Growth, innovation and spirit: winners of IU's Indiana Entrepreneur Awards of Distinction.

• Author: Hromadka, Erik
• Position: ENTREPRENEURS - Company overview

THE QUALITIES TO successfully launch and grow new business ventures are demonstrated by winners of the second Indiana Entrepreneurial Awards of Distinction, which recognize 19 companies, five non-profit organizations and a pioneer in the state's business community.

"These entrepreneurial companies are the very fabric of the future for the state of Indiana," explains Dr. Donald F. Kuratko, professor of entrepreneurship and executive director of the Johnson Center for Entrepreneurship & Innovation at Indiana University's Kelley School of Business. He says the 2006 awards highlight the state's business spirit.

Kuratko notes that an increasing number of companies are applying for the awards and encourages the state's business owners to take the opportunity to step into the spotlight for their accomplishments. He advises looking beyond the typical growth metrics to share what is driving increased revenues and profits.

"Articulate your story very carefully," he says, noting that judging for the awards is a comprehensive process that evaluates how companies have grown. "Tell us what your innovation is and explain your spirit."

Growth Awards. The Growth Awards recognize companies with at least 35 percent growth over a two-year period, something that brings both rewards and challenges.

Bob Massie, president of Marketing Informatics, explains rapid growth is an exciting but dangerous time for entrepreneurs who normally thrive in a creative, risk-taking environment. During periods of rapid growth, Massie says it's extremely important to have a multitude of good counselors and professional advisors who make sure the company sticks to its business plan.

"I just won't make precipitous decisions when we are in this mode because the stakes are so high," he says, noting that rapid growth requires discipline to consider the financial, legal and organizational impact of every decision. "I'll jump off a cliff (for the company), but I won't take a step unless everyone agrees."

Winners of the Growth Awards include:

Ace Mortgage Funding, an Indianapolis-based residential mortgage loan originator, has grown by offering clients a wide range of mortgage lenders and flexibility for home loans and refinancing mortgages.

The company began serving Indiana residents in 2001 and now operates nationally in more than 40 states from its 23 retail office locations. Ace Mortgage Funding's focus on technology, creative marketing and its people have made it one of the fastest-growing mortgage companies in the country.

Advantis Medical in Greenwood has seen tremendous growth since it started in 1996 as a dental cassette manufacturer with three employees working in a tiny office. Today it employs 120 in a 41,000-square-foot manufacturing plant and is one of the only companies in the world dedicated exclusively to the design and production of orthopedic and surgical instrument case and tray systems. The company has averaged over 50 percent growth for the past three years.

Exact Target in Indianapolis has grown along with the popularity of email. Entrepreneurs Scott Dorsey and Chris Baggot founded ExactTarget in 2001, recognizing that permission based email is the ideal communications vehicle to build relationships with constituents. Today, Exact Target is a leading provider of on-demand email marketing software and helps more than 5,000 organizations send millions of email messages to their subscribers each day

Harlan Bakeries in Indianapolis is a family-owned business that was founded in 1991 to supply bakery...