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.
How do you apply?
There is a short application to fill out, which asks for basic company information and proof of growth. The application this year is a Google form, available here.
When is the deadline?
July 31, 2020.
What is required to win?
In order to qualify, a company must have at least $100,000 gross revenue in 2016, with an average growth of at least 20 percent for the following three years. Revenue in 2017 must be greater than 2016. 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.
- 2016 (base year): $100,000
- 2017: $122,000 (22% growth)
- 2018: $156,160 (28% growth)
- 2019: $179,584 (15% growth)
If a company meets these criteria, they will win a FastTrack Award!
Who reviews the applications?
The FastTrack Awards are sponsored by Rehmann. Representatives from Rehmann will review the applications and determine if the companies meet the criteria. All financial information is kept confidential and Ann Arbor SPARK will never see application materials except for the final winners and percentages (if given permission).
Is there a FastTrack Awards Ceremony?
In 2020, the FastTrack Awards will be part of a2tech360. The event is planned for September 18, 2020, however, as a result of the COVID-19 pandemic, event logistics are TBD at this time. Companies that win FastTrack Awards in 2020 will still be celebrated for their accomplishment, regardless of the status of an in-person event.
Further questions? Contact:
Director of Research
Ann Arbor SPARK