A study conducted by the University of Massachusetts Dartmouth Center for Marketing Research found that the fastest growing companies in the US are rapidly adopting social media. The study “compares corporate adoption of social media between 2007 and 2008 by the Inc. 500, a list of the fastest-growing private U.S. companies compiled annually by Inc. Magazine.”

Not only are these companies seeing an increased awareness of social media strategies, but also an increase in the adoption of social media as well as perceived importance of social media for business/marketing strategies.

The interesting part of this study is that the growth in the usage of social media amongst the fastest growing companies far surpasses Fortune 500 companies. For example, while Fortune 500 companies have only seen a 3.6% increase in blogging, Inc. 500’s companies have seen a 20% increase within the same time frame.

Are fast growing companies just more open to the adoption of new technologies, or could there actually be a reversal affect, where the adoption of social media technologies have actually helped with the growth of these companies?