The Initiative for a Competitive Inner City (ICIC) and BusinessWeek Small Biz magazine have just released the 2009 Inner City 100 list, a ranking of the 100 fastest-growing businesses in inner city communities nationwide. Avencia, an award-winning geographic analysis and geographic information systems (GIS) software development firm, was ranked 13th on the list. Innovative practices and sustained growth are the predominant traits of the 2009 Inner City 100.
Now in its 11th year, the Inner City 100 provides unmatched original data on the fastest growing inner-city businesses in the U.S. For the 2009 list, over 5,000 nominations were received. The 2009 Inner City 100 winners grew at a compound annual growth rate of 40% and an average rate of 324%between 2003 and 2007. Collectively, the top 100 inner city businesses have employed nearly 17,000 people and created nearly 10,000 new jobs over the past five years. Avencia was ranked 13th according to their 5-year growth rate from 2003 to 2007 of 647%.
Among the top cities represented in the 2009 list, Denver has seven winning companies and Boston, Philadelphia, Oakland, and San Francisco each have four companies. Other Philadelphia companies that made the list include: Amuneal Manufacturing Corporation (51), Stroll (62), and Perryman Building and Construction Services (94).
"It is a tremendous privilege to be part of this list of thriving companies. Our firm was founded on the idea that location-based technologies can help promote the emergence of more dynamic, vibrant communities. So we feel proud and honored that our work and contributions are being recognized. We see our urban location as a competitive advantage with assets that include access to public transit, relatively short commutes for our staff, a major airport hub, a richly diverse cultural environment, strong academic institutions and a reasonably priced real estate market. We look forward to continuing to make a difference in Philadelphia's communities and around the country." -- Robert Cheetham, CEO and President of Avencia.
The list is intended to demonstrate the idea that doing business in an inner city area holds a distinct competitive advantage. ICIC has been studying the economic condition of the largest 100 American cities for more than a decade and is working to revitalize inner cities across the country by promoting entrepreneurship.
"We are delighted to celebrate businesses like Avencia that are playing a critical role to revitalize distressed urban communities throughout America," said Michael Porter, founder and CEO of ICIC. "By creating jobs, income, and wealth for local residents, these high-growth businesses are vivid proof that the most effective way to address economic inequality in America is to equip every community to prosper in the market system."
The 2009 Inner City 100 winners will be featured in the spring issue of BusinessWeek SmallBiz magazine