Business Stages - MEDC HUBS Reporting

Business Stages - MEDC HUBS Reporting

What do I choose as the business stage of a business within Zoho CRM when adding or editing an organization?


MEDC (or the Michigan Economic Development Corporation) provides us with clear definitions of business ages we need to report on for the grant funding we have been provided. This list was consolidated from our previous business stages and status to streamline reporting and ensure that grant data was accurate and concise. There are four choices to choose from. Please choose the one that best fit's the business or organization you are entering into the CRM:

Early-Stage Business

An early-stage business is defined as a company that has been formed within the last 1 to 3 years. This designation highlights a business's transition from its initial setup phase into a more established period where it may begin to scale operations, refine its products or services, and attract initial rounds of investment.

Microbusiness 

In Michigan, a microbusiness is typically defined as a small business having fewer than 10 full-time employees (FTEs). This categorization helps distinguish microbusinesses from larger small businesses, which can have up to 500 employees. The focus on microbusinesses is particularly significant in the context of supporting entrepreneurship and economic growth within local communities, with many of these businesses being independently owned and operated, often by individuals who are young, women, or people of color​

New Business Start

For the purposes of this report, a new business start should represent those created as a result of the Hub's involvement formed within the past 12 months.

Second Stage Business

For the purposes of this MEDC report, if the business has 10 or more FTEs AND  $1 million or more in annual revenue, the business is considered "second-stage". 

Not sure how to categorize your business?

Please then reach out to your director on reporting guidelines, or Norma Jean to discuss the intricacies of the organization and it's qualification for these definitions.