Fast 50.

• Author: Stewart, Heather
• Position: Skullcandy Inc.

Here at Utah Business we have one rule of thumb: never underestimate Utah entrepreneurs. The economy may be crumbling under our feet, but many Utah companies have not only remained steady--they have soared. The companies on our annual Fast 50 list have refused to simply wait out a bad economy; they've introduced new concepts and products, hired workers and expanded operations. Read on to see how some businesses have defied the odds and found the momentum to grow.

Skullcandy Staying Committed

Passion, vision and, above all, adaptability--these are the traits that enabled Skullcandy to rocket from a garage-based startup to become a market-dominating brand and No. 1 on our Fast 50 list this year.

In fact, Skullcandy has single-handedly defined the action sports audio market. And really, who knew such a demand for fashionable action sports-related headphones existed?

"Our most important success has been bringing headphones into stores that never sold headphones before. Action sports and lifestyle fashion shops had never considered headphones until Skullcandy came along," says Jeremy Andrus, president of Skullcandy.

The company has survived and thrived through several phases of growth. Rick Alden, CEO, mortgaged his home to launch the company and assembled a small team to help build the brand. "We worked hard and fast--and struggled to pay bills and meet payroll," says Andrus. "After many challenges, some of the first employees [Alden] hired are still with the company today."

Initially, Skullcandy's primary offering was a technology that connected mobile phones and MP3 players. But a pivotal moment came when the company decided to focus solely on headphones. "And the rest is history," says Andrus.

Leaving behind the mobile phone technology is just one example of how Skullcandy has adapted in order to grow.

"Rapid growth brings a lot of challenges," he says. "A growing company can quickly out-grow their infrastructure. As our employee count grew, we outgrew offices and staff and resources. Our website traffic has crashed countless servers. We have had to completely rebuild our customer service strategy as call and contact volumes grow."

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Small companies face unique hurdles, says Andrus. "When you grow quickly, it is hard to find time to plan and strategize. Small companies spend more time putting out fires than setting up long-term plans. It is important to expand wisely and bring the right team members in so the business can scale and adapt."

But now, with its products on the shelves of major retailers, Skullcandy has all the challenges of a larger business.

"From design to finance to marketing to supply chain to operations--we have an amazing team that builds and markets great product. But the real growth comes from connecting with the customer and giving them a product they want," Andrus says. "Our 'biggest' success has been taking a brand created by a bunch of snowboarders into mass retail--displacing brands that have been selling headphones for decades."

The company has also found success in Canada and Europe, and its plans for growth include entering additional global markets. It has already added new products to complement the headphones: T-shirts, hats and beanies, and backpacks. Future plans include audio-enabled soft goods and speaker docks, among other fashion accessories.

"We still have significant room to grow," says Andrus. "Stay tuned ... Skullcandy isn't going anywhere but up!"

Castle & Cooke Mortgage Staying Committed

At a time when many organizations in the residential mortgage banking industry are struggling to survive, Castle & Cooke Mortgage, LLC is thriving. From 2008-2009 its revenue growth was 265 percent (making an overall, 16,133 percent revenue growth from its inception in 2005). While the national efficiency quotient...