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IQ Formulations Wins U.S. Chamber of Commerce Blue Ribbon Small Business Award

The U.S. Chamber of Commerce recently announced IQ Formulations as a winner of its 2016 DREAM BIG Blue Ribbon Small Business Awards®. Recognized for its success and contributions to America’s economy, IQ Formulations was the only South Florida company to receive this highly regarded honor.

This prestigious distinction also puts IQ Formulations in the running for the national U.S. Chamber’s Small Business of the Year Award, which will be announced in June at the 12th annual America’s Small Business Summit in Washington, D.C. where all Blue Ribbon winners will be honored.

Below is a recently issued press release with more information:

 

South Florida’s IQ Formulations Named U.S. Chamber of Commerce Blue Ribbon Small Business Award Winner

 Tamarac, FL, Feb. 22, 2016 (GLOBE NEWSWIRE) — The U.S. Chamber of Commerce has announced IQ Formulations of Tamarac, Florida as a winner of its annual DREAM BIG Blue Ribbon Small Business Awards®. IQ Formulations was the only South Florida business and one of just five in the state to receive the prestigious distinction, which recognizes 100 nationwide companies for their success and contributions to America’s economic growth and vitality.

IQ Formulations, a fast-growing and highly-respected health and nutritional supplement manufacturer, was selected from a record number of applicants from across the country. Entries were judged on four key categories: strategic planning, employee development, customer service, and community involvement.

The honor enters IQ Formulations into the running for the national DREAM BIG Small Business of the Year Award, sponsored by Sam’s Club®, and a $10,000 cash prize courtesy of the U.S. Chamber. This national award will be announced at the 12th annual America’s Small Business Summit, taking place June 13-15 in Washington, D.C. where all DREAM BIG Blue Ribbon Small Business Award winners will be honored.

“Small businesses provide a powerful example of what’s possible in our free enterprise system. Day in and day out, these companies exemplify the strong American values of hard work, innovation, persistence, and entrepreneurship,” said U.S. Chamber President and CEO Thomas J. Donohue. “The Chamber is proud to recognize these tremendous small businesses for all of their achievements.”

This is the latest in a line of distinguished awards for IQ Formulations. The company has been named to the Inc. 5000 list for the past two years, was recently recognized as the gold, first-place winner in North America’s Best in Biz Awards 2015 and was selected as one of Florida’s Companies to Watch for 2015 by the state’s economic development group GrowFL.

“It is such a remarkable honor to be recognized by the U.S. Chamber of Commerce, among the top 100 up-and-coming companies in the entire nation,” said IQ Formulations CEO Jay Cohen. “After years of hard work and a commitment to improving the state of our industry, it’s such a blessing to have the efforts of IQ Formulations recognized. I want to thank the U.S. Chamber, my family, and the incredible team that I work with everyday for making this dream a reality.”

A complete list of this year’s Blue Ribbon Small Business Award® winners is available here.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

About IQ Formulations

IQ Formulations is one of the most highly regarded and quickly growing health and nutritional supplement companies in the U.S. Founded by industry veteran and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at www.iqformulations.com.

CEO Jay Cohen and IQ Formulations Featured in Business View Magazine

Top provider of health and nutritional supplements, IQ Formulations, and its CEO Jay Cohen were recently featured in Business View Magazine. The detailed, eight-page-long article highlights the company’s unbelievable growth, as well as Cohen’s unique business philosophy, which has helped make IQ Formulations a leader in its industry.

Read the full article, including quotes from CEO Jay Cohen, below:

http://www.businessviewmagazine.com/digital-magazines/jan-2016/index.html#62

 

IQ Formulations

Engineering smarter products

When Jay Cohen decided to get back into the health and nutritional supplements business, he decided to model his new company, IQ Formulations, after a world famous, Italian luxury sports car manufacturer that, according to the new CEO, “never had a losing year; they’ve always made money.” The same can certainly be said of IQ Formulations, Cohen’s five year-old company that likewise has never had a losing year – and is also making a lot of money.

“When we first started, I looked at other industries to model after,” Cohen explains. “One was the automobile industry. One of the companies that I based my model on was Ferrari. What Ferrari has done that has outpaced every other automobile manufacturer is that it is a vertically integrated company. They pick and choose every single ingredient that goes into making their engine blocks, their pistons, their interior, their exterior – they custom-manufacture their products. And, because they do that, they’re able to put a product on the market that totally outpaces every other manufacturer. And that’s what we wanted to do. We wanted to create a definite distinction between our product line, one that outpaced the competition. In order to do that, we had to develop the same type of vertical integration that Ferrari did.”

