Like Founder-Led Small-Caps? Here’s a List of All of Them.

For a while now I’ve been wanting to go through all small and micro-cap companies that are still run by their founders, but I could never find a list anywhere. So I finally decided to generate the list myself. I started by downloading a list of companies that fit the following criteria:

  1. Market cap less than $500 million
  2. Average daily volume of at least $5,000
  3. Share price of at least $0.05
  4. Only companies with up-to-date reports (so no grey or dark companies)
  5. Based in the USA
  6. No biotech or pharma


This gave me a list of 725 companies that I went through one-by-one to see whether a founder was still involved. My plan is to now go through all these founder-led small-caps and hopefully find a couple passionate founders who I can invest in for the next decade. A couple overall stats before I list the companies:

  1. Out of 725 companies, 218 of them (or 30.1%) still have one of the founders involved in some capacity.
  2. Out of 725 companies, 134 of them (or 18.5%) have a founder as the CEO.

I don’t know what I expected, but those seem like pretty reasonable percentages. Anyway, I thought some readers might want to go through this list as well so I wanted to share it.

CEO

AAC Holdings Inc (AAC)
Accelerize Inc (ACLZ)
Actua Corp (ACTA)
Aethlon Medical Inc (AEMD)
Amber Road Inc (AMBR)
Ameresco Inc (AMRC)
American Shared Hospital Services (AMS)
Alpha and Omega Semiconductor Ltd (AOSL)
Aqua Metals Inc (AQMS)
ARC Document Solutions Inc (ARC)
Arch Therapeutics Inc (ARTH)
Atossa Genetics Inc (ATOS)
Avalon Holdings Corp (AWX)
AXT Inc (AXTI)
Barfresh Food Group Inc (BRFH)
BioSolar Inc (BSRC)
Broadvision Inc (BVSN)
CHDT Corp (CAPC)
Catasys Inc (CATS)
Consumer Capital Group Inc (CCGN)
ChromaDex Corp (CDXC)
Cypress Energy Partners LP (CELP)
Cannagrow Holdings Inc (CGRW)
Chefs’ Warehouse Inc (The) (CHEF)
Care.com Inc (CRCM)
Cartesian Inc (CRTN)
Cutera Inc (CUTR)
CV Sciences Inc (CVSI)
Covenant Transportation Group Inc (CVTI)
CVD Equipment Corp (CVV)
Cyanotech Corp (CYAN)
Digiliti Money Group Inc (DGLT)
Daxor Corp (DXR)
Dynatronics Corp (DYNT)
eGain Corp (EGAN)
EnerNOC Inc (ENOC)
Enzo Biochem Inc. (ENZ)
Exa Corp (EXA)
Frequency Electronics Inc. (FEIM)
Fulgent Genetics Inc (FLGT)
nFusz Inc (FUSZ)
ForeverGreen Worldwide Corp (FVRG)
General Finance Corp (GFN)
GSI Technology Inc (GSIT)
Hackett Group Inc (The) (HCKT)
Hudson Technologies Inc (HDSN)
Interpace Diagnostics Group Inc (IDXG)
Ifresh Inc (IFMK)
Infosonics Corp (IFON)
Information Services Group Inc (III)
Adesto Technologies Corp (IOTS)
iRadimed Corp (IRMD)
Issuer Direct Corp (ISDR)
Innovative Solutions and Support Inc (ISSC)
Invo Bioscience Inc (IVOB)
IZEA Inc (IZEA)
Jewett-Cameron Trading Co Ltd (JCTCF)
Kopin Corp (KOPN)
KonaRed Corp (KRED)
Kush Bottles Inc (KSHB)
KVH Industries Inc (KVHI)
Liquidity Services Inc (LQDT)
Long Island Iced Tea Corp (LTEA)
Majesco (MJCO)
Model N Inc (MODN)
Marin Software Inc (MRIN)
Medical Transcription Billing Corp (MTBC)
MaxPoint Interactive Inc (MXPT)
Natural Alternatives International Inc (NAII)
NantHealth Inc (NH)
Netlist Inc (NLST)
NutraFuels Inc (NTFU)
NetSol Technologies Inc (NTWK)
NeuroMetrix Inc (NURO)
Nxt-ID Inc (NXTD)
Ocean Bio-Chem Inc (OBCI)
OriginClear Inc (OCLN)
Ominto Inc (OMNT)
OTC Markets Group Inc (OTCM)
Pangaea Logistics Solutions Ltd (PANL)
PAVmed Inc (PAVM)
Pressure BioSciences Inc (PBIOD)
PCM Inc (PCMI)
Park City Group Inc (PCYG)
Perma Fix Environmental Services Inc (PESI)
Pioneer Power Solutions Inc (PPSI)
ParkerVision Inc (PRKR)
Primo Water Corp (PRMW)
Prism Technologies Group Inc (PRZM)
RadNet Inc (RDNT)
Reeds Inc (REED)
Reis Inc (REIS)
Reliv International Inc (RELV)
Repro MedSystems Inc (REPR)
Radiant Logistics Inc (RLGT)
Rocky Mountain Chocolate Factory Inc (RMCF)
Rockwell Medical Inc (RMTI)
RealNetworks Inc (RNWK)
Rubicon Project Inc (The) (RUBI)
Retractable Technologies Inc (RVP)
Sajan Inc (SAJA)
Strategic Environmental & Energy Resources Inc (SENR)
SigmaTron International Inc (SGMA)
Sigma Designs Inc (SIGM)
Sino-Global Shipping America Ltd (SINO)
Simulations Plus Inc (SLP)
SmartMetric Inc (SMME)
Smith Micro Software Inc (SMSI)
Surna Inc (SRNA)
Sensus Healthcare Inc (SRTS)
Servotronics Inc. (SVT)
Taitron Components Inc (TAIT)
TESSCO Technologies Inc (TESS)
Truett-Hurst Inc (THST)
Titan Machinery Inc (TITN)
TeleHealthCare Inc (TLLT)
Telenav Inc (TNAV)
Tofutti Brands Inc. (TOFB)
Tabula Rasa HealthCare Inc (TRHC)
TSR Inc (TSRI)
Upland Software Inc (UPLD)
Veritone Inc (VERI)
VirnetX Holding Corp (VHC)
Visualant Inc (VSUL)
Virtra Inc (VTSI)
Wellness Center USA Inc (WCUI)
Where Food Comes From Inc (WFCF)
Willis Lease Finance Corp (WLFC)
Willamette Valley Vineyards Inc (WVVI)
Xactly Corp (XTLY)
Youngevity International Inc (YGYID)
Zedge Inc (ZDGE)
Zoom Telephonics Inc (ZMTP)
Zynex Inc (ZYXI)

