Annual ranking showcases the 100 fastest-growing urban businesses in America.
Philadelphia, PA, May 23, 2013 – The Initiative for a Competitive Inner City (ICIC) and FORTUNE announced that Azavea was selected for the 2013 Inner City 100, a list of the fastest-growing inner city companies in the U.S. 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. Azavea, an award-winning geographic analysis and geographic information systems (GIS) software development firm based in Philadelphia, was ranked 79th on the list.
The Inner City 100 list provides unmatched original data on the fastest-growing inner city businesses in the U.S. In the last 15 years, 750 unique companies have earned positions on the Inner City 100, collectively generating more than $2.1 billion in annual revenues and creating over 76,000 new jobs. Azavea was ranked 79th according to their 5-year growth rate from 2007 to 2011. This is the 4th time that the company makes the Inner City 100 list.
“We are excited to celebrate inner city businesses like Azavea whose success stories are not told nearly enough,” said Mary Kay Leonard, ICIC President and CEO. “These entrepreneurs are driving economic forces in America’s urban cores, growing their communities along with their businesses.”
For the 2013 list, winners represent a wide span of geography, operating in 48 cities and 27 states. The 2013 Inner City 100 winners grew at a compound annual growth rate of 36 percent and an average standard growth rate of 411 percent between 2007 and 2011. Collectively, the top 100 inner city businesses employ 10,391 employees and have created more than 5,863 new jobs between 2007 and 2011.
Highlights of the 2013 Inner City 100 include:
- Employ 10,391 workers (48% inner city residents; 20% immigrants; and 37% minorities).
- Created 5,863 new jobs in the last five years.
- 28% are woman-owned. Nationally, only 10% of companies with over $1 million in annual revenues are woman-owned.
- 35% are minority-owned. Nationally, only 21% of all companies are headed by minorities.
- Companies generated $23.4 million in revenues on average and $2.3 billion in the aggregate.
“We are tremendously grateful to our clients for placing their trust in us and making this award possible. It is a privilege to be part of this list of thriving companies. We see our urban location as a competitive advantage with assets that include access to public transit, a richly diverse cultural environment, strong academic institutions, and a thriving tech and startup community. We look forward to continuing to make a difference in Philadelphia’s communities and around the world.” — Robert Cheetham, CEO and President of Azavea.
The rankings for each company were announced at the Inner City 100 Awards on Tuesday, May 21, 2013 in Boston, Massachusetts. The Awards marked the Inner City 100 program’s 15th year and launched a formal alumni network of Inner City 100 winners. Preceding the Awards celebration, winners attended a two-day small business Symposium featuring business management case studies presented by Harvard Business School professors and peer-to-peer learning sessions led by CEOs of fast-growing firms.
The full Inner City 100 list can be viewed at http://money.cnn.com/magazines/fortune/innercity100/
About Azavea – Azavea is an award-winning geospatial analysis (GIS) software development firm specializing in the creation of location-based web and mobile software as well as geospatial analysis services. Azavea is a certified B Corporation that applies geographic data and technology to promote the emergence of vibrant and sustainable communities while advancing the state-of-the-art through research. Each of Azavea’s projects, products and pro bono engagements showcases this commitment. Find out more at http://www.azavea.com/.
If you would like more information about Azavea or to schedule an interview with Robert Cheetham, Azavea CEO and President, please contact Amy Trahey at (215) 558-6184 or e-mail firstname.lastname@example.org.
About Initiative for a Competitive Inner City -ICIC 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. Find out more at www.icic.org.