The last five years have not been easy on business in the Commonwealth, but the University Of Virginia's Darden School wants to recognize those companies that have not only survived the worst of the recession, but also found a way to grow.
The Tayloe Murphy Resilience Awards honor the top five firms in Virginia that have shown an increase in revenue and employment in one of the toughest economic eras in recent history. The awards are given in the categories of wholesale, retail, manufacturing, service, and agriculture.
A panel of judges leaf through more than 100 applications every year, looking for money-makers and job builders, as well as companies that have a strong connection to the communities in which they operate. Greg Fairchild, an associate professor of business administration at Darden School says those strategies set certain businesses a part from the rest.
"Even in places and even in times when the economy is challenging, there have always been firms that have figured out how to operate effectively and efficiently," He said.
Fairchild expects more diversity in the applicant pool for the 2012 awards, since he's seen the economy gradually improving for a number of industries.
"We've begun to see the turn in certain industries," Fairchild explained, "and we're anticipating this year we'll see some businesses that perhaps last year didn't apply because they were still experiencing some softness. But we're anticipating that given some of the uptick's we've seen in certain industries, we'll see some new businesses coming to the floor."
And the Darden School isn't the only establishment to recognize the apparent growth going on.
"If you were in business five years ago and you're still in business, you're very resilient," Charlottesville Regional Chamber Of Commerce executive director Tim Hulbert said. "This has been a very difficult four or five years."
Hulbert says he's seen a significant improvement in the area's economy, specifically in small business. Hulbert recently took part in a national survey of chamber executives which showed a boost in optimism, especially for the small business sector. He realizes how much of a feat it is for these companies to even survive.
"Business is not for the faint of heart, and so those people who start businesses and succeed are really heroic in a lot of ways," Hulbert added.
On top of the title, each winner will receive a scholarship to one of Darden's executive education programs. Those multi-day courses usually go for $7000 to $10,000, and will put those business owners in the same room as Fortune 100 firm executives.
Fairchild says in the past three years, no awards have been handed out to Charlottesville companies. He hopes those businesses not submitting applications will see the school appreciates small business and what they do for this community, as well as its more large-scale corporate partners.
Businesses that meet the Resilience Awards criteria can apply by clicking here and filling out an online application. Those will be accepted through the end of June.