Chairman (but not CEO)

Aehr Test Systems (AEHR)
American Software Inc (AMSWA)
Amtech Systems Inc (ASYS)
Avinger Inc (AVGR)
AxoGen Inc (AXGN)
BioSig Technologies Inc (BSGM)
Bovie Medical Corp (BVX)
CAI International Inc (CAI)
CIBER Inc. (CBRIQ)
ChannelAdvisor Corp (ECOM)
Ecology and Environment Inc. (EEI)
Exactech Inc (EXAC)
Fonar Corp (FONR)
Gencor Industries Inc (GENC)
inTest Corp (INTT)
Intersections Inc (INTX)
Intevac Inc (IVAC)
Communications Systems Inc. (JCS)
JetPay Corp (JTPY)
MEDOVEX Corp (MDVX)
Mastech Digital Inc (MHH)
Miller Industries Inc/TN (MLR)
NCI Inc (NCIT)
Odyssey Marine Exploration Inc. (OMEX)
OptimizeRX Corp (OPRX)
Pulse Biosciences Inc (PLSE)
Plug Power Inc (PLUG)
Payment Data Systems Inc (PYDS)
Quest Resource Holding Corp (QRHC)
Resources Connection Inc (RECN)
Roka Bioscience Inc (ROKA)
Castle Brands Inc (ROX)
Socket Mobile Inc (SCKT)
SMART Global Holdings Inc (SGH)
Semler Scientific Inc (SMLR)
SeaSpine Holdings Corp (SPNE)
TechTarget Inc (TTGT)
Walker Innovation Inc (WLKR)
ExOne Co (The) (XONE)
XO Group Inc (XOXO)

