Bitstream Inc. announced that a research study co-developed by The Center for Women's Leadership at Babson College and The Commonwealth Institute has named Bitstream as one of the Top 100 Women-Led Businesses in Massachusetts. The study includes data from 215 women-ed firms, and details the successes and contributions that companies led by women have had made to the state's economy.
The Top Woman-Led Businesses in Massachusetts: Lessons from 2000 to 2004 study underscores the significant contribution that woman-led businesses across all industries are making to the Massachusetts economy. The 215 companies participating in the research this year generated more than $7.8 billion in 2004, and employed 24,510 people. Additionally, 43 companies that have participated over a five-year period have realized productivity gains of 15.9 percent over that timeframe.
The study finds that from 2003-2004, the companies listed in the report achieved an average revenue growth of 14.2 percent, up from 9.3 percent in 2002-2003. During this time Bitstream, who participated in the study and was listed as number 48 on the list of 100 companies, achieved a substantial increase in its own growth. From 2003 to 2004, the company's revenue increased by 20 percent. The company's growth continues to be exceptionally strong in 2005, showing a 33 percent increase in revenue for the first nine months of this year.
The study notes that the success of Massachusetts woman-led companies can be attributed to many factors, including: the achievement orientation of women CEOs, a management philosophy that focuses on customer and employee satisfaction and the CEOs strong emphasis on education and learning.
"The women CEOs we studied possess the drive, management expertise and long-term commitment to start and grow thriving enterprises," said Professor Nan S. Langowitz, Director of the Center for Women's Leadership at Babson College and chief researcher and author of the study. "These women are strong role models of business leadership and key contributors to the Massachusetts economy. They are succeeding across virtually all industry sectors and growing their companies faster than the national average. These CEOs are ambitious for their companies and for themselves, citing company profitability and personal satisfaction as top personal goals," Langowitz added.
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