November 19, 2002
Minority business award winners evade impacts of slowing economy
Demonstrating the amount of wealth minority-owned firms contribute to the state even in a sluggish economy, winners of the University of Washington Minority Business Awards saw their revenues grow in 2001. The eight companies to receive awards tomorrow — based in all regions of the state — generated nearly a half billion dollars in revenue.
“Despite the economic climate, each of these firms saw their revenues grow,” said Michael Verchot, director of the UW Business and Economic Development Program, presenters of the awards. “This speaks to the importance of supporting and recognizing minority-owned companies.”
Tomorrow’s ceremony is the largest annual gatherings of highly successful minority entrepreneurs and business leaders. The event will be held from 6:30 to 9 p.m. at the Four Seasons Olympic Hotel located at 411 University Avenue in Seattle. Proceeds will be devoted to scholarships for underrepresented minority students UW Business School.
Steven C. Pumphrey, executive vice president of Washington Mutual Business Banking Group, will give the keynote address. UW Interim President Lee Huntsman and Business School Dean Yash Gupta will present the special awards (see as follows).
Verchot attributes each company’s success to its ability to provide excellent products and services to all consumers.
“These firms compete nationally and globally and focus on quality products and services,” he said. “None of them are located in only highly concentrated ethnic areas.”
In addition to presenting the awards, the Business and Economic Development Program has compiled a list of the state’s top 40 minority-owned firms. Washington state’s 43,000 minority-owned companies make a substantial contribution to the economy, Verchot said, generating $11 billion in annual sales and employing 100,000 people.
“The minority population in the state and the rest of the country is growing faster than the Caucasian population,” Verchot said. “We hope this event and added list provides information about these companies to the broader business community. Doing so will strengthen our state’s economy.”
The Puget Sound Business Journal is co-presenting the event. Sponsors are Washington Mutual Inc., The Boeing Company and Puget Sound Energy.
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For more information contact Verchot at (206) 543-9327 or mverchot@u.washington.edu. For more information on the Business and Economic Development Program and a list of the state’s top 40 minority-owned companies visit: http://depts.washington.edu/busdev/
This year’s awards and winners are:
? William T. Bradford Minority Business of the Year Award – Colville Tribal Enterprise Corporation, Coulee Dam
? Business of Tomorrow: Tyrisco Inc., Seattle
(Presented to company with total revenues of up to $2 million)
? Rising Star Award: Argus Services Inc., Spokane
(Recognizes company that has the highest growth in revenue between two fiscal years)
? Largest African-American Business: Smokey Point Sales & Services, Arlington.
(Grossed more than $53 million in revenues for 2001)
? Largest Asian Pacific Islander Business: RCI Construction Group, Sumner
(Generated revenues of $128 million in 2001)
? Largest Hispanic Business: Gene Juarez Salons & Spas, Bellevue
(Grossed more than $53 million in 2001)
? Largest Native American Business: Powell-Christensen Inc., Grandview
(Produced $78 million in total revenue in 2001)
? Special Recognition: Informatics Corporation, Richland
(Recognizes demonstration of significant achievement over multi-year time period)