Most people probably don’t know much about Ferrari’s corporate structure; but they do know that it makes a very fast car. And if the company’s brand is known for speed, then IQ Formulations is a worthy inheritor of the Ferrari ethos. Cohen’s firm has been on an astonishing trajectory of growth since its inception, going from less than $124,000 in 2010 revenue, to 2015 sales of $20 million, today – a growth rate of 5,486 percent over the last three years. It’s what put IQ Formulations on the Inc. 5000 list in 2014 and again in 2015, as one of the fastest growing companies in the country.

When he approached the starting line back in 2010, IQ Formulations was actually Cohen’s third time around the supplements business track. “I started in 1987, with my father, when he created his company,” he remembers. “I worked on and off for him throughout the years until I left for college and entered back into the industry years later.” Cohen’s first re-entry onto the speedway was not a positive or fulfilling ride. “The whole industry had changed immensely,” he laments. “A lot of the companies had become marketing companies – they weren’t manufacturing companies. There was a lot of emphasis on making the cheapest product possible so that they can maximize their marketing dollars. I was so put off by this; I walked away from the industry and vowed never to return to it.”

However, with the support of friends and family, as well as some encouragement from a few vendors with whom he had long-standing relationships, Cohen returned once again, but this time, he was determined to do things his own way. This time, he would be in the driver’s seat. He began on his own kitchen counter, reformulating products that he knew had a great niche following and high consumer demand. “I started creating formulations and testing the products out. In September 2010, with just ideas in my head and formulations on legal pads, I hired a graphic artist to make a rendering of what my product line would be. I wrote a business plan and I flew out to Las Vegas for the Mr. Olympia contest – one of the biggest expos in my industry – and I was determined to go there and sell my new product line.”

Even though the now true believer had stepped on the accelerator and gone flat out to his own sector’s version of the Indy 500, he was not overly optimistic. “The likelihood of me walking away without an order was highly probable,” he notes. But things turned out a whole lot better than he had anticipated. “To my surprise, the people accepted it with open arms, because it was such a different philosophy, such a different product line. It brought integrity back into the industry that was used to doing business a certain way. Our philosophy was to become a vertically integrated company that would put the research, the development, the manufacturing, and the production all under one roof. It was like a breath of fresh air.”

Cohen believed that by being the Ferrari of the supplements industry, he could bring a better product to the marketplace. But he also knew that, like a Ferrari automobile, a price would have to be paid for his premium, custom-made product. “We felt that consumers were ready for that,” he says. “They were used to buying the $15 and $19.99 protein and, here we are, coming to the marketplace with a protein valued over $40. But, they found out when they drank it, they felt better. When they drank it, they had no intestinal upset or distress. When they drank it, they felt healthier. When they drank it, they lost weight and had more energy. And it transformed that segment of the marketplace within a year.”

Five years after that first victory lap, IQ Formulations no longer operates out of a kitchen, but rather out of a state-of-the-art, $3.5 million, 40,000 square foot manufacturing and packaging facility in Tamarac, Florida, with plans to open a second facility sometime in the not-too-distant future. “When we first started, we had three vendors,” Cohen says. “Now we have 400.” The staff has similarly grown: from two employees – Cohen, himself and a salesman – to 47, today, with people in marketing, customer service, accounting, quality control, production, manufacturing, shipping, and sales. “And even at 47 employees, we still consider ourselves, undermanned,” he quips.

IQ Formulations sells directly to consumers through its website, but has also partnered with a distribution company, Europa Sports Products, which sells its products to general nutrition shops around the country, as well as, dealing directly with large national retailer chains such as Vitamin Shoppe. Currently, the company only ships domestically, but Cohen says that it is planning to expand into Canada, New Zealand, Australia, and Poland. “We’ve been controlling our growth because we know that our serviceability and our manufacturing capabilities must match our orders to our clients. And we don’t want to exceed that and then have to make compromises in terms of that.” Compromise is not why Cohen came back into the race. He insists that his product remain consistently reliable. “Our product is the same, each and every time,” he states emphatically. “Consumers know that we’re going to be delivering the same great product day-in and day-out.”

