ABSMaterials Named Forbes Most Promising Company
Send Via E-MailWOOSTER, OH - December 1, 2011 - WastewaterPR.com - ABSMaterials, Inc. was one of 100 companies to land a spot on Forbes’s list of “America’s Most Promising Companies” Wednesday, ranking #67 and achieving the second highest rank of any company in Ohio.
ABSMaterials, Inc. was one of 100 companies to land a spot on Forbes’s list of “America’s Most Promising Companies” Wednesday, ranking #67 and achieving the second highest rank of any company in Ohio. ABS is also the only company in the “Chemicals” category to make the list.
Forbes’s list features 100 privately held up-and-comers with compelling business models, strong management teams, notable customers, strategic partners and precious investment capital. “The recognition from an institution of Forbes’s stature is an honor for the company,” said ABSMaterials CEO and co-founder Stephen Spoonamore. “The entire team at ABS and [subsidiary company] PWAbsorbents has earned it and will continue to earn it.” In regards to the future vision of the company, Spoonamore added, “I hope we strive every day to solve the difficult problems of our customers and to improve the communities where we are working.” To sharpen its search for America’s Most Promising Companies, Forbes teamed up with CB Insights, a Manhattan-based firm that tracks investment in high-growth private companies.
With $650,000 in grants from the National Science Foundation, CB developed complex software called Mosaic that mines myriad online sources (from press releases and social networks to job boards and court filings) to come up with one, algorithmically derived score that measures a private company’s health. Forbes married Mosaic’s data crunching with old-fashioned reporting to assemble a list of rising stars with bright growth prospects.
“Sizing up younger, privately held companies is hard,” said Forbes Executive Editor Brett Nelson. “Their fortunes can change very quickly and there’s a dearth of public data. We took a more comprehensive approach to evaluate their health and potential.” Other companies to make the list include Smashburger at spot #1 and fellow Ohio-based companies Mesocoat, a metal coating provider, and E-Cycle, a company that recycles mobile electronics for use in developing countries. Concerning the 66 companies that ranked before ABS on the list, Spoonamore said he would “like to personally thank Forbes for providing me and the managerial leadership team [at ABS] with at least 66 benchmark firms to study, learn from, and strive to outperform in the coming years. This is an amazing list of talented firms from around the world and across many industries. It’s an honor to be playing to win among some amazing competition.”
