June 4, 2012

The Initiative for a Competitive Inner City (ICIC), founded by Harvard Business School Professor Michael Porter, hosted its 2012 Inner City 100 Symposium on May 9 at Harvard Business School and the city of Boston. The attendees included hundreds of high-growth small businesses from a number of America’s inner cities.

With the support of the U.S. Conference of Mayors, the ICIC annually ranks the fastest growing small businesses found in America’s inner cities—known as the Inner City 100.

This year’s top-ranked business hails from Chicago, Illinois. By realizing the need for businesses to employ efficient practices and cost'savings in times of economic instability, Coyote Logistics has enjoyed success as a transportation and logistics provider. The company boasts an impressive 295% 5-year annual growth rate, and its 2010 revenues were listed at $327.9 million. Coyote Logistics is not only recognized for its economic successes; the company was also named one of the best places to work by the Chicago Tribune.

Revolution Foods earned the runner-up position on the list by filling a unique and necessary niche. The company, housed in Oakland, California, is a school food service provider that specializes in healthy, economical meals. Although the business earned over $17 million in 2010 revenues, with a 5-year annual growth rate of 144 percent, profits are not the driving factor for this company. The impetus behind Revolution Foods is the belief in the mission to assist in providing nutritional education programs for schools to advance against youth obesity.

The importance of inner city small businesses cannot be taken for granted. Between 1999 and 2011, businesses from the Inner City 100 rankings have created over 71,000 jobs. Of those 71,000 plus positions, 95 percent are provided with health benefits. In addition to providing jobs for community members, Inner City 100 companies enrich the local economy through partnerships with other resident businesses and investors. ICIC’s Senior Vice President for Programs, Deborah Shufrin, stated, "A vibrant economy has far-reaching social consequences; inner city entrepreneurs are bringing both economic vitality and social benefits to urban communities."

This year’s Symposium included case studies and workshops led by a vast array of presenters including Harvard Business School, Boston University, R/GA Advertising Agency, Next Street, and Babson College. Topics included growth management, utilizing technology as a business tool, and maintaining a competitive edge.

The Inner City 100 is chosen through an application process with revenue and five-year annual growth rate as the major factors. In inner city communities, small businesses act as a catalyst for growth and revitalization. The list serves to showcase innovative businesses, which in turn has resulted in greater investment, new contracts, and heightened visibility for the ranked companies.

For more information on the ICIC and the Inner City 100, visit the website www.icic.org