IDAHO’S BUSINESS LANDSCAPE
From Potatoes to High-Tech
In the year 1998, on the sunny shores of Menlo Park, California, two bright minds embarked on a journey that would change the world forever. Larry Page and Sergey Brin, still in the throes of their Ph.D. studies at Stanford University, decided to incorporate a small start-up called Google. Little did they know that this humble beginning would lead to the tech giant we know today.
But while Google was taking its first steps, another significant event was unfolding in the business world. It was the year that the Idaho Statesman dedicated time to honor and celebrate Idaho’s top 100 privately held businesses. This event marked a pivotal moment in the state’s vibrant business history.
Idaho’s business story, however, began long before 1998. It traces its roots back to 1809 when the British operated a fur trading post known as Kullyspell House by Lake Pend Oreille. This establishment, the first in what would later become the 43rd state, marked the beginning of a thriving business ecosystem. Fast forward to 1864, and the Idaho Statesman began tri-weekly publishing in Boise, documenting the region’s economic and social evolution.
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Today, Idaho’s business landscape is a testament to its diversity and resilience. While the state is renowned for its potato production, its business sectors extend far beyond agriculture. From agribusiness and automotive sales to banking, healthcare, technology, and more, Idaho boasts a wide range of industries that contribute to its economic vibrancy.
Agriculture, in particular, holds a special place in Idaho’s heart. With nearly 25,000 farms and ranches producing over 185 different commodities, the state ranks among the top agricultural powerhouses in the nation. In fact, Idaho is the third-largest agricultural state in the West, showcasing its deep-rooted connection to farming and ranching traditions.
One remarkable success story that exemplifies Idaho’s growth and innovation is Micron. The journey of this semiconductor design company began in 1978 in the basement of a dental office in Boise. By 1980, Micron had broken ground on its first fabrication plant, setting the stage for groundbreaking developments. In just a few years, the company introduced the world’s smallest 256K DRAM, propelling itself into industry leadership. Today, Micron stands as a global technology giant, a testament to Idaho’s potential for innovation.
Another prominent player on Idaho’s business stage is KPMG, a global professional services firm offering a wide range of services, including audit, tax, advisory, and consulting. Their multi-disciplinary approach and deep industry knowledge have made them one of the “Big Four” accounting firms worldwide. KPMG’s presence in Idaho reflects the state’s growing importance on the international business map.
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Idaho Trust Bank, founded in 1994 by the Prohaska brothers, Daniel and Thomas, epitomizes personalized banking and wealth management. Their commitment to exceptional, relationship-based service has garnered trust and loyalty from clients seeking tailored financial solutions. Idaho Trust Bank is more than just a financial institution; it’s a partner in its clients’ financial journeys.
In the realm of legal services, Holland & Hart stands tall. This law firm, with its extensive expertise, serves clients of all sizes, from emerging businesses to large corporations. Their comprehensive legal offerings cover areas such as corporate law, litigation, and intellectual property. Moreover, Holland & Hart’s commitment to community service and pro bono work reflects the values of Idaho’s business community, which places great importance on giving back.
Gabe Hamilton, the administrative partner of Holland & Hart’s Boise office, emphasizes their commitment to community involvement. The firm’s attorneys dedicate their time to pro bono legal services and civic contributions, supporting various organizations focused on arts, education, health, human rights, and more. The Holland & Hart Foundation, celebrating its 25th anniversary, exemplifies their dedication to community building.
In 2023, Idaho’s business landscape continues to flourish. The annual list of Idaho’s top 100 businesses represents over $55 billion in annual revenue, showcasing the state’s economic strength and resilience. Of these honorees, 61 are based in the Boise/Meridian area, while 39 are spread across Idaho, illustrating the geographic diversity of business success in the state.
These rankings are based on annual gross income, a testament to the growth and prosperity of Idaho’s businesses. This year, KPMG, LLP compiled the survey results, further highlighting its significance in Idaho’s business ecosystem.
Idaho’s business journey has evolved significantly since the days of fur trading posts and tri-weekly newspapers. Today, it is a state defined by diversity, innovation, and a strong sense of community. With Micron’s global impact, KPMG’s international, Idaho Trust Bank’s personalized service, Holland & Hart’s legal expertise, and the success of countless others, Idaho’s business landscape continues to thrive and inspire. The state’s history and future are intricately intertwined with the stories of these businesses, reflecting the resilience, innovation, and entrepreneurial spirit that define Idaho’s business community.
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