No. 9: HDM Systems

City: Allston, Mass. Web site
Chief executive: Aileen Liu
Founded: 1995
Workers (2008): 19
Revenue (2008): $1,620,555
Five-year compound annual growth rate: 68%

HDM Systems is a minority-owned advanced power electronics designer and manufacturer, primarily producing batteries and charging systems for the transportation and military sectors. Prior to taking over HDM in 2003, Chinese-born Aileen Liu started and helped run telecom supplier International Power Devices. She was instrumental in its sale to Cisco Systems for $34 million. Liu believes HDM's Allston location gives it competitive advantages, including access to a highly skilled technology workforce, proximity to a significant Asian American community (helping to create a tight-knit-family feel) and convenience to important transportation infrastructure.

Full story here