Tag Archives: 2016 blue ribbon award

IQ Formulations and CEO Jay Cohen Featured in the South Florida Business Journal

The South Florida Business Journal recently spotlighted IQ Formulations and CEO Jay Cohen with an article about IQ Formulations’ amazing business success, as well as its recognition as a DREAM BIG Blue Ribbon Award winner by the U.S. Chamber of Commerce. In his interview with SFBJ reporter Emon Reiser, IQ Formulations CEO Jay Cohen also shared his plans to expand the company’s product line and nearly double its facilities and workforce by the end of 2016.

You can read the full article below:

http://www.bizjournals.com/southflorida/news/2016/02/19/tamarac-company-that-won-u-s-chamber-award-plans.html

 

Tamarac Company That Won U.S. Chamber Award Plans to Double Staff

By Emon Reiser 

South Florida Business Journal

IQ Formulations was the only South Florida business named among the U.S. Chamber of Commerce’s Blue Ribbon Small Business Award winners, out of 100 companies across the country. But the award won’t be the only achievement the Tamarac-based company can tout this year.

CEO Jay Cohen told the Business Journal that his company, which manufactures nutritional supplements, will nearly double its workforce and square footage by the end of 2016.

“We went from a makeshift laboratory in my kitchen — now we’re in a 40,000-square-foot facility,” Cohen said. IQ Formulations is now in negotiations for a second 40,000-square-foot facility also in Tamarac that will create more space for its rapidly growing workforce, he added.

IQ Formulations launched with just two employees in 2010 and has grown to 47 workers. Once the company’s new space opens, Cohen expects to soon have a total of 80 employees. IQ’s workforce isn’t the only thing that’s grown: in its first year, the manufacturer commanded $120,000 in revenue. This year, it’s expected to break $25 million, Cohen said.

The family-owned firm’s explosive growth was just one of the factors the U.S. Chamber of Commerce evaluated for its award. The winners were judged on four categories: strategic planning, employee development, customer service and community involvement.

“We’re extremely honored to be recognized,” Cohen said. “I feel especially proud that it’s not just based on the financial gain of the company, but also what we do behind the scenes.”

IQ Formulations’ workforce is very diverse, Cohen said, with about 80 percent of its employees representing minority communities. They are paid about 20 to 30 percent above Broward County’s average rate for the positions they employ, which include customer service, sales and graphic artistry, he added.

As for strategy, IQ Formulations is in the process of securing certifications for selling its products overseas. Currently, the company’s supplements are sold through 9,000 different retailers nationally, excluding websites. IQ Formulations sells its supplements in Vitamin Shop and Cohen says his company is in talks with GNC and Bodybuilding.com.

Next, the company plans to break into the grab-and-go business including protein bars.

With its latest win from the chamber, IQ Formulations has been entered into the Dream Big Small Business of the Year Award, which offers a $10,000 cash prize. The national award will be announced June 13-15 in Washington D.C.

“The best is yet to come,” Cohen said. “We have a lot of great things happening now.”

Emon Reiser covers retail, restaurants, tourism and hospitality. Get the latest retail news with our free daily newsletter.

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.