The Initiative for a Competitive Inner City (ICIC) and Fortune announced that two El Paso-based companies have made the 2017 Inner City 100 list.
The list, which was revealed at the 19th Annual Inner City 100 Conference and Awards in Boston on October 3rd, ranks the fastest-growing inner city businesses in America by revenue growth.
The winning El Paso companies are:
LOI ENGINEERS, #60
Business Leader: Bernadino Olague, Vice President
5-Year Growth Rate: 124.23%
2016 Revenue: $1,865,046.00
Sarabias Portable Jons, #99
Business Leader: Monica Brown, President
5-Year Growth Rate: 57.26%
2016 Revenue: $3,158,759.48
Features of the El Paso businesses, as well as the full list, are available on Fortune’s website.
“We are extraordinarily proud of these pioneering entrepreneurs who lead the way in innovation, job creation and the economic revitalization of America’s inner cities,” said Steve Grossman, CEO of ICIC. “In addition to excellence in business, they have also demonstrated a deep commitment to and passion for their communities, which plays a huge role in the wellbeing of their local economies,” he said.
ICIC’s Inner City 100 list seeks to celebrate and enable urban entrepreneurship. Over the course of nearly 20 years ICIC has awarded 928 companies whose success illuminates the innovation and business growth happening in our inner cities.
Inner City 100 companies are forces of economic opportunity, optimism and transformation in their communities. Providing a platform for recognition, networking and learning, the Inner City 100 program continues to open doors for other budding urban entrepreneurs and stimulate inner city business development and job creation.
In addition to being published in Fortune, CEOs from the winning companies were invited to the Inner City 100 Conference and Awards, a full-day event featuring robust networking opportunities and educational sessions led by executives and academics from top-tier universities, including Harvard Business School and New York University.
Past winners have reported connecting with multi-million dollar investors as a result of appearing on the Inner City 100 list and attending the Conference.
Boasting an average five-year growth rate of 320% between 2012 and 2016, the 2017 Inner City 100 companies represent a wide range of geographies, hailing from 27 states.
Collectively, the winners employed 9,402 people in 2016, and on average 42% of their employees live in the same neighborhood as the company.
Highlights of the 2017 Inner City 100 include:
Employed 9,402 individuals in 2016.
Created 5,724 new jobs in the last five years.
On average, 42% of employees live in same neighborhood as the company.
Average company age is 16 years.
Average 2016 revenue is $13.1 million.
32% are women-owned.
45% are minority-led.
29 industries represented in the top 100.
Keynote speakers at this year’s event included former CEO of Constant Contact, Gail Goodman; award winner and CEO of The Menkiti Group, Bo Menkiti; and Harvard Business School Professor and ICIC Founder and Chairman Michael E. Porter.
Other speakers included Tom Lewand, CEO of Shinola, David Segura, CEO of VisionIT, Lynda Applegate of Harvard Business School, and Arun Sundararajan of NYU’s Stern School of Business.
ICIC also celebrated 17 businesses as members of the Inner City 100 “Hall of Fame,” which recognizes companies that have achieved making the list at least five times.
The methodology for the Initiative for a Competitive Inner City (ICIC) defines inner cities as core urban areas with higher unemployment and poverty rates and lower median incomes than their surrounding metropolitan statistical areas.
Every year, ICIC identifies, ranks, and awards the 100 fastest-growing businesses located in America’s inner cities. In 2017, companies were ranked by revenue growth over the five-year period between 2012 and 2016.
This list was audited by the independent accounting firm Rucci, Bardaro, and Falzone, PC.