Visit www.innercity100.org to apply for the 2005 Inner City 100.
Q. What is the Inner City 100?
A. The Inner City 100 is a national listing of 100 of the fastest-growing companies located exclusively in America's inner cities. It is a joint project of Inc. and the Initiative for a Competitive Inner City (ICIC), a nonprofit organization founded by Harvard professor Michael E. Porter. The sixth annual Inner City 100 listing was published in the May 2004 issue of Inc. A complete database of the winners is online here at Inc.com, as are the Inc. stories that detail their growth. This year, the Initiative for a Competitive Inner City (ICIC) received over 7,000 nominations. The organization partnered with local and national nominating partners including the National Association of Manufacturers, the National Women's Business Council, the New America Alliance, and the U.S. Conference of Mayors. In addition, Merrill Lynch, the national sponsor of the Inner City 100 program, nominated close to 800 companies.
Q. What are the purposes of the Inner City 100?
A. The Inner City 100 finds, celebrates, and supports hundreds of high-growth inner-city companies. The annual list showcases thriving businesses creating jobs, income, and wealth for inner-city residents. The Inner City 100 is intended to stimulate economic vitality in the inner city by alerting America's business community to its vast opportunities.
Q. How do you decide who makes the Inner City 100 list?
A. Eligible companies are ranked according to their five-year sales growth. The 2004 Inner City 100 is ranked according to the company growth rates between the fiscal years 1998 and 2002.
Q. What companies are eligible?
A. In order to qualify for the 2004 list, a company must have met the following criteria:
- Be an independent, for-profit corporation, partnership, or proprietorship (not a subsidiary or division); regulated banks, utilities, and holding companies were excluded;
- Be headquartered in or have 51% or more of its physical operations in "distressed" urban (inner city) areas;
- Have 10 or more employees in 2002; and
- Have a five-year operating sales history that included revenues of at least $200,000 in 1998, an increase in 2002 sales over 2001 sales, and 2002 sales of at least $1 million.
Q. What do winners get?
A. Winners are recognized in Inc. as 100 of the fastest-growing inner-city companies in the nation, and some are selected for feature articles. Many companies are also featured in other national and local media. Rankings on the Inner City 100 are announced at the annual Inner City 100 Awards Dinner, a gala event gathering entrepreneurial, corporate, and civic leaders in celebration of urban entrepreneurship. Winners are also invited to the Inner City 100 CEO Forum, a two-day interactive symposium on the common issues faced by growth companies.
Q. How can my company apply to the year 2005 list?
A. Applications will be available starting the summer of 2003 and are due by October 1st, 2004. Please contact ICIC for details:
Dereje Bereta, Inner City 100 Coordinator
Initiative for a Competitive Inner City
727 Atlantic Ave., Suite 600
Boston, MA 02111
Phone: (617) 292-2363 x 142
Website: www.innercity100.org
E-mail: dbereta@icic.org
