Music City is well-represented on Inc. 5000 List

There are many ways entrepreneurs measure success, such as profits, market share, top-of-mind awareness and employee satisfaction.

For the innovative, fast-moving companies that are the engine of our national and state economies, rate of growth is a key metric, and one of the most important (and most emotionally satisfying) recognitions of an entrepreneurial company's growth is inclusion in the Inc. 500|5000 list of America's fastest-growing companies.

By this measure, there were 80 excited Tennessee companies that recently found out they made the Inc. 5000 list this year. Of that total, 51 of the companies are from the Nashville area, an increase of 19 percent from the prior year.

The 80 Tennessee companies on the 2014 Inc. 500|5000 list span a range of industries, including advertising/marketing, business products and services, computer hardware, software, consumer products and services, energy, financial services, food and beverage, government services, health, human resources, IT services, manufacturing, travel and hospitality, media, construction and real estate.

This diversity is good news for our state. Because we have companies succeeding across the board, Tennessee's economy is less susceptible to a downturn in any one industry.

Having a broad range of companies in the Inc. 500|5000 is not the only signal that Tennessee is a great place for entrepreneurs to start and grow a business. In just the last year, Tennessee has been named:

• Business Facilities' 2013 state of the year.

• The fourth-best state for business by Chief Executive magazine.

• The second-most competitive state for economic development success by Site Selection magazine.

• One of the 10 states that are most friendly to small businesses, according to consumer service company Thumbtack's annual survey.

Within Tennessee, Nashville has been singled out as an especially good location for entrepreneurs. CNNMoney ranked Nashville No. 5 on its 2014 list of best cities to launch a startup. Nashville also was named one of the eight most business-friendly cities by CNNMoney and was No. 2 on Forbes' list of best cities for jobs in 2013.

Why is Tennessee an attractive place to start the next Inc. 500|5000 company? There are several factors. Tennessee has a lower cost of living and lower taxes than most other states. We also have a strong higher education infrastructure that attracts smart, ambitious people who are ready to make their mark on the world. Nashville is an excellent example of this, with 21 accredited four-year and postgraduate institutions, plus six community colleges and 11 vocational and technical schools, in and around the city.

Forbes also noted Nashville's cultural amenities and mild climate as reasons for its success. And being named the "It" city by everyone from GQ to the New York Times doesn't hurt. For one thing, it means the city is attracting more than its share of well-educated young people, creating a deep pool of talent from which new and existing companies can draw.

Nashville and Tennessee's positive business climates are strengths we are using to increase the number of high-growth startups in Tennessee. Our statewide network of accelerators is in place to help entrepreneurs get the resources they need to start and grow a company. The accelerators' industry focuses have attracted companies from outside the state and the country. Some of those entrepreneurs are staying in Tennessee to build their business because of the network of support they have found within their accelerator community and the other advantages we offer in Tennessee.

We hope that many of the startups going through our accelerator programs, coming out of our universities and being founded within our research institutions will be featured in future Inc. 500|5000 rankings. On behalf of Launch Tennessee, I want to congratulate all of the Tennessee companies on the Inc. 2014 list. We appreciate your hard work, the jobs you are providing and the prestige you bring to your company, your communities and the state.

To view all the Tennessee companies on this year's Inc. 5000 list, visit www.inc.com/inc5000/list/2014/state/tn.

Charlie Brock is CEO of Launch Tennessee (www.launchtn.org), a public-private partnership focused on supporting the development of high-growth companies in Tennessee.