Boston, MA (PRWEB) April 25, 2005
Today, the 2005 ICIC-Inc Magazine Inner City 100 were released, and Barcoding Inc. is ranked 11th on the list of the fastest growing inner-city companies in America.
The list, a ranking of 100 of the fastest-growing businesses in inner city areas around the country, reveals that virtually all of these companies are profitable and planning to expand their workforces. The 2005 Inner City 100 showed an astounding CAGR of 63 percent and an average annual growth of 827 percent between 1999 and 2003, compared with an average of 716 percent for all companies appearing on the Inner City 100 since its inception in 1999. This yearÂs list was culled from more than 4,500 nominations in 150 cities. These companies have created almost 9,600 new jobs in the past five years.
Merrill Lynch, the international financial management and business advisory services company, returns for the 3rd year as national sponsor of the program.
"Our partnership with ICIC and sponsorship of this year's Inner City 100 event gives Merrill Lynch a unique opportunity to recognize and support the vitality, creativity and leadership of these fast growing inner city companies," says John C. Minter, Jr., First Vice President and National Sales Director, Merrill Lynch Business Financial Services. "These companies embody the very best of American business."
Fifty-eight cities are represented on the final list. Chicago, Detroit and Denver have the most winners with five apiece. The list represents the leading edge of a new approach to AmericaÂs urban revitalization Â one that relies not on charity but on the competitive advantages of inner cities. The Initiative for a Competitive Inner City (ICIC) has been studying the economic condition of the largest 100 American cities and is working to revitalize inner cities across the country.
The 2005 Inner City 100 winners are attending the Inner City 100 Summit in Boston for a two-day event featuring seminars for Inner City 100 owners and managers at Harvard Business School, a reception at Fenway Park, and culminating in a gala awards dinner, where more than 1,000 guests are expected.
ÂDespite perceptions to the contrary, our research and work has continually shown that locating all or part of oneÂs business in an inner city gives you inherent advantages Â from workforce diversity and availability to proximity to transportation nodes and downtown,Â said Michael E. Porter, a Harvard Business School professor who founded ICIC in 1994. ÂBy choosing to grow businesses in AmericaÂs inner cities, the owners of these businesses are transforming urban landscapes across the nation.Â
Highlights of the 2005 Inner City 100 list include:
- Thirty-one percent of the companies on the list are minority-owned (compared with 11 percent nationally) and 18 percent are owned by women;
- Twenty-nine percent said recruiting qualified employees was one of the top factors limiting growth;
- When it came to raising capital, 45 percent of companies reported some difficulty in doing so. In turn, 89 percent used personal assets to start their business;
- Forty percent of company employees live in the inner city, including 38 percent of all Ârank and fileÂ employees and 10 percent of all senior management;
- Seventy-two percent of companies lease their location, rather than own;
- The average age of a CEO at the time their company was founded was 34; 53 percent of all CEOs have completed at least four years of college; and 78 percent live or have lived in an inner city;
- On average, CEOs owned 62 percent of their companies, while outside investors averaged 10 percent ownership
The record number of nominations received this year was largely due to the Inner City 100 National Program Sponsor Merrill Lynch and nominating partners such as U.S. Conference of Mayors, New America Alliance, National WomenÂs Business Council, and National Association of Manufacturers.
ÂWe have learned from the Inner City 100 CEOs and employees that success is more certain when you reverse thinking from addressing deficits in the community to building upon its assets,Â said Dorothy A. Terrell, president and CEO of ICIC. ÂOur partnership with Merrill Lynch will significantly enhance ICIC's capacity to find and celebrate the impact of the companyÂs success on the neighborhoods where it does business.Â
The Inner City 100 winners are based in 58 cities. Inner City 100 companies were selected from a pool of over 4,500 new nominations including 500 from Merrill Lynch and 600 from MayorsÂ offices. These companies were nominated from 150 cities compared. Criteria for the award include having at least 51 percent of operations located in economically distressed urban areas; having sales of at least $150,000 in 1999 and at least $1 million in 2003. Average annual sales for the 100 companies in 2003 was in excess of $21 million. Collectively, sales totaled more than $2.2 billion.
About Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City (ICIC) is a national not-for-profit organization founded in 1994 by Harvard Business School professor Michael E. Porter to promote a market-based approach and cutting-edge solutions for inner-city revitalization. ICICÂs mission is to build healthy economies in AmericaÂs inner cities that create jobs, income, and wealth for local residents.
We act to transform thinking, provide cities with a new vision of economic development, and engage the resources of the private sector to accelerate inner-city business growth.
For more information, please visit our web site at http://www.icic.org/.
Inc is the leading magazine written for the men and women who own and manage small-to-mid-sized, fast-growing companies. Published 12 times a year, Inc helps its 1.5 million readers by providing expert advice and practical solutions as they face the opportunities, pitfalls, and rewards of growing a company. inc.com (http://www.inc.com), the Web site for growing companies, was named Best Online Magazine by Folio and Best Overall New Publication (all media) by the Computer Press Association.
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets of approximately $1.1 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit http://www.ml.com/.
About Barcoding Inc.
Barcoding Inc. helps business and government organizations deploy supply chain technology, including bar code scanners, wireless terminals, mobile computers, RFID systems, and related software. Clients include manufacturing, distribution, healthcare and warehousing companies, and many state, local and federal agencies. Based in Baltimore, Maryland, Barcoding has North American offices in Virginia, Pennsylvania, Georgia, Florida, California, Colorado, Connecticut and Illinois. European sales and customer service are handled through an office in the Netherlands. Please visit http://www.barcoding.com/ for additional information.
For more information about the 2005 Inner City 100 list contact Deirdre Coyle at 617 292-2363 ext.242