But now that IQ Formulations has gotten the checkered flag in one market segment, Cohen also sees the possibilities for augmenting his company’s product offerings, as well as expanding its consumer base across a broader demographic. He explains: “Our customers are demanding that we go into functional foods. They say, ‘Hey, we want a protein bar; we want an energy drink. Please make that for us, because we know that if you make it, it’ll be better than anything else that’s in the marketplace.’ We’re also going to get into more of what we call mass market, which is developing products that can be purchased at the grocery store and mass market level, like Costco’s or BJs. We want to be able to hit multiple consumers who are looking to purchase the best quality, healthy products to improve and sustain a healthy lifestyle. So, we’re branching out into those marketplaces, starting in the first quarter of 2016.”

Cohen is convinced that his original idea to emulate the Ferrari model has been instrumental in IQ Formulation’s success. “What differentiates my company is the fact that we are a company that is based on research and development that grew into a vertically integrated company that produces what it sells. Like Ferrari, we had to pick and choose our own ingredients; we had to build relationships with our specific vendors that we knew were the pinnacle suppliers of certain ingredients in the industry; we had to build a special relationship with Europa Sports Products to make sure that once our products were done, we could get them in the hands of our consumers faster and easier than anyone else. So, by doing all these things, it became a win-win-win scenario: a win for us, for our resellers, and for our consumers. Everyone who touched the product had an appreciable benefit from it.”

IQ Formulations has further touched its wider community via a vigorous program of charitable giving. The company has an admirable track record of involvement with a variety of respected, non-profit organizations including the Wounded Warrior Project, St. Jude Children’s Research Hospital, the American Humane Association, the American Red Cross, the Cystic Fibrosis Foundation, and the National Alliance to End Homelessness. The company also hosts an annual holiday toy drive to benefit the children and families at nearby Miami Children’s Hospital.

Inc. Spotlights IQ Formulations and CEO Jay Cohen

Leading health and nutritional supplement manufacturer IQ Formulations and its CEO Jay Cohen were featured in a recent Inc. article entitled ”How This Nutrition Company Jumped From $120,000 to $20 Million in Sales.” Written by Inc. contributor Darren Heitner, the piece looks at the keys to success that helped Jay Cohen propel IQ Formulations to the very top of the nutritional supplement industry.

Below is the full text of the article along with a link to the original piece on Inc.com:

http://www.inc.com/darren-heitner/how-this-nutrition-company-went-from-120-000-to-20-million-in-sales.html

How This Nutrition Company Jumped From $120,000 to $20 Million in Sales

Jay Cohen decided to exit the nutritional supplement industry, but came back and figured out a way to generate eight figures in yearly sales.

By Darren Heitner

Tens of thousands of companies compete against each other in the world of nutritional supplements. Their goal is the same: to win over the minds and hearts of a consumer base increasingly interested in being fit and ingesting healthy products.

It’s difficult for a company in the nutritional supplement industry to distinguish itself from the competition. Many companies churn out the same or similar products, but use marketing to differentiate themselves to the consumers they hope to attract.

How do you enter an extremely competitive marketplace and establish yourself as a reputable brand? I spoke to Jay Cohen, CEO of IQ Formulations, to determine some tricks of the trade and a sense of how he built a company that now generates $20 million per year in sales.

Relationships and experience: The formula to success.

“The one thing I would point to that allowed us to excel in the industry was relationships,” said Cohen. “It brought me back into the industry and got me set up when I didn’t have a dollar to my name and had to borrow on credit. If I didn’t have the answer, I had the contact of someone who had the answer.”

IQ Formulations has grown 16,000 percent over the past five years, taking it from annual revenue of $120,000 in 2010 to $20 million this year.

“My greatest asset has been longstanding relationships,” explained Cohen. “I put relationships in front of business. Products don’t sell to people. People sell to people. Unless you understand that as an entrepreneur, you’re never going to get it.”

Cohen is a veteran of the nutritional supplement industry. He came back to create IQ Formulations after walking away from a prior nutritional supplement business in late 2009.

“I left because I felt the industry didn’t have the quality or integrity that I wanted to bring to the marketplace,” said Cohen. “Fancy labels, but cheap product. Pixie dust. Not what I wanted to produce.”

In addition to Cohen’s prior experience in the industry, he also relied on his retired physician father, who helped him start his former company in 1997. He admits living and breathing in the industry and for almost 26 years made a huge difference in being able to succeed in a saturated area.

Separation in a saturated industry is key.

