Scentsy was the largest company on the list based on revenue and employees, with 2010 revenues of $381 million and an employee base of 750. Scentsy now employs more than 1,000 people in three states and expects revenues in 2011 to exceed $500 million.
Founded in 2004, Scentsy's flagship product is scented, wickless candles heated in decorative ceramic warmers. The warmers use a low-watt bulb so there is no flame, smoke or soot. Independent Consultants sell the flameless candles and other Scentsy fragrance products at home parties, through catalog or basket parties, and online.
"It's an honor to be on Forbes' list of America's 100 Most Promising Companies," said Orville Thompson, Chief Executive Officer and co-owner of Scentsy with his wife Heidi Thompson. "The selection considers not only what we've accomplished, but our potential for continued growth, and the future is bright for Scentsy."
"We have our Consultants and employees to thank for our success. They have stayed focused on providing great quality products and service through every stage of our growth," said Heidi Thompson, President and co-owner of Scentsy.
In 2010, Scentsy launched a line of Scentsy Buddies -- scented, plush animals that appeal to younger family members -- which validated the company's ability to sell a product other than wickless candles through its distribution channel. Recently, Scentsy used its fragrance expertise to introduce solid perfume. It now sells a full line of home fragrance products for the entire family.
Scentsy also continued a series of cause products designed to honor and benefit national charities, resulting in contributions of more than $1.3 million within the last year. Net proceeds from its current cause product, Sasha the Bear, benefit Ronald McDonald House Charities(R) in the U.S. and Canada.
In recognizing Scentsy and other companies, Forbes' list of America's 100 Most Promising Companies took a different approach from other rankings by using sophisticated software to assign an algorithm-derived score to each company it considered.
"Sizing up younger, privately held companies is hard: Their fortunes can change very quickly and there's a dearth of public data," says Forbes Executive Editor Brett Nelson. "We took a more comprehensive approach to evaluate their health and potential."
To sharpen its search, Forbes teamed up with CB Insights, a Manhattan-based data firm that tracks investment in high-growth private companies. CB Insights has developed complex software called Mosaic that mines myriad online sources to come up with one, algorithmically derived score that measures a private company's health. Forbes married Mosaic's data-crunching with its reporting to assemble a list of rising stars with bright growth prospects.
