Published: Thursday, July 26, 2007
Turning Tech ranks 7th in U.S. for growth
The local company's sales topped $20.6 million last year.
By DON SHILLING
YOUNGSTOWN A downtown company that's been named the seventh-fastest growing small business in the nation has no plans to slow down.
In fact, Turning Technologies will post its best year for sales growth by dollar amount in 2007, predicted Mike Broderick, company president.
Turning Technologies recorded $20.6 million in sales last year, according to Entrepreneur Magazine. In 2002, it had revenues of just $111,000.
The company's growth has been so explosive that it ranks seventh in the magazine's Hot 500 rankings, a list of rapidly expanding small companies.
Broderick said the local company's growth will continue because it has introduced new audience response products, expanded its sales force and made its first acquisition. It acquired a Columbus-based educational software company in April.
Turning Technologies' products allow teachers or corporate presenters to receive immediate feedback from students or audiences who are using small hand-held devices.
Taking advantage of good press
Broderick said the magazine's ranking, which is in the August issue, will help the company with customers and investors.
Being the seventh-fastest growing company shows that many customers are placing their confidence in Turning Technologies and its audience response systems, Broderick said.
"That's a message we'll use," he said.
The ranking will also help investors feel more comfortable with the company should it look for funding, he said. Turning Technologies isn't seeking cash in the short run, but the possibility exists down the road, he said.
A little more than a year ago, Turning Technologies took on an investment group from Dublin, Ohio, as a partner to help fuel its international expansion.
Turning Technologies was founded by Broderick and two others but now employs 105. It is located in the Youngstown Business Incubator but will move to the adjacent Taft Technology Center once that new building is completed.
Researchers found that 95,000 businesses, or 0.5 percent of the nation's 19 million companies, met criteria the magazine set for job and sales growth. The magazine then contacted businesses with the greatest growth to confirm their eligibility.