The Gazelle award, presented by the Estonian financial magazine Äripäev, is presented to companies that has achieved a continuous growth in revenue or gross profit for the last four financial years, and which has, in total, more than doubled the revenue or the gross profit in the period.
The concept of "gazelles" in the business world was originally coined by American economy professor David Birch as a revision of his 1979 thesis presented in The Job Generation Process. He described the business development in the USA in the following way:
- "The elephants" - in the 1950s the very big businesses such as US Steel Corp., General Motors Corp., General Electric Co. dominated the world;
- "The mice" - in the 1980s the small businesses with a maximum of 20 employees took over and contributed to the employment growth of 20 million new jobs in the private sector while at the same time "the elephants" dismissed 4 million persons;
- "The gazelles" - in the 1990s the gazelles took the lead, and these businesses are big enough to possess the necessary technology to be able to compete and also small enough to respond rapidly to changes.
David Birch's figures showed that "the gazelles" in the USA only account for 3% of the American private sector's labour force but, at the same time accounted for 70% of the newly created jobs in the USA.
We at Flagest are honored to be one of "gazelle" companies, winning a coveted 2013 Gazelle Award. As a company this is the highest honor one can receive in Estonia and we are obviously very proud. It is a testament to the fact that our long-term approach to business, customer relationships, and the way we invest in our staff is a winning concept.