The US Pan Asian American Chamber of Commerce Education Foundation (USPAACC) officially unveiled its 2014 “Fast 50 Asian American Businesses” during the Excellence Awards Gala, at its 29th annual national flagship CelebrAsian Procurement Conference, June 2 at the Sheraton Premiere at Tysons Corner, in Tysons Corner, Virginia.
Founders, CEOs, COOs and Presidents flew in from all over the country for the black-tie event.
Together, the fast-growing Asian American businesses generated an average 3-year annual revenue of $3 billion – with companies achieving up to more than 300% growth rate.
Representing a wide range of industries nationwide — biotechnology, construction, consulting services, capital management, food and beverage, information technology, pharmaceuticals, resource management/environmental, staffing services, and telemarketing, the 2014 winners were Americans of Chinese, Japanese, Korean, South Asian, and Vietnamese heritage.
About 20 Asian American businesses have won this distinction in previous years, several companies winning consecutively.
The revenues and growth rates were cumulated, verified, ranked and officially revealed at the Gala by EY (Ernst and Young), the Fast 50 Ranking Sponsor.
“USPAACC is proud to recognize and showcase the continued robust and steady growth Asian American-owned businesses across industries have achieved, even amid challenging economic times,” said Susan Au Allen, USPAACC National President & CEO. “We salute our Fast 50 Asian American Businesses — proof positive that through innovation, hard work, and ingenuity, Asian Americans can lead the way as catalysts to the revitalization of our national economy.”
To qualify, companies must be owned (at least 51%) and managed by one or more Asian Americans (U.S. citizens or permanent residents) and with at least $1 million in annual revenue in the immediate past 3 fiscal years of operation. Through direct applications/nominations, selection was determined by percentage revenue growth over the past three years.
CelebrAsian is the largest annual national B2B conference convened by the pan Asian American businesses to find partners in small, medium, and large enterprises.
Held June 2 - 4, the Conference theme, “Galloping with Change,” reflects the spirit of the Year of the Horse – energy, decisive action, speed, change and win.
PepsiCo Chairman and CEO Indra Nooyi, also the Conference Chair, gave the keynote. Corporate Co-Chairs were AT&T, PepsiCo, UPS and Wells Fargo. Asian American Business Co-Chairs were Ampcus, SevenTablets, TIG, and VXI Global Solutions.
The Honorable Tim Kaine, U.S. Senator from Virginia, delivered the welcome remark at the Gala.
More than 700 Conference participants – representing more than 210 Asian American B to B businesses, 85 Fortune corporations, 25 government agencies and 9 media partners – came in full force from all over the country.
Now in its 29th year, USPAACC provides Asian American and other minority-owned businesses wide access to contracting opportunities, growth industries, result-proven solutions and best practices to thrive in the global marketplace.
Through informative summits, workshops, networking events, and the signature pre-scheduled one-on-one procurement matchmaking meetings, Asian American suppliers showcased their products and services to prospective buyers. Over 50 categories of commodities with contracting opportunities were identified for suppliers across industries.