Division of Labor

• 10% Senior Management
• 34% Mid-level/skilled
• 54% "Rank & file"

Inner-city Employees

40% of all employees live in the inner city, including 38% of all "rank & file" employees, 25% of all mid-level/skilled employees, and 10% of all senior management.

According to ICIC's State of the Inner City Economies project, just 23% of inner city jobs are held by inner-city residents.

22% of respondents said that 25% or more of their employees were immigrants to the United States.

18% of respondents said 25% or more of their workforce did not speak English as their primary language.

Benefits & Wages

Average hourly wage: $14.91 (median = $12.50)
Average annual salary: $45,664 (median = $42,000)

The average salary for jobs located in the inner city is $38,000, similar to the average for the rest of metropolitan areas in the US at $39,000.

Average employee turnover: 15% (National average is about 25% )

Finance & Banking

Start-up Capital

Average: $258,182
Median: $40,000
32% of respondents started with $10,000 or less

Growth Capital

73% of respondents reported having raised additional capital since start-up
$8.9 million was the average growth capital raised (Range: $5,000 to $102,000,000)

Fundraising Experiences

55% of respondents reported that capital was relatively easy to obtain
36% of respondents reported that limited sources of capital were available, resulting in a lower investment than planned
9% respondents reported that they were unable to obtain sufficient capital, resulting in an inability to grow the business

The Economy/Business Confidence

When asked about their expectations for the remainder of 2004 and 2005 as compared to 2003:

• 57% of respondents expect to see substantial growth in sales
• 36% of respondents expect to see modest growth in sales
• 4% of respondents expect sales to be about the same as 2003
• 1% of respondents expect to see a substantial decline in sales
• 1% of respondents expect to see a moderate decline in sales

CEO Confidence Index (CEOs were asked to rate the following factors according to the following scale: 1 = Substantially Better, 2 = Moderately Better, 3 = Same, 4 = Moderately Worse, 5 = Substantially Worse) and reported the following average results:

• Current economic conditions versus 6 months ago -- 2
• Current economic conditions in your industry versus 6 months ago -- 3
• Current economic conditions in your business neighborhood and immediate surroundings versus 6 months ago -- 3
• Your expectations for the economy six months from now -- 2
• Your expectations for your industry six months from now-- 2
• Your expectations for your business neighborhood and immediate surroundings six months from now -- 2

CEO Profile

Age

Average age: 45 years (median age = 43 years)
Average age at founding: 34 years (median age = 32 years)

Gender

82% Male
18% Female, compared with just 1.8% of women-owned businesses nationally having at least $1 million in sales

Ethnicity

69% White

• 18% Latino
• 12% Black
• 1% Asian
• 11% of companies are run by immigrants
• 22% of respondents are children of immigrants

Inner-City Living

78% have lived in an inner city

32% currently live in the inner city

Compensation

$286,526 was the average salary of the CEOs (median = $225,000)
$108,135 was the average value of non-cash compensation (median = $25,000)

Company Ownership

On average, the CEO owned 62% of the company, while outside investors (not including family, board members, top managers, and employees) held 10%