CATEGORIES

Norway's Nicolai Tangen Runs the World's Biggest Sovereign Fund. Can He Leverage its Assets to Change Business for the Better? - Nicolai Tangen, the Norwegian founder of London hedge fund AKO Capital, was picked by Norway's central bank to be the next CEO of its gargantuan oil-and-gas-financed investment fund, whose value had soared above $1 trillion.

Oslo, with its neatly painted houses and serene waterfront, is not known for high drama. But in 2020, Norway’s capital erupted in controversy over one spectacularly wealthy investor, a splashy event in Philadelphia—and the biggest sovereign wealth fund on the planet.

A Return of the Entrepreneurial Spirit- As Japan finally emerges from a long period of slow growth, soy sauce producer Kikkoman continues its global advance.

In February 2024, the Nikkei Stock Average in Japan surpassed the record high that it set in 1990. To some, this peak signified that the country could finally put the "lost decades" of deflation and anemic growth behind. Yuzaburo Mogi, honorary CEO and chairman of the board of Kikkoman, is cautiously optimistic about this milestone. With a generational shift in motion, he sees Japan's leadership regaining some of its old dynamism and entrepreneurial spirit.

The AI Hangover- For thirty-five years, Fortune has been tracking the world's largest companies in our Global 500 ranking.

For thirty-five years, Fortune has been tracking the world's largest companies in our Global 500 ranking. We recently sat down with the head of Sequoia Capital, Roelof Botha, at our Brainstorm Tech conference in Park City, Utah, and at greater length for this issue's cover story. As he told Fortune's Michal Lev-Ram: "Winning isn't everything, it's the only thing." To learn how he's guiding the firm to sort winners from losers amid the noise and hype, see page 60.

Smokin - Dickey's barbecue pit is on a serious growth track with their humble beginnings in mind

Dickey's barbecue pit is on a serious growth track with their humble beginnings in mind. Since 1941, the Dickey family have combined their hankering for legit Texas Barbecue™ with business acumen and a love of giving back and have grown from a single rib shack by the railroad tracks to the largest barbecue chain in the world.

What If?- Supply chain simulations deliver the answers to complex questions

Supply chain simulations deliver the answers to complex questions. Models like SCM globe's use predictive data analytics to pinpoint areas of risk and highlight the severity of potential disruptions based on different risk appetites.

AI Is in Its Awkward Era - Companies on this year's Inc. 5000 detail their growing pains, as investors expand their understanding of AI beyond chatbots and generative art.

For AI entrepreneurs, the enthusiasm is doubleedged. Interest in their tools has never been greater, as nearly half of the Inc. 5000 honorees who took our CEO Survey (see page 49) cite the use of at least one AI service. OpenAI was the top provider. But genAI hype has also led to misconceptions about what these tools actually do. As AI zips to the top of investors' portfolios, founders say the biggest factor limiting their growth isn't fundraising; it's overcoming a towering knowledge gap.

Meet the Inc. 5000- Moving the Goalposts - Religion of Sports believes it has the strategy for docuseries success in a suddenly cost-conscious Hollywood.

Religion of Sports believes it has the strategy for docuseries success in a suddenly cost-conscious Hollywood. When it comes to understanding athletes, Gotham Chopra has learned some lessons: Losses are more interesting than victories, the old guard has more enlightening things to say than up-and-coming phenoms, and success doesn't typically happen overnight. It was Serena Williams who served that last point to him after he rallied for seven years to try to get her to do a documentary with his production company, Religion of Sports. "Boy, you're persistent," he remembers she said to him.

Truff's Founders Want to Be the Ciroq of Hot Sauce. Daniel Lubetzky Advises:- The founder of the multibillion-dollar snack company Kind is helping Truff co-founder Nick Ajluni turn his condiment brand into a market leader.

Nick Ajluni's first company was fueled by partying 20-somethings. As a college student, he launched a line of powdered beverages meant to be mixers and chasers for alcohol. The product never took off, but after graduating, Ajluni teamed up with a former classmate who was claiming Instagram handles that might come in handy for businesses. One of them, @sauce, amassed tens of thousands of followers, prompting the pair to start their own sauce company. They drew inspiration from Ciroq vodka, a wildly popular brand thanks in part to its promotion by hip-hop artists.

Chip Conley Human wisdom is more valuable than ever. But true wisdom requires these six skills- When management theorist Peter Drucker coined the term knowledge workers in 1959, most people had no idea what he was talking about.

