At least 17 Indian American-founded companies were ranked on Inc. magazine's 22nd annual ranking of the "500 Fastest-Growing Private Companies" in America.

The Indian firms were concentrated in software (nine firms) and IT services (three), with two businesses in the consumer products sector, and one each in consulting, security and materials / construction. (Are Indians set to become the most powerful business group in the US?)

Rated by revenue growth from 1998-2002, the leader among the Indian American-founded software companies was Somerset, New Jersey-based Vision Systems Group, led by chief executive officer Viswa Mandalapu, with 2,043 per cent growth and 2002 revenue of $7.9 million. It was 62nd overall on the Inc. 500 list.

The company develops applications in sales, data warehousing and e-commerce for telecom, financial and retail clients. Mandalapu credits the company's success to hard work and investing in his employees. In economic hard times, he rotates workers into in-house projects instead of laying them off, he told Inc.

Placing 84th overall on the list was consumer products company Global Brand Marketing of Santa Barbara, California, which designs, makes supplies and sells shoes in 54 countries.