Relationships and experience alone weren’t enough against companies that had been in business for many years. Cohen had to figure out a way to do something different and make sure it was what the potential consumer craved.

“What makes our company different is exactly my basis for getting back into the industry. It’s the quality and efficacy we put into our products,” said Cohen. “We not only built a research and development facility that develops our own products, but we manufacture, produce, package, and distribute internally. There are only about five companies of 50,000 participants in the industry that do it and I’m one of the five.”

The way Cohen described it, entering the nutritional supplement industry is actually not too difficult as long as you do not care so much about the quality of your products. It’s simple and cheap to hire graphic artists and marketing mavens while subcontracting the development of product to others.

Cohen decided that wasn’t the way he was willing to grow his company, and his millions in revenue justify that decision.

Growth through consumer loyalty.

“Our philosophy is growth through the annuity of consumer loyalty,” said Cohen. “Target, Coca Cola, Home Depot, Starbucks, they all believe in this annuity–the return visit from your customer based on consumer experience. Exceeding the customer’s expectations so you earn his or her residual dollars.”

It’s never about the one-time sale. Continued sales to the same consumers drive real growth.

Cohen believed spending more money was worth it to deliver a product the consumer could trust, which would lead to scalable growth. It’s led to IQ Formulations to deliver a better product at a cheaper price than its competitors.

“We never put the money into the marketing,” said Cohen. “We put it into the manufacturing and research. Whatever we make, we are going to put back into our products and machinery to make a better product.”

Traveling the road less taken.

When Cohen was considering a return to nutritional supplements, he was told by one of his vendors that if he was going to do it, he needed to do it his own way.

“I decided to rewrite the industry from the first page,” said Cohen. “I literally put a one-page rendering of what my products would look like and headed out to Mr. Olympia in Las Vegas to sell my idea.”

IQ Formulation’s growth this year is 475 percent, and Cohen is wrapping up the creation of a $6 million production plant in Tamarac, Florida.

Following his own path has worked out well.

IQ Formulations CEO Jay Cohen Highlighted in South Florida Business & Wealth Magazine

Successful entrepreneur and IQ Formulations CEO Jay Cohen was recently featured on the pages of South Florida Business & Wealth magazine. A detailed article in the publication highlighted Cohen’s incredible success story in the nutritional supplement industry.

Find out more in the recently issued press release below:

Entrepreneur and CEO Jay Cohen Spotlighted in South Florida Business & Wealth Magazine

Tamarac, FL, Dec. 14, 2015 (GLOBE NEWSWIRE) – Respected business leader and IQ Formulations CEO Jay Cohen was highlighted in South Florida Business & Wealth magazine recently for his innovative vision and incredible success in building the now thriving company. A South Florida native, Cohen built the locally owned and operated manufacturing businesses himself, and is committed to sourcing all of his products from the United States, a true rarity in this day in age.

As the article in the publication’s November edition notes, IQ Formulations has quickly risen to the top of its industry under Cohen’s smart and strategic direction. His fast-growing enterprise has been honored with numerous business awards, including recently being named the Fastest-Growing Company of the Year in its size category for all of North America by the Best in Biz Awards.

But it has not always been smooth sailing for the visionary CEO. Cohen had to overcome various obstacles when bootstrapping the company and building it from the ground up, driven by an underlying passion to elevate the standards of the health supplement industry and provide consumers with something better than what was previously on the market.

“I would like to thank South Florida Business & Wealth for its interest in IQ Formulations and my entrepreneurial journey, and for showcasing the remarkable results that have come from our team working together with professionalism and passion” said Cohen. “It is truly humbling to see your life story and achievements laid out so eloquently. It’s an honor to be featured alongside other top local professionals in the leading business publication.”

IQ Formulations CEO Jay Cohen believes in doing things differently and leading by example. With top-quality products, state-of-the-art facilities, and exceptional customer service, the company is widely recognized for its excellence as an industry leader, as well as its commitment to giving back to the community.

About IQ Formulations

IQ Formulations is one of the most highly regarded and fastest growing health and nutritional supplement companies in the U.S. Founded by industry veteran and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

IQ Formulations Makes Charitable Contribution to Wounded Warrior Project

IQ Formulations, a leader in the health and nutritional supplement industry, recently made a charitable contribution to the Wounded Warrior Project. Through its generous support of the organization’s programs and services, IQ Formulations seeks to assist the organization with its important mission of providing much-needed aid to our veterans and helping them become successful members of the community, as well as raise awareness about these needs.