When management theorist Peter Drucker coined the term knowledge workers in 1959, most people had no idea what he was talking about. Since then, knowledge workers have come to rule the world. Today, seven of the world's 10 most valuable companies are tech companies, the ultimate workplace for knowledge workers.

Karen Dillon Congratulations on Your Company's Big Success. So Now, Let Me Ask- Are You Happy? - Happiness is actually contagious. The Framingham Heart Study-the longest ongoing study of heart health in the world, which has tracked aspects of participants' lives for more than 75 years-found that being in the presence of someone who is happy is likely to spur happiness in yourself.

For Jeremy Kasler, founder and CEO of CaskX, the pandemic offered an unexpected opportunity to reset his life. Having sold his previous company, Hong Kong-based Art Futures Group, which paired midcareer artists with investors, the native Brit planned to spend some time reconnecting with family in Australia as he got his new startup off the ground. The new business, which helps individual investors purchase barrels (or casks) of bourbon and Scotch from distilleries in the U.S. and Scotland, was still in its early days when Kasler arrived in Sydney just a day before the country went into lockdown. I kind of got stuck there, he recalls. But in hindsight, it was one of the best things that could have happened to him-and his new company.

CUT FROM A DIFFERENT CLOTH

With sustainable merino, Branwyn aims to build a brand that supports women and the planet.

HOW YOUR OFFICE SALAD CAN CHANGE THE WORLD

For Sharebite's Dilip Rao, eliminating food insecurity isn't an empty marketing goal. It's his calling.

WHEN THE MINNOW SWALLOWS THE WHALE

No sooner had Jay McKee led Lessen to a billion-dollar valuation than he set his sights on a massive deal.

CRAFTING THEIR OWN CAREERS

How The Woobles transformed a teeny-tiny hobby into into an empire of cute.

WHAT DOESN'T KILL YOU MAKES YOU STRONGER

This year's Inc. 5000 companies managed to grow quickly through a period of high inflation the likes of which we haven't seen in over 40 years. Here's how it shaped these businesses for the better.

KICK STARTERS

A serial inventor, a first-time CEO, and alumni of some of the biggest sneaker brands in the world are ready to grow Kizik into the next billion-dollar shoe company.

BURSTING AT THE SEAMS

KIM KARDASHIAN'S SKIMS IS EXPANDING RAPIDLY, FUELING RUMORS OF AN IPO. BUT CAN THE COMPANY EVER REALLY OUTGROW ITS REALITY-TV CO-FOUNDER?

My Brand's Facials Are Great. Our Real Estate Strategy Is Even Better

There is no shortage of competition in the $144 billion skin care industry.

How I Found a Way to Ease the Pain of Health Insurance Costs

How can something so vital to human life feel so lifeless? That's the question Alex Cyriac found himself asking about the health insurance industry after medical complications left his mother struggling with years of chronic pain.

How I Scaled My Pup's Raw Food Diet Into a Healthy Brand

Katie Spies, 32, doesn't know how to live without a pet.

Marketers Hope the Odds Are Ever in Their Favor

Against industry headwinds, the country's fastest-growing advertising and marketing companies are nimble, specific, and good at what they do.

Managing the Future of Work Isn't an Easy Job

Hirings and firings, layoffs and resignations. The workforce is experiencing never-ending upheaval, and HR professionals are pivoting fast.

IS DEI DEAD, OR DOES IT JUST NEED TO EVOLVE?

In the face of corporate backtracking, Praxis Labs is using AI to foster inclusivity.

When Tiny Changes Reap Enormous Results

Amer Alnajar and Faris Ghawi aimed to create a primary-care clinic that produced better results at lower costs. They ended up reframing American and landed at the medicine top of the Inc. 5000.

"WE HAD 10 EMPLOYEES, AND 25 LAWSUITS"

Hoan Ton-That, the controversial co-founder and CEO of Clearview Al, is confident that past scrutiny won't stop his company from netting $2 billion a year in revenue.

Power Players

The future of energy is greenand smells like oil. Whatever the political fights, our demand for juice is rising fast, and Inc. 5000 companies are ready to meet it.

How I Used AI to Solve a Pharmaceutical Puzzle

Yoona Kim, 44, wanted to help people access health care.

STAYING ON TRACK

Quadtracs are holding value better than other equipment categories.

BUILDING FARM STABILITY

This young farmer uses regenerative practices and diversification to set up his farm for the future.

ESTATE TAXES COULD RISE; PLAN NOW!

Current estate tax exclusions set to sunset at the end of 2025.