Washington, DC (PRWEB) May 10, 2012
TCG, a leading government technology strategy and IT consultancy, has been named by the Initiative for a Competitive Inner City (ICIC) and Fortune Magazine as one of the 100 fastest-growing inner city companies in the United States. The Inner City 100 program recognizes successful inner city companies and their CEOs as role models for entrepreneurship, innovative business practices, and job creation in America’s urban communities. The full list can be viewed at fortune.com.
TCG ranked 23rd on the 2012 list, which was announced at the 14th Annual Inner City 100 Awards Dinner on Wednesday, May 9, 2012 in Boston, MA. Winners attended a two-day small business symposium featuring executive education case studies and how-to workshops from leading content providers, including Harvard Business School, Babson College, and Boston University. This is TCG’s third consecutive appearance on the list having ranked 37th in 2010 and 17th in 2011.
“We are elated to be recognized by ICIC and Fortune Magazine as an Inner City 100 company for the third year in a row,” said TCG President Daniel Turner. “I located TCG in an underserved area to help revitalize DC while also taking advantage of some lucrative tax breaks that make us more cost competitive for our government clients. We are still growing in revenue, clients, and employees, and aim to continue to be an integral contributor to the DC economy and business community for years to come.”
“We are delighted to celebrate businesses like TCG that are playing a critical role in revitalizing America’s urban communities,” said Mary Kay Leonard, ICIC president and CEO. “Through their achievements, the Inner City 100 winning companies exemplify America’s remarkable potential and the future of our urban centers. These extraordinary companies demonstrate the market possibilities that exist within our inner cities and the growth that is at the heart of all urban entrepreneurial successes.”
The Inner City 100 list provides unmatched original data on the fastest growing inner city businesses in the U.S. For the 2012 list, winners represent a wide span of geography, operating in 46 cities and 30 states. The Inner City 100 companies generated $15.3 million in revenues on average and $1.5 billion in the aggregate, and grew at a compound annual growth rate of 40 percent and an average standard growth rate of 577 percent between 2006 and 2010. Collectively, the top 100 inner city businesses employ 7,965 employees and have created more than 4,635 new jobs between 2006 and 2010. Not only are they powerful job creators in their communities, but they also treat their employees well—a stunning 93% of the list provide health insurance.
The list is proof of concept that doing business in an inner city area holds a distinct competitive advantage. Highlights of the 2012 Inner City 100 list include:
● 36 percent of this year’s Inner City 100 companies are minority owned. Nationally, only 21 percent of companies are headed by minorities.
● 25 percent of the 2012 Inner City 100 are women- owned companies. Nationally, only 10 percent of companies with over $1 million in annual revenues are women-owned companies.
● The 2012 Inner City 100 boasts an average workforce that is comprised of 40 percent inner city residents.
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 full-time employees; and a five-year operating sales history that includes at least $200,000 in revenues 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. For the 2012 list, ICIC looked at total revenue growth from 2006 to 2010 and the specific rankings were based on these growth rates. 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. In the last 14 years, 720 different companies have earned positions on the Inner City 100, collectively generating more than $2.2 billion in annual revenues and creating nearly 73,000 new jobs. Chevron Corporation, Staples and Goldman Sachs are long-time sponsors of the program.
TCG (http://www.tcg.com) is an award-winning small business that specializes in tailored information technology solutions and consulting services with a particular focus on grants management, collaboration platforms, and budget formulation and execution. TCG transforms information technology infrastructures and inconsistent processes to integrated environments built on reusable functionality, consistent business processes, and interoperable infrastructures. The multiple awards that TCG and its clients have received demonstrate the benefits of using best practices such as CMMI, ITIL, and PMBOK to meet complex technology and management needs.
TCG’s company goal is to save the US taxpayer $1 billion by 2016. So far the company has saved the government in excess of $265 million by automating once-costly processes, using time-saving and money-saving processes in developing code, helping the government restructure its business processes, and paying careful attention to the company’s own expenses on contracts.
The Initiative for a Competitive Inner City (http://www.icic.org) is a nonprofit research and strategy organization and the leading authority on U.S. inner city economies and the businesses that thrive there. Founded in 1994 by Harvard Business School Professor Michael Porter, ICIC expands inner city economies by providing businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. ICIC's unique knowledge and expertise about inner city success factors and thriving companies is developed from specialized urban networks and path-breaking research.
Inner City 100 Sponsors
Chevron Corporation, Goldman Sachs 10,000 Small Businesses, and Staples, Inc.