Enormous business growth amidst a tepid economy was in the spotlight as USPAACC unveiled its 2013 “Fast 50 Asian American Businesses” during CelebrAsian Procurement Opportunity Conference last week at Hyatt Regency Orange County in Garden Grove, California.
Founders, CEOs, COOs and Presidents of the Fast 50 flew in from all over the country to receive their plaque of recognition at the black-tie event.
Almost $4 billion in revenue were generated by USPAACC’s Fast 50 Asian American Businesses in the last fiscal year, with up to 205% growth rate from the previous year. They represent a wide range of industries nationwide, including: supply chain management; healthcare; professional staffing; food wholesale; IT; environmental; green energy; media; etc.
The businesses are owned and managed by Asian Americans of Chinese, Filipino, Indian, Japanese, Korean, Laotian, Malaysian, Taiwanese and Vietnamese descent.
The revenues and growth rates were verified, ranked and officially revealed at the Excellence Awards Gala by Ernst and Young.
“USPAACC is proud to recognize and showcase the continued robust and steady growth in Asian American-owned businesses across industries especially amid tepid economic times,” said Susan Au Allen, USPAACC National President & CEO. “Our Fast 50 Asian American Businesses continue to buck the trend and are shining testaments to the added value which innovation, hard work, and perseverance bring to the market. Our eyes are on them as they help to lead the way in revitalizing our national economy.”
To qualify, companies must be at least 51 percent owned, controlled 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 three fiscal years of operation. Each applicant or nominee company is ranked based on the percentage revenue growth over the three years and the Finalists are independently verified by the accounting firm of Ernst and Young.
USPAACC’s CelebrAsian is the largest annual business conference in the United States, designed for Asian American and other minority suppliers to connect with procurement officers and buyers from Fortune 1000 corporations, government agencies and major non-profit organizations. This year’s theme is “We are the Future: Immigrants - Citizens - Innovators.”
More than 689 Conference participants – representing more than 150 Asian American businesses, 70 Fortune corporations, 20 government agencies and 8 media partners – came in full force from all over the country.
Alorica, AT&T, Hyatt Hotels & Resorts, I.L. Creations, Maxx Shop, PepsiCo, SevenTablets and Wells Fargo were the Conference Co-Chairs.
Now in its 28th year, USPAACC provides 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 showed their products and services to prospective buyers. Over 50 categories of commodities with contracting opportunities were open for suppliers across industries.
The specially-designed business-to-business and growth-related sessions included: IT Industry Focus Group; Manufacturing Industry Group; Under 40 Millionaire Entrepreneurs Success Stories; Procurement Officers Forum; Asian American Corporate Directors’ Awards; Supplier Diversity Managers Caucus; Government Town Hall Meeting: Contracting Opportunities & Vehicles; Wells Fargo Business Express – A Woman’s Perspective in Being Successful at Business & Home; The Secrets of Guanxi* – Do’s & Don’ts; USPAACC Supplier Success Stories Here & Abroad; Excellence Awards and Fast 50 Asian American Businesses; Guanxi* Supplier Opportunity Fair; One-on-One Pre-scheduled Procurement Matchmaking Meetings; Business Leaders & Scholarship Awards; and more (*Guanxi is a business term meaning “connections” or “relationship”).