Below is the full text of the recently issued press release including quotes from IQ Formulations CEO Jay Cohen: 

http://www.globenewswire.com/news-release/2015/11/30/791501/0/en/IQ-Formulations-Honors-Veterans-through-Support-of-Wounded-Warrior-Project.html

IQ Formulations Honors Veterans through Support of Wounded Warrior Project

Tamarac, FL, Nov. 30, 2015 (GLOBE NEWSWIRE) — IQ Formulations, an industry-leading provider of health and nutritional supplements, is proud to announce its support of the Wounded Warrior Project. IQ Formulations has made a generous contribution to help support the Wounded Warrior Project’s mission “to foster the most successful, well-adjusted generation of wounded service members in our nation’s history.”

The company is seeking to raise awareness about the invaluable direct programs and services that the Wounded Warrior Project provides to meet the needs of injured service members. Specifically, the Wounded Warrior Project® provides aid to veterans and service members who incurred a physical or mental injury, illness, or wound on or since September 11, 2001.

“IQ Formulations’ support of the Wounded Warrior Project stems from my family’s own personal experience,” said IQ Formulations CEO Jay Cohen. “My father was a Vietnam Veteran. Growing up, I remember hearing about my father’s wartime stories and memories which left a very deep impression upon me – inspiring a heartfelt obligation to help injured service members.”

The Wounded Warrior Project helps injured service members not only with their physical wounds, but with their emotional and mental needs as well, including adjusting to their new normal when they return home. IQ Formulations believes that this type of assistance is invaluable, and hopes to inspire other caring community members to contribute to this important cause on November’s observance of Veterans’ Day and all year round.

In addition to IQ Formulations’ commitment to excellence in health and nutritional supplements through its leading products and facilities, the company is devoted to giving back to the community through philanthropic means.

With top-quality products, outstanding facilities, unparalleled customer service and industry-leading standards, IQ Formulations had established a nationwide reputation for excellence in the health and nutritional supplement industry. The company has been named to Inc. Magazine’s 5000 fastest growing companies in the country for the past two years, and was honored as one of GrowFL’s Florida Companies to Watch in 2015.

Learn more about IQ Formulations: www.iqformulations.com.

Learn more about the Wounded Warrior Project: www.woundedwarriorproject.org/.

About IQ Formulations

IQ Formulations is one of the most highly regarded and quickly growing health and nutritional supplement companies in the U.S. Founded by industry veteran and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

IQ Formulations Gives Meaningful Donation to National Alliance to End Homelessness

Leading health supplement manufacturer IQ Formulations recently announced that it has made a charitable contribution to National Alliance to End Homelessness in Recognition of National Hunger & Homeless Awareness Week.

Below is the full text of the recently issued press release, including the quotes from IQ Formulations CEO Jay Cohen:

http://www.globenewswire.com/news-release/2015/11/24/790031/0/en/IQ-Formulations-Announces-Charitable-Gift-to-National-Alliance-to-End-Homelessness-in-Recognition-of-National-Hunger-Homeless-Awareness-Week.html

IQ Formulations Announces Charitable Gift to National Alliance to End Homelessness in Recognition of National Hunger & Homeless Awareness Week

Tamarac, FL, Nov. 24, 2015 (GLOBE NEWSWIRE) — IQ Formulations, an industry-leading provider of health and nutritional supplements, today announced its charitable support of the National Alliance to End Homelessness (The Alliance). With Thanksgiving right around the corner kicking off the holiday season, IQ Formulations is giving back by providing financial support to the homeless community, and by helping raise awareness following National Hunger & Homeless Awareness Week which took place November 14 – 22, 2015.

The National Alliance to End Homelessness is dedicated to preventing homelessness through improving policy, building capacity and educating opinion leaders. Through its Center for Capacity Building, the Alliance assists communities nationwide with transforming policy solutions and effective best practices into real, on-the-ground programs. The Homelessness Research Institute (HRI), the Alliance’s research and education arm, collects critical data that helps shape the Alliance’s services and programs delivered to the homeless community, such as how-to kits and technical assistance trainings.

“IQ Formulations feels privileged to be able to help people each and every day become the healthiest versions of themselves through our health and nutritional supplements,” said IQ Formulations CEO Jay Cohen. “While we are thankful for our ability to provide healthful solutions, we also feel tremendous compassion toward the homeless community – especially as we approach the holiday season. With over 600,000 homeless Americans, many due to uncontrollable circumstances, it is an even more meaningful privilege for IQ Formulations to help this community through our support of the National Alliance to End Homelessness.”

