete Recovery, Disruptive Advertising, Foursight Capital, Freeus, Intermountain Nutrition, LGCY Power, SimpleNexus, Strong Connexions, VPI Technology Group, and Western Peaks Logistics;
- 3X Honorees (13 firms): Aptive Environmental, Avetta, Campman, Cingo Solutions, Dental Intelligence, Design Imaging, Flex Fleet Rental, Inside Real Estate, KURU Footwear, Motivosity, Telarus, Thread Wallets, and Weave;
- 2X Honorees (20 firms): Altabancorp, Artemis Health, AutoSavvy, Awardco, Buy Box Experts, Clarus, Coreform, Dynamic Blending, Enso Rings, Evolved Commerce, International Products Group, JOJO's Chocolate, Lulu and Roo, Natures Sunshine Products, Olympus Wealth Management, Rocco & Roxie Supply Co., Security National Financial, Varex Imaging, Zamp HR, and Zonos.
My Personal Journey
My personal journey with the then-named MountainWest Venture Group began a few weeks after I moved back to Utah in the fall of 1987 as a young professional when I stumbled across an advertisement for the business-focused nonprofit as I thumbed through the pages of a local magazine.
"The MountainWest Venture Group, huh," I recall thinking. "I wonder if it's anything like that group up in Seattle where my former boss had recently spoken?"
There was a phone number and a name in the ad - Bob Springmeyer - so I called. Fifteen minutes later I had an invitation to the next board meeting, and with that I began what became a nine-year-stint as an officer, board member, and (for a year) president of the MWVG (now the MountainWest Capital Network).
Although the name of the organization has changed, the reality is that the import of the Utah 100 ranking has only grown with time.
As such, I feel humbled to have been a member of the executive team that helped launch and shepherd this program nearly three decades ago.