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2009 Industry Outlook
Technology & Biotech 2009
High Hopes: Some of Florida's tech sectors are in position to benefit from a more frugal environment.
Florida’s tech industry is made up of small companies such as Allen’s and Shamim’s, a silver lining in a slowdown because they’re generally more nimble than the massive companies found in other states.
Tech Microcaps | |
You know it’s a brutal year when a 27% loss for Florida aerospace/defense stocks looks mild compared to the Russell 2000 and S&P 500: | |
Index |
1-Year Return |
Florida Aerospace/ Defense Microcaps |
-27.35% |
All Florida Microcaps |
-33.75 |
S&P 500 |
-43.53 |
Russell 2000 |
-45.08 |
Florida IT Microcaps | -48.53 | Source: PCE Investment Bankers |
At iDatix, Allen, 45, is experienced in tough times. His personal bubble burst 18 years ago when as a young engineer-inventor his bright idea for a diet calculator ran head-on into his lack of business savvy. Wiped out, he went to work for others, switching from hardware to software and then started iDatix. Its products and services allow a client’s employees, including non-IT employees, to design and implement their own software automations of paper processes in fields as diverse as accounts payable, HR, compliance and other areas. “Our big mantra is land and expand,” he says.
Profitable after 18 months, the company has grown off of profits since then, reaching revenue of $3.7 million in 2007. ITFlorida named it the Small Business of the Year in October. “If there’s a recession, we’re choosing not to participate,” Allen says.