Meet the Second Stage Company and What They Need
Meet the Second Stage Company
Cheetahs, gazelles, economic powerhouses—there’s no lack of metaphors for second-stage entrepreneurs and the companies they’ve guided beyond the startup phase and into million-dollar revenues.
Their impact on local economies is undeniable. According to the Edward Lowe Foundation (see www.youreconomy.org) most of the new jobs are currently being created in these firms.
What Is a Second Stage Company?
Focused on growing and expanding their businesses, second-stage firms generally have between 10 to 99 employees and/or $750,000 to $50 million in revenue.
For these second-stagers, business plans have morphed into strategic marketing plans. Finding a location is replaced by funding an expansion. Defining a market niche transforms into market diversification. And finding a team to launch the business becomes a quest to realize new operational efficiencies and the search to find, or train, the people who can take the business to the next level.
(Read more about the four types of entrepreneurship from Maria Meyers, founder of U.S.SourceLink and director of the Innovation Center at the University of Missouri-Kansas City.)
Resources for Second-Stagers
With more than 4,000 Resource Partners in the U.S.SourceLink network, navigating the wide expanse of business-building resources can be daunting. Each community has a Resource Navigator to help these growing businesses find just the right resource for their size, stage and challenge.
strategic marketing
Why Your Business Should Be Under Constant Renovation
Even the most successful businesses need to think about change and what they can do to keep their brand top-of-mind. Here’s why renovation is critical for your marketing and business effort market diversification
Ready to Sell to the Government? Winning a government contract can double your business quickly. Find out how—and where—to get started with these business-building resources for government procurement.
Can’t Be a One-Trick Pony: How to Diversify Your Product Portfolio
Truth is, it’s hard to rely on one core product or service. Diversifying your product portfolio can prepare your business for the unknown. Here’s how to do it.
- Operational efficiencies
Who Cares About Costs? Here’s How to Structure Your Business to Last
Many companies are too concerned with costs and operate shortsightedly. But a business who measures growth and progress in years, not months, is a much easier ship to steer. Here’s how to structure your business for the future. - Find the people who can take the business to the next level
Five Roles You Need on Your Big Data Team
While many companies obsess about how to turn their data into value, they often spend too much time on the “”data”” and not enough time on the “”people”” side of the equation. Get the people side of the equation. And then bring those lessons home.
Content contributed by Sarah Mote, MOSourceLink. MOSourceLink is a proud affiliate of U.S.SourceLink, America’s largest resource network for entrepreneurs.
