New research explores the drivers behind sustained and breakout growth within middle market firms
COLUMBUS, Ohio--(BUSINESS WIRE)--October 30, 2013--
The third annual National Middle Market Summit, hosted by GE Capital, The Ohio State University Fisher College of Business and the National Center for the Middle Market, will convene more than 1,000 CEOs, academics, policy makers, and industry experts from across the country for a meaningful discussion on the opportunities and challenges facing the middle market today -- and how to drive growth in this important economic engine.
This year's keynote speakers include George W. Bush, 43rd President of the United States; Hank Paulson, chairman, The Paulson Institute and 74th United States Secretary of Treasury; and Kevin Plank, chairman and CEO, Under Armour. Previous headliners featured Warren Buffett, chairman and CEO, Berkshire Hathaway; Sammy Hagar, Hall of Fame rocker, middle market CEO and philanthropist; and Fred Smith, chairman and CEO, FedEx Corporation.
The U.S. middle market, made up of businesses with revenue between $10 million and $1 billion, contributes one-third of non-government U.S. GDP and accounts for 44.5 million jobs, or one-third of total U.S. employment. At the Summit, the National Center for the Middle Market will release its latest Middle Market Indicator, a quarterly survey of 1,000 C-suite executives. While mid-sized firms are leading the U.S. recovery by adding 1.2 million jobs over past 12 months, persistent challenges such as the cost of health care and uncertainty of government actions on business are impacting future growth projections. This year's Summit will discuss these issues and offer middle market executives strategies and resources to help address them.
Incremental Growth Best Predictor For Middle Market Success
New research from the National Center for the Middle Market and The Build Network, a publication for leaders of mid-sized companies, highlights that incremental growth repeated over time--as opposed to short bursts of meteoric expansion--is the best predictor of a middle-market company's future success.
"The financial crisis of 2008 provided us with a rare opportunity to investigate how mid-sized firms grow even in the most challenging environments," said Anil Makhija, Academic Director, National Center for the Middle Market. "We found that breakout companies that doubled revenues during the Great Recession attribute growth to external factors such as increased product demand and decreased raw material prices. Sustained growers, however, credit internal strengths such as leadership that communicates a growth vision and long-term investments in innovation and operational capabilities. Simply put, we hold our destiny in our own hands."
Biggest Names In Business, Academia, And Industry Focus On Mid-Market Growth
Additional keynote speakers and presenters will include:
-- Jeff Immelt, Chairman and CEO, General Electric
-- Don Graham, Chairman and CEO, The Washington Post Company
-- Christine Poon, Dean, Fisher College of Business
-- John Seifert, Chairman and CEO, Ogilvy & Mather North America
-- Keith Sherin, Chairman and CEO, GE Capital
-- Sue Siegel, CEO, GE Ventures
-- Dr. Jim Weinstein, DO, MS, CEO and President, Dartmouth-Hitchcock
-- Jacob Weisberg, Chairman, The Slate Group
-- Billy Beane, General Manager, Oakland A's
-- Anil Makhija, Professor of Finance, Fisher College of Business; Director,
National Center for the Middle Market
-- Henry Mason, Global Head of Research and Managing Partner,
-- Tom McGee, Deputy CEO, Deloitte
-- Olivier Sibony, Director, McKinsey & Company
"Our commitment to growth at GE Capital starts with a thorough understanding of the markets we serve," said Keith Sherin, chairman and CEO, GE Capital. "Through our partnership with The Ohio State University Fisher College of Business, the National Center for the Middle Market has not only helped us better serve mid-sized companies, but its research has explained, for the first time, the critical impact this segment continues to make on national growth. With the largest origination team in the industry and a leader in eight U.S. middle markets, GE Capital continues to invest in America's growth engine."
"There's no such thing as the perfect time to go out on your own and invest in your business," said Kevin Plank, chairman and CEO, Under Armour. "And while we never have guarantees that our bold actions will ultimately reap the rewards we seek, mid-market leaders must view challenges as opportunities and follow their convictions to fuel growth and success."
Bloomberg Television is the exclusive broadcast media partner for the 2013 National Middle Market Summit. Tom Keene, editor-at-large at Bloomberg News and host of "Bloomberg Surveillance," Bloomberg's morning program, will broadcast live from the Summit today from 6 to 8 a.m. ET. Bloomberg will also live-stream the event today from 8:30 a.m. to 12:30 p.m. at www.bloomberg.com/live-stream.
"Roadshow For Growth" National Tour Wraps Up In Columbus
The Summit is the final stop in GE Capital and Slate's "Roadshow for Growth," a six-month, 20-city national tour designed to give middle market businesses a major stage to voice their issues and promote growth within this critical segment of the U.S. economy. Throughout the tour, Slate and GE Capital shared research, insights and stories on the middle market, "the market that drives America" at http://roadshow.slate.com. Slate will release the "Blueprint for Growth" at the Summit, which will feature lessons learned from the road and a path for future middle-market growth.