These leaders of the pack were dubbed “gazelles,” after a type of antelope that is not only one of the fastest animals on earth, but is also capable of sustaining high speeds for extended periods of time.
In fact, from 1994 to 1998, one of the prime boom times of the ’90s, America’s 288,636 gazelles (which comprised about 2 percent of all U.S. companies at the time) created more than 8 million new jobs, accounting for 68 percent of all net new jobs at that time. After the dotcom bomb, gazelles were still fueling the U.S. economy (creating more than 200 percent of American jobs from 1998 to 2002), but no one talked about them anymore; they became a fond memory of “the good times.”
It’s now time to let the good times roll again. The gazelles are back, and we’ve got them. Granted, they’re not the same old gazelles, so we’re calling this generation Gazelles 2.0.
. . .
A Gazelle 2.0 company is a rare species. Of the nearly 18 million businesses operating in the U.S. today, only 341,000 are Gazelle 2.0 companies. These are the 2 percent of businesses that generate on average a staggering 80 percent to 90 percent of all employment growth. Gazelles 2.0 are also industry innovators. They are the companies that spot unique market opportunities and move rapidly to exploit them. In the process, they revolutionize industries by creating entirely new ways of producing their products or services.
. . .
Gazelles 2.0 are found in every industry. However, within specific periods, Gazelles 2.0 do tend to be found in the more active industries of that time period. For instance, during the dotcom boom, the highest percentage of gazelles was in high-tech. Today, the highest proportion is found in the petroleum industry.
The petroleum industry? Wow – that is a surprise. I can’t wait to see the data.
Unfortunately, it will be a long wait. Entrepreneur Magazine won’t publish it until its June issue when it revels its Hot 500.
Such a tease!