News Summary
The Crain’s Fast 50 event honored the 50 fastest-growing privately held companies in Northeast Ohio, collectively generating over $8.5 billion in revenue. Next Generation Construction achieved remarkable growth, while executives shared insights into effective growth strategies, emphasizing the potential within the region’s burgeoning markets.
Cleveland, Ohio – The Crain’s Fast 50 event celebrated the region’s economic growth by honoring the 50 fastest-growing privately held companies in Northeast Ohio, recognized for their impressive five-year revenue growth. Collectively, these companies generated more than $8.5 billion in revenue and provided employment for over 7,400 individuals in the area.
Next Generation Construction, led by president Shakorie Davis, achieved a remarkable five-year revenue growth rate of 912%, earning the company the fifth spot on the 2025 Fast 50 list. Davis emphasized the opportunities available in Cleveland due to its robust infrastructure, urging attendees to continue investing in the region’s future.
The event featured a panel discussion moderated by Heather Steele of Buckingham Doolittle and Burroughs. Among the distinguished panelists were executives from Park Place Technologies and Fully Accountable, who shared insights into their growth strategies. Park Place Technologies ranked No. 39 on the Fast 50 list, boasting a five-year revenue growth rate exceeding 150%.
John Stock from Park Place Technologies outlined a two-pronged growth strategy based on international expansion and diversifying their portfolio via 31 acquisitions. He stressed the significance of fostering a “results-oriented culture” to effectively integrate these newly acquired companies. The organization employs a customer feedback loop to stay ahead of market trends, guiding its growth initiatives.
Shakorie Davis indicated that his construction firm concentrates on hiring employees possessing strong “soft skills” and places a premium on training to develop a capable workforce. He stressed the potential for growth within Cleveland’s burgeoning construction market, projected to be between $15 to $20 billion. Strategic partnerships have been pivotal for Next Generation Construction, particularly collaborations with major healthcare institutions such as Cleveland Clinic and University Hospitals.
Rachel Phillips, CEO of Fully Accountable, highlighted the integral role of real-time data in enhancing profit margins and responding swiftly to market shifts. Phillips likened business growth to an “ultra-marathon,” emphasizing the necessity of resilience for long-term success. The panelists uniformly shared growth strategies that included investing in internal training and ensuring exceptional client service standards even amid rapid expansion.
Employee satisfaction is another critical component at Fully Accountable, where efforts are made to align staff strengths with their roles. Both Stock and Davis pointed out the fundamental need for clear and effective communication with clients, a practice central to sustaining their respective company’s growth trajectories.
Among the Fast 50 honorees, Great Day Improvements stood out with an astonishing revenue increase of 1,663% over the past five years, demonstrating significant expansion of services and geographic reach. The diversity of industries represented in the Fast 50 list – including construction, healthcare, IT, and finance – reflects the broader economic development taking place in Northeast Ohio.
As these successful companies highlight their strategies and experiences, the Crain’s Fast 50 event serves as a testament to the entrepreneurial spirit thriving in the region, encouraging future growth and investment in Northeast Ohio.
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Additional Resources
- Crain’s Cleveland: Fast 50 Firms
- Wikipedia: Economy of Cleveland
- Access Newswire: Foundation Software Fast 50
- Google Search: Cleveland Fast 50
- Cleveland.com: Lakefront Plus or Traffic Headache
- Encyclopedia Britannica: Northeast Ohio
- GlobeNewswire: SPR Therapeutics Fastest Growing Company
- Google News: Northeast Ohio businesses
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