ICIC Celebrates 10th Anniversary of Inner City 100, a List of America's Fastest-Growing Inner City Companies

Business Wire, April 24, 2008

John Fish, President and CEO of Suffolk Construction to Chair Awards Dinner

BOSTON -- The Inner City 100, the annual ranking of the fastest-growing businesses in the nation's inner cities, will recognize a decade of achievement this spring with a milestone 10th anniversary Summit on April 30th and May 1st. Founded by the Initiative for a Competitive Inner City (ICIC) and Inc. Magazine in 1999 to showcase the robust but often unrecognized economic activity of inner cities, the list has generated innovative programs and economic opportunities in urban areas, and served as a self-perpetuating growth engine that generates jobs, income and wealth creation for inner city residents.

"The Inner City 100 list is the most potent symbol in America that change is actually happening. Not only does it capture the vitality of inner cities, it also increasingly reflects the future of the country," stated Harvard Business School professor Michael E. Porter, founder and chairman of ICIC. "When we look at the Inner City 100 list, which is perhaps the most diverse list in America from both an ownership and employee standpoint, we are looking into the future. For many, this list also represents what is possible in America for entrepreneurs who have not historically participated in the American dream. I can think of no other list that signals that economic opportunity can really mean something in this country."

On May 1st, over 1,000 business, government and community leaders will come together to help celebrate one of the highlights of the Summit, the Inner City 100 Awards Dinner where the list and the rank of each company are unveiled for the first time. John Fish, President and CEO of Suffolk Construction, a Boston-based inner city company, will chair this year's Dinner. The gala event serves as ICIC's major annual fundraising effort, and 2008 efforts are set to break all previous records.

"As founder and CEO of a successful business located in the heart of an inner city neighborhood, I have a genuine appreciation for Professor Michael Porter's commitment to inner cities and his focus on spreading hope through economic development," said John F. Fish, Inner City 100 Chairperson and CEO of Suffolk Construction Company, Inc. "I am extremely excited to be chairing this year's 10th Anniversary Inner City 100 Summit to recognize some of the most successful and inspiring inner city companies in the country, while paying special tribute to Professor Porter and his outstanding work."

"The launch 10 years ago of the Inner City 100 created a movement - one that has grown to include a wide and growing array of partners," stated David G. Latimore, ICIC President and CEO. "The active participation of so many organizations across the broad spectrum of American industry, have helped make the Inner City 100 -- like its honorees -- a powerful, ongoing force for positive change."

After mayors across the country became involved with spreading the word about the Inner City 100 list, the U.S. Council of Mayors formed a partnership with ICIC to pursue joint initiatives. Over the years, the Inner City 100's ability to find and recognize urban successes has grown as more nominating partners have signed on, including the Center for Women's Business Research, New America Alliance, National Association of Manufacturers, Small Business Administration and the Rainbow/PUSH Coalition-Wall Street Project.

In addition, the Inner City 100 receives strong support from Fortune 500 companies like Chevron, Merrill Lynch, PricewaterhouseCoopers and Staples. These corporations view partnerships with their inner city counterparts as a key demonstration of the importance of inner city markets.

The two-day Summit also features seminars for Inner City 100 owners and managers at Harvard Business School taught by world renowned professors including Professor Porter's session on "strategy and competition" and networking events.

The Inner City 100 has discovered and celebrated thousands of unheralded business achievers over the last 10 years. More than 12,000 inner city companies have been nominated for the Inner City 100 list since its inception, with 519 companies spanning 138 cities and 43 states making the list. Winning companies have created nearly 57,000 new jobs - many with above-average wages, health insurance and other benefits - and employed nearly 76,000 people. Of these employees, about 44% are inner-city residents - a percentage 74% higher than the average inner city firm. Accomplishments of winning inner city companies over the last 10 years include:

* Generating almost $23 billion in total sales and averaging a vigorous annual compound growth rate of 53%.

* Encouraging a high rate of entrepreneurship among ethnic minorities and women. 32% of winning companies are owned by ethnic minorities, which is an astounding 200% higher than the national average. 17% are women-owned - a figure 82% higher than the national average.

Editor's Notes:

To qualify for the Inner City 100 list, companies were required to have at least 51 percent of their operations located in an economically distressed urban area; have at least 10 employees; and have a five-year operating sales history that includes at least six months of sales in the first year of consideration, an increase in year five sales over year four sales, and fifth-year sales of at least $1 million. The specific rankings were based on total revenue growth over the five-year period. An economically distressed urban area is defined by ICIC as having a 50 percent higher unemployment level, 50 percent higher poverty level, and 50 percent lower median income than the metropolitan statistical area.