Melbourne, Florida (October 31, 2022) — Critical Frequency Design (CFD) has been recognized as an honoree for the 12th Annual GrowFL Florida Companies to Watch award, a statewide competition that identifies companies expected to see significant growth over the next several years.
“We are proud to be recognized for our innovative approach in developing and delivering the intelligence and communication tools that our soldiers need to operate in highly contested environments,” said Rebecca Warren, CEO of CFD.
Companies were judged on a number of criteria including growth in number of employees; impact of the business in the job market; increase in sales and/or unit volume; current and past financial reports; innovativeness of the product or service; response to adversity; and contributions to aid community-oriented projects.
66 finalists were announced earlier this year, and the 50 honorees were selected after a final round of judging by a panel comprised of past honorees, economic development leaders and corporate partners of GrowFL.
The 12th Annual GrowFL Florida Companies to Watch awards celebration is sponsored by Nperspective CFO & Strategic Services, in association with the Edward Lowe Foundation. Companies to Watch was developed by the Edward Lowe Foundation as a unique way to recognize and honor second-stage companies that demonstrate high performance in the marketplace with innovative strategies and processes. In addition to evaluating past growth and projected success, applicant companies are judged according to their special strengths and impact in their markets, communities, and within the state – thus deeming them worth watching.
“GrowFL Florida Companies to Watch was designed to celebrate the spirit of entrepreneurship and to shine a spotlight on the most deserving companies,” said Jennifer Taylor, president, and CEO of GrowFL.
“These are some of the most vibrant and dedicated entrepreneurs in our state. They are the champions that keep our communities strong by stimulating the economy, keeping the workforce employed, and giving back in ways that will change the course of our state for years to come,” said Dr. Tom O’Neal, GrowFL founder.
To qualify for the award, companies must be headquartered in Florida and have between 6 and 150 employees and revenue between $750,000 and $100 million. From 2018 through 2021, GrowFL companies generated $1 billion in revenue and added 881 employees, reflecting a 96% increase in revenue and a 104% increase in jobs for the four-year period. That translates into a 24% average annual revenue growth and a 26% average annual growth in employees.
These companies projected continued growth in 2022, with a 40% revenue increase and a 20% growth in employees compared to 2021. If their projections hold, these companies will have generated $1.5 billion in revenue and added 1,233 employees over the last five years — a 174% increase in revenue and 146% increase in jobs since 2018.
Companies named to the list will be officially recognized at the 12th Annual GrowFL Florida Companies to Watch Celebration on February 23, 2023, at the Hard Rock Live in Universal CityWalk, Orlando, FL. For more information or to view the full list of honorees, visit https://growfl.com/congratulations-honorees.
About Critical Frequency Design:
Critical Frequency Design (CFD) provides advanced photonics communications and sensing solutions for warfighters in contested airborne and terrestrial environments. Led by an agile, innovative team of experts across engineering, manufacturing, supply chain and program management, CFD possesses the knowledge and expertise to deliver mission-critical solutions to the warfighter. Critical Design Frequency is a client company of the UCF Business Incubation Program at the Research Park Innovation District.
Learn more at www.criticalfrequency.com
GrowFL, through our diverse programs and services, provides proven methods to help overcome unique challenges facing second- stage companies as they grow. Second-stage growth companies have at least 6 employees and $750,000 in revenue and possess the intent and desire to grow beyond second stage. GrowFL is proud to serve Florida as the state’s only organization focused exclusively on supporting second-stage businesses. Website: https://www.growfl.com.
About Edward Lowe Foundation:
The Edward Lowe Foundation was established in 1985 by Ed and Darlene Lowe to leverage entrepreneurship as a strategy for economic growth and community development. The foundation’s entrepreneurship initiatives focus on second-stage companies, which are growth-oriented firms that have moved beyond startup but have not yet reached maturity. Its peer learning, leadership education, and strategic information programs are geared to help these companies continue growing. For more information, visit www.EdwardLowe.org.
About Nperspective CFO & Strategic Services:
Nperspective CFO & Strategic Services, a Florida firm, operates around the country from centers in Orlando, Tampa, and South Florida. The firm was founded 20 years ago to assist small- and medium-sized businesses that need the expertise of seasoned financial executives but are unable to hire that expertise full-time. Many highly profitable companies that could afford a full-time CFO don’t need one daily. To assist these companies, the firm provides senior executives with extensive financial expertise and experience on an as-needed basis, calibrating engagements to specific client needs and resources. Nperspective CFOs provide services such as cash flow planning, strategic planning/business planning/budgeting, assistance with bank financing, reviewing financial reporting processes and internal control processes for effectiveness. With a 20-year track record, Nperspective is ready to help companies mitigate the problems of Covid-19 from loan and grant applications to managing finances under the new normal. Website: https://www.nperspective.com/