In the ever-evolving realm of information technology, compliance and governance are paramount. Companies like IT Audit Labs have risen to meet these challenges head-on, ensuring that businesses navigate the complexities of IT auditing with precision and confidence. This is the journey of IT Audit Labs—a company that embarked on a transformative path while participating in the Scott County Center for Entrepreneurship (CFE) Business Accelerator Program.
The Beginning. IT Audit Labs was incorporated on October 30, 2018, with a modest but dedicated team: one full-time and three part-time employees. Eric Brown, the Managing Partner, brought a wealth of experience from his previous leadership roles in fortune 500, enterprise, and startup organizations. His vision was clear: to establish a company that excels in IT Auditing, Governance, risk, and Information Security Consulting.
The company specializes in conducting penetration tests, audits and information security get well plans for government entities, financial institutions, and corporations. Their services are focused on ensuring compliance with regulations such as HIPAA, PCI, SOC, and CJIS, providing remediation plans to address any gaps identified.
Entering the Business Accelerator Program. A year into its journey, IT Audit Labs made a pivotal decision by joining the CFE Business Accelerator Program. This move marked the beginning of an accelerated growth phase for the company. The CFE, known for its commitment to nurturing early-stage businesses, provided IT Audit Labs with the resources and support essential for scaling operations.
During their tenure in the program, IT Audit Labs leveraged CFE’s offerings. Eric Brown reflected on this period, stating, “The CFE programming is very helpful for start-ups. The opportunity to lease professional office space, work with a mentor, and have access to educational programming were key elements in laying the foundation for success.” Brown also participated in the CEO Next program offered through Scott County, for second stage businesses.
Growth and Success. Combining Brown’s background along with CFE’s support, IT Audit Labs transformed from a start-up into a robust enterprise. By June 2024, when the company graduated from the program, IT Audit Labs boasted a team of 14 full-time employees and 25 contracted workers. Their sales surged to over $3 million, reflecting a significant expansion in their client base and service capabilities.
The company’s impressive client portfolio included notable public clients such as the State of Minnesota, the Metropolitan Council, and Ramsey County. These partnerships underscored IT Audit Labs’ reputation for delivering reliable and effective IT auditing services.
Looking Ahead. As IT Audit Labs continues to expand and innovate, their journey serves as a testament to the impact of dedicated support systems like the CFE Business Accelerator Program. With a solid footing and a clear vision, IT Audit Labs is poised to achieve even greater heights in the field of IT auditing and compliance. For more information about IT Audit Labs and their services, visit https://www.itauditlabs.com/
The CFE. The Scott County CFE Business Accelerator Program is designed to support businesses in their formative years (0-5 years), the program aims to drive sales growth and employment. For IT Audit Labs, the CFE provided more than just resources; it offered a community of like-minded entrepreneurs and a platform for sustainable growth. To learn more about the Scott County Center for Entrepreneurship and its programs, visit https://scottcda.org/center-for-entrepreneurship/
