Schenectady, New York
Founder and CEO: David Dussault
Revenue: $18 million
Back in the day, Schenectady, once headquarters of General Electric, was a major center for manufacturing. So when David Dussault finished his studies at Union College, he went to work at GE, just as his father and grandfather had. Then, in 2006, Dussault decided he wanted to work on his own terms. He founded P1 Industries, which manufactures engineered parts largely for power plants (GE is a big customer). Dussault has repeatedly turned down private-equity investors. He also shares the company’s financial data with employees, who receive annual bonuses based on earnings. Those employees—largely Millennials, with an average age of 27—have been productive, creating an average revenue of $400,000 apiece in 2015, more than three times the industry average. Now P1 is building an advanced manufacturing center for 3-D technologies that could help P1 expand into new product areas like aerospace. Rather than outsourcing manufacturing to China, Dussault says, P1 ships product there.
Forbes Small Giants 2017