Twenty-five years ago, I undertook the first ever research study to discover the fastest-growing businesses in Wales.

The creation of the Wales Fast Growth 50 (FG50) was inspired by the Inc 500, the annual list of America’s high growth firms where global firms such as Microsoft, Patagonia and Under Armour were first identified as entrepreneurial businesses with potential for growth.

At the time, there was little interest in supporting indigenous businesses in Wales with a focus of government bodies such as the Welsh Development Agency firmly on attracting large inward investment projects rather than backing Welsh firms to create employment and prosperity in their local communities.

As a professor of entrepreneurship at the University of Glamorgan, I felt it was one of the most important aspects of my jobs to identify those wealth creators that had set up their ventures in Wales and, often through sheer hard work, determination, and the backing of a fantastic team, created products and services that made a significant impact across a range of sectors. With devolution finally coming to Wales, it seemed the right time to tell the world that we had excellent entrepreneurs and home-grown businesses.

Given its established status, I adopted a methodology that was similar to the Inc 500 namely that to be eligible for the list, companies must be independent, and have had sales of at least £250,000 in the first year of assessment and, of course, be based in Wales. Growth would be measured over a three-year period, and those with the highest percentage growth in sales during that time would make it onto the list.

Since those early days, the FG50 has grown in stature and importance thanks to the interest and support of businesses, politicians, and policymakers. As a result, it has become not only the awards that Welsh businesses really want to win but the one that arguably makes a real and tangible difference to those firms that feature on the list. Indeed, every year, numerous entrepreneurs come back and tell me how being listed on the FG50 has not only brought recognition but has also helped them to attract further investment, partnerships, and customers.

Of course, as well as being an affirmation of the company’s success and a testimony to its growth trajectory, the FG50 also highlights the crucial role that these firms play in the Welsh economy especially given their significant contribution in terms of job creation and revenue generation despite being only a small fraction of the total number of businesses in Wales.

Whilst there are now countless business awards of varying quality, back in 1999 there were none that focused on growth businesses. Therefore, in order for the fastest growing firms to come together to celebrate their achievements amongst their peers, one of the first things I did was to organise an awards ceremony where we could bring the best of Welsh business together in one place.

Since the first event back in 1999 where fifty entrepreneurs were brought for a lunch with the then economic development secretary Rhodri Morgan, the Fast Growth 50 awards have grown into an exclusive awards ceremony where the fastest-growing firms are celebrated.

Not only does this event provides a platform for recognition and validation of the hard work of every business featured, it also amplifies brand visibility through media coverage, boosts team morale and motivation, acts as an endorsement to attract customers and top talent, and, above all, bring teams together to celebrate business achievements as we have seen every year at the awards.

As this year is the silver anniversary of the FG50, there is no better time to not only recognise the achievements of not only the fastest growing firms in 2023 but of all those that have appeared on the annual listings over the last two and a half decades. This means a range of special recognition awards will be given to a group of amazing businesses that have grown through disruption, innovation, and sustainability since 1999. We will also be highlighting, the achievements of a group of incredible female entrepreneurs that have appeared on the FG50 which is critically important given that women-run businesses are often under-represented within high growth lists.

Given the significance of this year, we naturally wanted this is to be the biggest and best FG50 event ever. Therefore, the 2023 awards will be taking place in the largest indoor venue in Wales, namely the Cardiff Utilita Arena (the former Cardiff International Arena) with over 1,000 entrepreneurs, their teams and other businesses coming together to not only celebrate the achievements of this group of high growth firms but also the journey that Wales, as an economy, has taken over the last 25 years.

It’s often said that we, as nation, are slow to recognise success but the achievements of the Fast Growth 50 firms over the last 25 years show that our businesses do have the vision, capability, and determination to become the most entrepreneurial and innovative in their sectors. Most important of all, they are the beacons to light the way for other to follow in their footsteps to have an impact not only in the UK but across the world.