IQ Formulations is dedicated to helping those in need – especially those without homes. The homeless community is comprised of families, children, teenagers, veterans, the elderly and people with disabilities that live amid desperate conditions and instability. IQ Formulations is committed to providing support to help end to homelessness so that no American should live in such devastation. The company hopes that the announcement of its meaningful gift will inspire a communal call-to-action to join in its benevolent spirit of giving, especially as the holiday season approaches.

Learn more about IQ Formulations: www.iqformulations.com.

Learn more about the National Alliance to End Homelessness: www.endhomelessness.org/.

About IQ Formulations

IQ Formulations is one of the most highly regarded and quickly growing health and nutritional supplement companies in the U.S. Founded by industry veteran and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

South Florida Business & Wealth Magazine Showcases IQ Formulations and its CEO Jay Cohen

IQ Formulations CEO Jay Cohen was featured in the recent issue of South Florida Business & Wealth magazine. The detailed five-page feature piece titled “No Pain Before Financial Gain” tells Cohen’s inspiring story of entrepreneurship and overcoming various challenges on his path to success. Accompanied by multiple photos of IQ Formulations’ new state-of-the-art facility, the article also highlights the company’s incredible growth and business success in recent years.

Check out the full story below, including the quotes from CEO Jay Cohen:

http://go.epublish4me.com/ebook/ebook?id=10086149#/42

No Pain Before Financial Gain: Entrepreneur Overcomes Obstacles to Succeed with Fitness Supplements

By Kevin Gale

South Florida Business & Wealth

Jay Cohen is putting up some whopping numbers for growth at his nutritional supplements company, IQ Formulations. From 2010 to 2013, the company grew 5,486 percent, which put it at No. 50 on Inc. magazine’s fastest-growing list. It ranked No. 572 this year and is on pace to double sales to $20 million with profit margins above 20 percent.

IQ Formulations recently moved into a new 40,000-square-foot plant in Sunrise that has the capacity to handle up to $120 million in sales. Cohen has 40 employees and is looking to hire dozens more by the end of next year.

It hasn’t all been smooth sailing, though. Cohen has had to overcome several obstacles in his career along the way, including the recession and a product recall.

Cohen grew up in South Florida and attended high school in Miami Shores before going to the University of Miami and the University of Florida. As a competitive weightlifter, he was always looking for an edge and got into nutritional supplements. His father, who was a doctor, became interested and developed a company called Metabolic Nutrition.

In 2007, Cohen bought the business from his father. Even as the economy tanked, he managed to hit the company’s highest level of profits. But in 2009, two of his top distributors failed and left him $500,000 in debt. “I had my best year and worst year in one month,” he says.

Cohen became discouraged about the industry, which he says was all about selling cheaper and cheaper products with a focus on the bottom line rather than what was good for customers. “It got to a point where I couldn’t do it anymore. I burned out and I walked away from it.”

The turnaround came when one of his former vendors told him to, “Believe in what you believe in and do it,” he says.

Cohen told his wife she was going to hate him, and he developed a mini-lab in his home. After a lot of time testing formula after formula, his parents gave him a loan to start IQ Formulations with a 1,000-square-foot space. He decided to avoid competing on price, as some companies were taking inappropriate steps like spiking amino acid, which meant their products didn’t have a long-lasting effect. “It’s kind of like comparing filet mignon and bacon,” Cohen says.

He then went to his first trade show and Europa Sports Products, a distributor in Charlotte, North Carolina, picked up his product. In 2010, Cohen did $124,000 in sales with packaging that had more of a pharmaceutical aesthetic, which he thought would appeal to women.

In 2013, IQ Formulations dealt with a major issue when the FDA informed him that his Hydravax product tested positive for an unlisted diuretic. Cohen says he was shocked, but realized the company made a mistake by relying too much on due diligence from secondary suppliers. He took it as a learning experience and subsequently built a six-member quality control department, spent $50,000 on lot expiration monitoring and decided to only source products in the United States. Every ingredient is now tested to make sure it matches previous batches. Cohen says he is also building an internal analytical laboratory. “In our industry, it’s the balance of bringing efficacious products, but also making sure consumer safety is at the forefront,” he says.

