The entrepreneurial might of Indian Americans came under the spotlight last month with as many as 17 companies shepherded by the community featuring in Deloitte's prestigious list of 50 fastest growing companies of New Jersey.
Even the top rank went to a 34-year-old computer professional who came to the United States from a small town in India less than a decade ago to fulfill his entrepreneurial ambitions.
XCEL Solutions, a Matawan-based global software solutions and staff augmentation company headed by Jit Goel ranked number one in the list with an incredible 10,017 per cent revenue growth over a five-year period.
"We are very happy with this achievement. But this is just the beginning. The credit goes to everybody at XCEL. It makes us feel good that we are being recognized for our hard work and dedication, and it will boost our morale and confidence to achieve our next goal," Goel told Rediff India Abroad.
Three other companies shepherded by Indian Americans that made it to the top five were Diverse Lynx LLC, headed by Subhendra Varma, which ranked 3rd with a 6,411 per cent revenue growth; First Tek Technologies Inc headed by Satyakumar Bhavanasi, which ranked fourth with a 5,663 per cent revenue growth; and US Tech Solutions Inc headed by Manoj Agarwal that recorded a 4,354 per cent revenue growth.
All the 50 company CEOs, including the 17 companies headed by Indian Americans, were honored at a gala awards ceremony last month.
The Technology Fast 50 ranking companies are selected based on percentage revenue growth over five years -- from 2002 to 2006. In order to be considered entrants must have operating revenues of at least $50,000 in 2002 and at least $500,000 in 2006; be headquartered in New Jersey; own proprietary technology or proprietary intellectual property that contributes to a significant portion of their operating revenues, or devote a significant proportion of revenues to the research and development of technology.
Asked how he achieved what he did, Goel said his company strongly believes in maintaining high quality of service to customers, business partners and employees.
"We have been successful in creating a dynamic work culture that not only benefits our employees financially but also give them an opportunity to grow within the organization. We trust our employees and their potential. Each and every individual at XCEL is treated as a partner," he said.
In response to a question about the reason for the overwhelming successes of Indian Americans -- over one third of the honorees in the list of 50 are of Indian origin -- Goel parried a direct reply.
"I am not really concerned about a specific community. I am glad that Indian owned businesses are doing well," he said.
"What does matter in the business is who can provide quality services to its customers and create a healthy work place. Any company that follows this basic principle of business will definitely succeed anywhere in the world," Goel, who worked for IBM, AT&T Compaq before starting his own venture, said.
He conceded that Indians have been successful in providing sustainable quality services to customers.
"As we have witnessed in the last several years, Indians have been successful in providing quality services to the customers worldwide," said Goel, who graduated in 1995 from the National Institute of Technology, Rourkela, Orissa, in computer science.
Like Goel, Siby Vadakekkara, CEO, Marlabs Inc that ranked 13th in the list with a revenue growth of 847.42 credited the company's commitment to people and customers for the success.
"This is the sixth consecutive year that Marlabs is on the Technology Fast 50 list. We owe this continued success to the hard work of our committed and talented team and the support of our valuable customers," he said.
The other companies that figured in the list were:
- TechDemocracy LLC (CEO: Srikiran Patibandla, revenue growth 1,154 per cent, rank 9th)
- Artech Information Systems LLC (CEO: Ranjini Poddar, revenue growth 722 per cent, rank 17th)
- Makro Technologies Inc (CEO: Mahesh Malneedi, revenue growth 681 per cent, rank 19th)
- Caresoft Inc (CEO: Deepak Khare, revenue growth 652 per cent, rank 23rd)
- Global eProcure (CEO: Subhash Makhija, revenue growth 606 per cent, rank 24th)
- Kaizen Technologies Inc (CEO: Ashok Krishnaswamy, revenue growth 533 per cent, rank 27th)
- eTeam Inc (CEO: Ben Thakur, revenue growth 470 per cent, rank 31st)
- SysZen Technologies Inc (CEO: Bhavik Daftary, revenue growth 465 per cent, rank 32nd)
- Vision Systems Group (CEO: Vishwa Mandalapu, revenue growth 414 per cent, rank 34th)
- Net Pixel Inc (CEO: Taj Haslani, revenue growth 383 per cent, rank 36th)
- marketRx Inc (CEO: Jaswinder Chadha, revenue growth 326 per cent, rank 41st)
- MindLance Inc (CEO: Vikram Kaira, revenue growth 268 per cent, rank 46th).
A Deloitte spokesman said Fast 50 lists from 15 other regions/states are slated to be published shortly before the publication of North America's top 500 fastest growing technology, media, telecommunications and life sciences companies in November.
