ANN ARBOR – Ann Arbor SPARK will accept applications for its annual FastTrack Awards through July 23.
Here are some frequently asked questions about the awards.
Who can receive a FastTrack Award?
FastTrack Awards are presented to “gazelle” companies headquartered in Washtenaw or Livingston county. “Gazelles” are defined as high-growth companies with 20 percent increased average revenue for three years, starting from a revenue base of at least $100,000. As gazelle companies are characterized by their rapid growth, rather than their absolute size, they can range in size from small companies to large enterprises.
An important note: The awards are not limited to tech companies. Any company or business in any industry that meets the criteria is eligible to apply.
How do you apply?
There is a short application to fill out, which asks for basic company information and proof of growth.
What is required to win?
In order to qualify for the 2021 awards, a company must have had at least $100,000 gross revenue in 2017, with an average growth of at least 20 percent for the following three years. Revenue in 2018 must be greater than 2017. The application will ask for three separate years of revenue figures. These can be in the form of federal tax forms (the first page of the annual return) or financial statements issued by independent accountants or financial advisors.
Example equation:
- 2017 (base year): $100,000
- 2018: $122,000 (22% growth)
- 2019: $156,160 (28% growth)
- 2020: $179,584 (15% growth)
If a company meets these criteria, it will win a FastTrack Award.
Who reviews the applications?
The FastTrack Awards accounting partner and event sponsor is Rehmann. Representatives from Rehmann will review the applications and determined if companies meet the criteria. All financial information is kept confidential and Ann Arbor SPARK never views application materials except for the final winners and percentages (if given permission).
Is there a FastTrack Awards Ceremony?
The FastTrack Awards are part of a2tech360. Details about the award ceremony are coming soon.
Local FastTrack winners include:
- Ann Arbor T-shirt Company
- Llamasoft
- Oxford Companies
- Human Element
- Synecdoche Design Studio
- Zingerman’s Cornman Farms
Have further questions? Contact SPARK’s Director of Business Development Jennifer Olmstead at jennifer@annarborusa.org.