Cohen has kept his distribution simple, sticking with just Europa, which helps control communication to the end user, he says. IQ Formulations products are sold at retailers such as The Vitamin Shoppe, but they are also sold on metabolicnutrition.com. Cohen has taken an informational approach to marketing products with a science center and an “ask the scientist” feature on his website. The advice and products offered zero in on the needs of customers with different categories: athletics, competition, injury training, building mass, weekend warriors and weight loss. The company has also published 100 articles since January and has produced 83 instructional videos for its YouTube channel.

“What we are into is the consumer annuity,” Cohen says. “We want them to love our products and come back for years.”

IQ Formulations Makes a Charitable Donation to National Breast Cancer Foundation

IQ Formulations is helping raise breast cancer awareness this October during National Breast Cancer Awareness Month. This week, the renowned health supplement manufacturer announced its charitable donation to the National Breast Cancer Foundation. IQ Formulations’ generous contribution will help the National Breast Cancer Foundation continue its important efforts in saving lives through early detection of breast cancer, as well as education, and support services for those affected by the disease.

Read the full press release including the quotes from IQ Formulations CEO Jay Cohen below:

http://www.prweb.com/releases/ceo-jay-cohen/iq-formulations/prweb12980893.htm

IQ Formulations Supports National Breast Cancer Foundation and Raises Awareness During Breast Cancer Awareness Month

Tamarac, FL (PRWEB) October 12, 2015

To help raise awareness this October during Breast Cancer Awareness Month, IQ Formulations today announced its charitable donation to the National Breast Cancer Foundation. The National Breast Cancer Foundation is dedicated to providing help and inspiring hope in those affected by breast cancer through early detection, education, and support services.

The annual campaign to increase breast cancer awareness each October is an opportune time to remind women and their families about the importance of early detection through regular mammograms. According to the National Breast Cancer Foundation, one in eight American women will be diagnosed with breast cancer in their lifetime, making breast cancer one of the leading health crises for women in the United States.

“I am deeply and personally committed to donating to this charity in honor of my angel of a grandmother who lost her fight to breast cancer,” said IQ Formulations CEO Jay Cohen. “Today, there is still no known cure for breast cancer. I hope that our support of the National Breast Cancer Foundation’s initiatives can help the organization inspire women who have been affected, and educate all women about the importance of regular checkups since early identification is critical to the survival of those diagnosed with breast cancer.”

The National Breast Cancer Foundation offers a National Mammography Program that provides mammograms for women who are uninsured or cannot afford them. IQ Formulations hopes that raising awareness this month about the National Breast Cancer Foundation’s free early detection initiative will help save lives.

IQ Formulations is also calling on the community to spread the word about this initiative, viewing this important issue as a collective responsibility. Education and awareness are the first steps to helping people overcome serious health challenges, which is why IQ Formulations remains dedicated to providing philanthropic support to various health-related non-profits including St. Jude Children’s Research Hospital, Jackson Center for Conductive Education, Camp Fiesta, Wounded Warrior Project, the Christopher and Dana Reeve Foundation, the Michael J. Fox Foundation for Parkinson’s Research, the Cystic Fibrosis Foundation and the American Humane Association.

With top-quality products, outstanding facilities, unparalleled customer service and industry-leading standards, IQ Formulations has established a nationwide reputation for excellence in health and nutritional supplements. The company has been named to Inc. Magazine’s fastest growing private companies list for the past two years and was also honored as one of GrowFL’s Companies to Watch for 2015.

Learn more about IQ Formulations at http://iqformulations.wpengine.com.

Learn more about the National Breast Cancer Foundation at http://www.nationalbreastcancer.org.

About IQ Formulations

IQ Formulations is one of the most highly regarded and quickly growing health and nutritional supplement companies in the U.S. Founded by industry veteran and CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

The Latest Press Release from IQ Formulations

This week, IQ Formulations issued a press release discussing its recent feature in the South Florida Sun Sentinel. The leading publication highlighted IQ Formulations’ incredible success over the past five years, including two prestigious business honors the top nutrition and health supplement manufacturer received in 2015.

Check out the announcement on our press releases page, or in full text below.

IQ Formulations Highlighted in South Florida Sun Sentinel for Outstanding Business Success

Top fitness supplement company, IQ Formulations was at the center of an excellent article recently published in the South Florida Sun Sentinel. The piece highlighted the company’s remarkable growth and success over the past several years, including its inclusion on the Inc. 5000 list of the fastest growing private U.S. companies, and the 50 “Florida Companies to Watch” by GrowFL.

