Four Hands named to Inner City 100 list
Receives fastest-growing honor for seventh consecutive year
-- Home Accents Today, 5/26/2009 8:53:00 AM
Four Hands was recently named to the Initiative for a Competitive Inner City 2009 Inner City 100 list, marking the seventh consecutive year for the honor. Four Hands is ranked 82nd on the list of the fastest growing inner-city companies in America.
Innovative practices and sustained growth are the predominant traits of the 2009 Inner City 100, a ranking of the 100 fastest-growing businesses in inner city communities nationwide.
Now in its 11th year, the Inner City 100 list provides original data on the fastest growing inner-city businesses in the U.S. For the 2009 list, more than 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.
In 2009, 53% of the honored companies said they expect steady growth, 11% expect their revenues to double, 6% expect their revenues to triple, and only 4% expect their revenues to decline. Individually, the average Inner City 100 Company’s revenues were $23 million.
“We are delighted to celebrate businesses like Four Hands 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. Inner City 100 companies also provide a window into the future where all companies will need to learn to address diverse customers and mobilize diverse workforces.”
The 2009 Inner City 100 winners operate from 55 cities in 31 states.
The 2009 Inner City 100 winners attended the Inner City 100 Summit in Boston for a two-day event featuring seminars at the Harvard Business School. The group also attended a reception at the Harvard Club of Boston as well as the gala awards dinner at the Boston Convention and Exhibition Center attended by more than 800 guests.
Highlights of the 2009 Inner City 100 list include:
* Inner City 100 companies are 34% minority-owned. Nationally, just 8% of companies with annual revenues over $1 million are minority-owned.
* The 2009 Inner City 100 companies are 18% owned by immigrants to the United States.
* 21% of the 2009 Inner City 100 are women-owned. Nationally, only 10% of companies with over $1 million in annual revenues are women-owned.
* The 2009 Inner City 100 boasts an average workforce that is 53% minority employees and 43% inner city residents.
* The 2009 Inner City 100 pay an average of more than $15 per hour to hourly employees and $53,000 per year to salaried employees.
The entire list can be found at www.icic.org
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