Only 15 percent of business startups survive the first five years. That’s better odds than Vegas, but it’s still pretty tough.
Orem, UT (PRWEB) July 20, 2012
The Utah Valley Entrepreneurial Forum (UVEF) ranked Orem-based DomainMarket.com No. 8 on a list of the fastest growing companies in Utah that are younger than five years old. The Top 25 Under 5 awards recognize companies based on job and revenue growth.
“It’s an honor to be recognized for our team's hard work,” said Chad Bennett, president and chief technology officer for DomainMarket.com.
Each year, UVEF recognizes 25 businesses younger than 5 years old for their outstanding performance.
According to John Pilmer, a Utah Valley Entrepreneurial Forum board member, to make the list a company must create jobs and show significant revenue growth.
“Only 15 percent of business startups survive the first five years,” Pilmer said. “That’s better odds than Vegas, but it’s still pretty tough.”
Past Top 25 Under 5 lists have featured local, national and global industry leaders like Zagg, Agel Enterprises, Interbank FX, Seastone, Altiris, Omniture and Xango. Together, the companies on this year’s list have created 600 jobs and about $135 million in revenue.
Since forming in 2008, DomainMarket.com’s revenue has increased about 2,100 percent. The company now employs more than 30 people.
“It’s been an interesting journey and we’re excited to see what the future brings,” Bennett said.
DomainMarket.com is a marketplace for premium Internet domain names. The firm provided high-quality domain names to companies including SEO.com, Phone.com, Skateboards.com and PRMarketing.com.
Bennett explained that in April DomainMarket.com registered more than 15,000 domain names in a single day, a record for the most domain names registered in such a short period of time.
“We’re on a roll right now, and we’re definitely not slowing down,” Bennett said.
Often thought of as a hub for startups, Utah was named the best state for business and careers two years in a row by Forbes magazine.
“The state of Utah has risen to national prominence for the repeated success of its entrepreneurial culture,” said Pilmer.