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Machine momentum: New successes still can be forged from manufacturing, tech, innovation

Date:20/11/2013   View: 1296   Tags: Machine momentum
In the nine years of the Michigan 50 Companies to Watch awards program, the manufacturing sector has played a leading role, although its numbers fluctuated. In recent years, it is back with a vengeance, accompanied by successful companies in technology and other industries.&nbsp;<br /> <br /> In the early years, manufacturing companies made up about 10-15 of the 50. In 2008, the number dropped to four. Then in 2011, the number jumped to 18, followed by 24 last year and 21 this year.&nbsp;<br /> <br /> "We've been hearing for the past three years that manufacturing is down. With the organizations I work with, we do see that manufacturing is very active. It shows that manufacturers are learning how to diversify," said Jennifer Deamud, associate state director for the Michigan Small Business &amp; Technology Development Center and managing partner for the Michigan Celebrates Small Business awards, which includes the 50 Companies to Watch.<br /> <br /> "These are second-stage companies," Deamud said, "and they've found the resources and capital here in Michigan not only to stay alive but to grow."&nbsp;<br /> <br /> Manufacturers are healthier, and state support from programs such as Pure Michigan Business Connect has helped, Deamud said.&nbsp;<br /> <br /> To be considered for the program, businesses must be privately held, second-stage companies facing issues of growth -- not survival. They must be based in Michigan, employ six to 99 full-time people and have between $750,000 and $50 million in annual revenue or working capital in place from investors or grants. There also must be a growth trend over the past three years.&nbsp;<br /> <br /> Collectively, the 2013 class of Michigan 50 Companies to Watch generated $333 million in revenue and employed 1,284 Michigan workers in the past year, according to data collected by the program organizers. The 50 companies project 46 percent revenue growth and a 25 percent increase in employees for 2013.&nbsp;<br /> <br /> An example of manufacturing's comeback in Michigan can be seen in one of the highlighted company profiles in this package. Panther Global Technologies in Wixom makes engine parts for lawn equipment. In 2004, it began manufacturing parts in China to compete on cost with Asian competitors.&nbsp;<br /> <br /> "We had to do that because we went from 200 people in Wixom to 15 or 20. That broke my heart," said the founder of the company, Don Leith. "I vowed to myself we would someday rise again in the U.S."&nbsp;<br /> <br /> <p> On May 2, small and second-stage businesses will be honored for their achievements at the ninth annual Michigan Celebrates Small Business event. The event is a collaborative effort of the U.S. Small Business Administration, Small Business Association of Michigan, MSBTDC, Michigan Economic Development Corp. and the Cassopolis-based Edward Lowe Foundation. PNC Bank is the founding sponsor. </p> <p style="text-align:center;"> <img src="/upfiles/news/image/20131120/20131120150514_2472.jpg" alt="" /> </p>

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