Other involvement

XG Technology Inc (XGTI) – CFO
Marchex Inc (MCHX) – Consultant
InVivo Therapeutics Holdings Corp (NVIV) – Consultant
Resonant Inc (RESN) – COO
SNAP Interactive Inc (STVI) – COO
Sunworks Inc (SUNW) – COO
Widepoint Corp (WYY) – COO
ShotSpotter Inc (SSTI) – CSO
ViewRay Inc (VRAY) – CSO
Atomera Inc (ATOM) – CTO
Aerohive Networks Inc (HIVE) – CTO
Ideal Power Inc (IPWR) – CTO
Invuity Inc (IVTY) – CTO
SharpSpring Inc (SHSP) – CTO
Energous Corp (WATT) – CTO
YuMe Inc (YUME) – CTO
AdCare Health Systems Inc (ADK) – Director
AudioEye Inc (AEYE) – Director
Akers Biosciences Inc (AKER) – Director
Biolife Solutions Inc (BLFS) – Director
Cerus Corp (CERS) – Director
ConforMIS Inc (CFMS) – Director
Cogentix Medical Inc (CGNT) – Director
Echelon Corp (ELON) – Director
Second Sight Medical Products Inc (EYES) – Director
Rocket Fuel Inc (FUEL) – Director
Joint Corp (The) (JYNT) – Director
Lifeway Foods Inc (LWAY) – Director
LSI Industries Inc (LYTS) – Director
Nature’s Sunshine Products Inc (NATR) – Director
PAR Technology Corp (PAR) – Director
RCM Technologies Inc (RCMT) – Director
RF Industries Ltd (RFIL) – Director
Real Goods Solar Inc (RGSE) – Director
Arcadia Biosciences Inc (RKDA) – Director
S&W Seed Co (SANW) – Director
Senseonics Holdings Inc (SENS) – Director
Sevcon Inc (SEV) – Director
TSS Inc (TSSI) – Director
Travelzoo (TZOO) – Director
Versar Inc. (VSR) – Director
Orion Energy Systems Inc (OESX) – Executive
Ekso Bionics Holdings Inc (EKSO) – President
Rightscorp Inc (RIHT) – President

As of this writing, Wiedower Capital owns shares in WFCF. This is subject to change.

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11 thoughts on “Like Founder-Led Small-Caps? Here’s a List of All of Them.

    • I just pulled up their 10-K and found the following statement: “United’s predecessor, United International Research, Inc. (“UIR”), was founded and incorporated in New York in 1942 by Dr. Alfred R. Globus, United’s Chairman and Director of Research until his death on April 9, 2009.” It looks like the current CEO is his son perhaps? Maybe I’m missing something, but given the above I can see why I didn’t include the company.

      With that being said, I’m sure there are a couple false-positives and founders I missed in the above list. Some aren’t obvious and some require making judgment calls (which others may disagree with me on). For example, Warren Buffett isn’t technically the founder of Berkshire Hathaway, but I think most people would agree for all intents and purposes he is the founder of the company in its current form.

      Like

  1. yes- Ken Globes is his son. I believe controlling family also counts 🙂 if the second generation is involved in running the company and holding a large part of it- it shows the commitment

    Like

  2. Hey there – where did you download the initial lists of companies from? Would be great to know about a comprehensive national database with cuttable data points.

    Like

  3. I really appreciate your work and investmentstyle! Do you have an opinion on Open Text, The Joint Corp., Wabtec or Admiral Group (plc)? Greetings from Germany and i hope you will continue sharing your ideas with us.

    Like

      • Thank you anyway! I started reading the earnings calls of Elbit Vision Systems and find it very interesting. The only thing i`m curious about is the competition, so may i ask you about your opinion on the competitive advantages of Elbit. Does it have a moat and where do you see it?
        Where did you get your Information from? Is there any substantial source beside the earnings calls to discover the value of the business?

        Like

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