Last week I had the pleasure of representing Ogilvy PR at the Washington Business Journal’s event honoring the fifty fastest growing companies in the Washington, DC area.
While horrified to discover a concoction named the ‘Ogiltini‘ that the organizers had thoughtfully dreamed up, I was truly amazed – and pleased – to discover that the ‘fast 50′ generated $14.15 billion in 2008 revenue and some of them had average annual growth rates in excess of 100%. (Data center company DuPont Fabros Technology, the fastest of the fast, grew a ridiculous 328.44%)
As a long-time tech PR person my attention, naturally, was drawn to how technology companies fared. I expected to see a large number of government contractors on the list and, while I was right, I was surprised at the scale; the federal government was the primary customer of almost half the companies on the list (20 out of 50).
In fact, the dominance of companies selling some sort of technology product or service to the government was so overwhelming that no other industry had more than 3 companies represented on the entire list.
So what does this mean? Well, for starters the government is clearly open for business and companies with an IT services offering should be in a position to do particularly well.
But the government isn’t the only game in town. Companies like DuPont Fabros Technology, Apptix, Vocus, Blackboard and iCore may not address the same market but are all part of the broad technology community and proof that – along with the government-focused IT companies – while we may not be Silicon Valley, tech has home in DC as well.