07/30/2009

(Indianapolis) – The Howard E. Nyhart Company has been recognized as one of the 2009 Indiana Companies to Watch, an awards program presented by the Indiana Economic Development Corporation, its Small Business Development Center network, Purdue University and the Edward Lowe Foundation. Fifty companies from Indiana will be honored as outstanding second-stage companies during the second annual Indiana Companies to Watch awards program, held on Aug. 27 in Indianapolis. Companies to Watch is an awards program that celebrates Indiana privately held second-stage companies, typically those businesses that are past the startup phase, are considered to be established, and face issues of growth, not survival. Companies honored range from traditional businesses involved in manufacturing, financial services and retail trade to high-tech companies working in the life sciences, information technology, telecommunications, and aerospace industries.

Companies to Watch firms must employ between six and 150 full-time equivalent employees, have between $750,000 and $100 million in annual revenue or working capital in place, and demonstrate the intent and capacity to grow based on employee or sales growth, exceptional entrepreneurial leadership, sustainable competitive advantage or other notable strengths. This year more than 500 Indiana companies, representing 59 Indiana counties, were nominated for the Companies to Watch program. The number of applicants was narrowed to 214 businesses, from 50 counties. From that pool, 106 finalists were selected, and 50 companies from 17 counties emerged to become the 2009 Indiana Companies to Watch. This awards program is unique because of its focus on second-stage companies. The impact of these companies on Indiana’s economy is immense. During 2005-2007 Indiana’s resident companies averaged more than 32,000 second-stage establishments according to YourEconomy.org, an online resource of the Edward Lowe Foundation. Those second-stage companies employed more than 760,000 workers.

Looking at the contributions of these companies from a broader perspective, from 1993 to 2007 only 15 percent of Indiana’s resident establishments were in the second-stage category, however, they generated nearly 41 percent of net new jobs.

Indiana Companies to Watch is a collaboration among the Indiana Economic Development Corp., through its Small Business Development Center Network, Purdue University and the Edward Lowe Foundation.

This program would not be possible without the generous support of the following: New Paradigm Sponsor: Barnes & Thornburg LLP. Visionary Sponsors: Katz, Sapper & Miller; KeyBank; Ivy Tech Community College; and Premier Capital Corporation. The state of Indiana’s lead economic development agency, the Indiana Economic Development Corporation oversees Indiana’s statewide business attraction and development efforts, coordinates state programs, and incentives for companies looking to grow in Indiana, and provides assistance and funding to Indiana entrepreneurs and high-tech start-ups.

The Indiana Small Business Development Center Network offers free and low-cost information, management counseling and educational services to support the states small-business owners and potential entrepreneurs, boosting economic development and creating jobs within the state. The Purdue team supporting the program includes representatives from the Purdue Center for Regional Development, Purdues Discovery Park including the Burton Morgan Center for Entrepreneurship, the College of Agriculture, Krannert School of Management, Purdue Alumni Association, Purdue Cooperative Extension Service and Purdue Research Park.