GenCare Resources Home Healthcare is among 50 statewide companies expected to see significant growth over the next several years. GenCare Resources was selected from more than 500 nominees for Florida Companies to WatchSM, a statewide program managed by economic development group GrowFL, in association with the Edward Lowe Foundation.
GenCare's management team, competitive market position and strong community involvement were among several factors that put them in contention for the award.
"These stand-out companies are all led by entrepreneurs, and have demonstrated their capacity and intent to grow," said Dr. Tom O'Neal, executive director of the Florida Economic Gardening Institute and associate vice president for the University of Central Florida's Office of Research and Commercialization. "They also all have critical intellectual property or a niche position that gives them a competitive edge in their markets," he said.
Joining GenCare on the Florida Companies to Watch list are 49 other Florida-based businesses.
"This is a strong group of companies that deserve this special recognition given annually to the state's top second stage companies," said Dr. O'Neal. Second-stage companies are defined as those with six to 150 full-time employees and between $750,000 and $100 million in annual revenue. There are many programs and incubators promoting start-up businesses; GrowFL is the only Florida program that focuses exclusively on second-stage companies.
"We operate in a very challenging and ever-changing industry. However, notwithstanding the uncertainties within the healthcare environment, GenCare maintains its core value of providing quality care to the community". Olive Gaye, MBA - President/CEO
Economic Impact of 50 Winning Companies
2017 Florida Companies to Watch Honorees
$391 million in total annual revenue in 2016
47 percent increase in total annual revenue in 2016 compared to 2015
1,948 full-time equivalent employees in 2016
48 percent increase in 2016 total employment compared to 2015
693 net new jobs projected for 2017
From 2013 through 2016, these companies generated more than $1 billion in revenue and added more than 1,300 employees, reflecting a 137 percent increase in revenue and 219 percent increase in employment for the four-year period. That translates into a 30 percent annual growth rate for revenue and a 50 percent annual growth rate for employment.
These companies project continued growth in 2017, with a 53 percent revenue increase and 36 percent growth in employment compared to 2016. If their projections hold, these companies will have generated $1.6 billion in revenue and added more than 2,000 jobs over the last five years -- a 262 percent increase in revenue and 333 percent increase in jobs since 2013.
Companies named to the list will be officially recognized October 14, 2017 at the Straz, Tampa, FL.
For more information, visit growfl.com/flctw17.