FATHOM among ICIC and FORTUNE’s Inner City 100 winners
Annual ranking showcases the 100 fastest-growing urban businesses in America
The Initiative for a Competitive Inner City (ICIC) and FORTUNE announced that FATHOM was selected for the 2014 Inner City 100, a list of the fastest-growing inner city businesses in the U.S. This year, for the first time in the list’s 16-year history, the Inner City 100 consists of 10 fast-growing businesses from 10 industry categories. Read the Fortune article on Oakland businesses at Fortune.com/oakland-business-growth.
The 10 industry categories are: Construction; Manufacturing; Professional Services; Food and Beverage; Retail; Media and Communications; Software and Information Technology; Transportation and Logistics; Healthcare and Biotechnology; and Arts, Entertainment, and Recreation. Applicants ranked according to revenue growth against their industry peers, as well as overall.
FATHOM, an expert in serious digital manufacturing, ranked NO. 1 in the manufacturing industry category and NO. 2 overall on the list of 100. The Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities. The full list of winners can be viewed at Fortune.com.
The rankings for each company were announced at the Inner City 100 Awards on Thursday, October 16, 2014 in Boston, Massachusetts. Preceding the Awards celebration, winners attended a two-day small business Symposium designed exclusively for urban firms featuring business management case studies presented by Harvard Business School professors and peer-to-peer learning sessions led by CEOs of fast-growing firms. Keynote speakers included Harvard Business School Professor and ICIC Founder and Chairman, Michael E. Porter; Honest Tea Founder and CEO, Seth Goldman; Rapid7 President and CEO, Corey Thomas; Communispace Chairman, Diane Hessan; and Launch Co-Founder and CEO, Ben Fischman.
The Inner City 100 list provides unmatched original data on the fastest-growing inner city businesses in the U.S. In the last 16 years, 805 unique companies have earned positions on the Inner City 100 list, representing 183 cities and 41 states. Chevron Corporation and Staples, Inc. are long-time sponsors of ICIC and the program.
The 2014 Inner City 100 winners represent a wide span of geography, hailing from 53 cities and 23 states. The winners grew at an average compound annual growth rate of 39 percent and an average gross growth rate of 336 percent between 2009 and 2013. Collectively, the top 100 inner city businesses employ 8,276 people and have created 5,119 new jobs between 2009 and 2013. Not only are the winners powerful job creators in their communities, they also help develop their employees – 73% provide business skills training and 69% provide professional development training to all full-time employees.
“It’s important to recognize businesses like FATHOM that are truly driving economic growth and job creation and America’s urban cores,” said Matt Camp, President, ICIC. “We believe that inner cities hold unique competitive advantages for business and the success of these firms underscores that market opportunity.”
Highlights of the 2014 Inner city 100 Include:
- Employ 8,276 workers (approximately 35% are inner city residents)
- Created 5,119 new jobs in the last five years
- 25% have woman CEOs. Nationally, only 10% of companies with over $1 million in annual revenues are woman-owned
- 35% have a minority CEO. Nationally, only 21% of all companies are headed by minorities
- Average company age is 17 years
- 39% average compound annual growth rate
- Companies generated $42.2 million in 2013 revenues (average) and $4.2 billion in aggregate