Led by its founder and CEO Jay Cohen, IQ Formulations has experienced exponential growth since it began operations in 2010. In just five years, the innovative company increased its revenues from $100,000 to $20 million projected for 2015. In addition to its incredible revenue growth, IQ Formulations has also created dozens of high-quality jobs in South Florida. The company currently employs over 40 people, and is expecting to continue expanding its workforce in the coming years.

“We are very honored to have our success story highlighted on the pages of the South Florida Sun Sentinel,” said IQ Formulations CEO Jay Cohen. “Our team has worked extremely hard over the years to elevate the company to where it is now. Receiving increased recognition from the media, along with the honors from Inc. Magazine and GrowFL, solidifies our achievements and reputation as one of the best in the industry.”

With top-quality products, state-of-the-art facilities, and exceptional customer service, IQ Formulations is widely recognized for its excellence in health and nutritional supplements.

To read the full Sun Sentinel article, visit: http://www.sun-sentinel.com/business/consumer/fl-iq-formulations-grow-fl-20150904-story.html.

To learn more about the 2015 Florida Companies to Watch, visit: flctw.growfl.com.

To learn more about IQ Formulations’ placement in the Inc. 5000, visit: http://www.inc.com/profile/iq-formulations.

About IQ Formulations
IQ Formulations is one of the most highly regarded and fastest growing health and nutritional supplement companies in the U.S. Founded by industry veteran and IQ Formulations CEO Jay Cohen, IQ Formulations is headquartered in Tamarac, Florida. The company has become an industry leader known for its uncompromising commitment to professional facilities, top-quality products with amazing results, and superior customer service. Learn more at iqformulations.com.

Sun Sentinel Highlights IQ Formulations’ Rapid Growth

The South Florida Sun Sentinel published an excellent piece over the weekend which spotlighted IQ Formulations remarkable business successes over the past five years. This included the company’s recent inclusion on both the Inc. 5000 list of the nation’s fastest growing private companies, as well as GrowFL’s Florida Companies to Watch list for 2015.

Check out the full article and its quotes from CEO Jay Cohen of IQ Formulations below:

http://www.sun-sentinel.com/business/consumer/fl-iq-formulations-grow-fl-20150904-story.html

Broward supplement maker recognized as ‘company to watch’

 
A 5­-year-­old company in Tamarac that makes weight loss and body conditioning supplements has been recognized by an economic development program as one of 50 “Florida Companies to Watch.”

IQ Formulations, whose products are sold at pharmacies, vitamin stores and online, has grown from two employees and $100,000 in sales in 2010 to 46 employees this year with $20 million in projected sales, said Jay Cohen, the company’s president and chief executive.

The distinction as a company to watch is awarded by economic development group GrowFL and the Edward Lowe Foundation, a Michigan ­based organization that offers education programs for entrepreneurs. GrowFL was created in 2009 by the Florida Legislature to provide strategies, resources and support to “second­stage”
companies — businesses that have outgrown the startup stage and are ready for growth.

Cohen said the recognition is a testament to the brand, the products they make and the people behind the company.

The award will likely open doors to IQ Formulations within the industry and strengthen existing relationships, Cohen said. This year, IQ Formulations also ranked No. 572 in the Inc. 5000 list of the fastest­growing private U.S. companies.

Attention from the Inc. 5000 and GrowFL honors has also increased the Tamarac company’s profile within the community and encouraged people looking for jobs to contact the company, Cohen said.

“It has expanded our future employee base to fantastic candidates I wouldn’t have known about,” Cohen said. “It’s like getting a text message from a long­lost friend. It warms your heart.”

A group of professionals from economic development, banking and small business industries chose the winners. Combined, their companies made more than $1.2 billion in revenue and added 996 jobs between 2011 and 2014, according to GrowFL.

Other South Florida winners include: Fit2Go, Leapfactor, Momentum Consulting, Pan American Food Brokers and YellowPepper, all in Miami­Dade County; LogoUp.com, Moguldom and WomenCertified, Inc. in Broward County; Image Skincare, KRS Global Biotechnology, Locus Traxx, Quantachrome Corp. and Source1 Purchasing, all in Palm Beach County.

The 50 companies will be honored at a ceremony Nov. 5 at Hard Rock Live in Orlando.