It takes three numbers to measure uRefer's year-over-year revenue growth, with double digit staffing increases expected next year.
The Ann Arbor-based start-up is on pace for 100 percent growth in 2010 and expects to double that in 2011. It has added four people this year; staffing levels now stand at 10 employees, four independent contractors, and two interns. It expects to add 10 more positions in 2011. Founder Richard Beedon expects to fuel the company both internally and with new seed capital.
"We will probably close a venture round in 2011," says Beedon.
The 3-year-old uRefer specializes in referrals. It originally helped companies to either set up referral programs or maximize existing ones. Today it has evolved its business model to what Beedon calls "advocate relationship management." The idea is to turn the customers, partners, and overall circles for uRefer's clients into their biggest advocates.
"Our approach is to convert these people into sales and marketing representatives for them," Beedon says.
Source: Richard Beedon, founder of uRefer
Writer: Jon Zemke