Raining Rose Inc. Among ICIC and FORTUNE's Inner City 100 Winners
"We are excited to celebrate inner city businesses like Raining Rose Inc. 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."
The list is proof of the concept that doing business in an inner city area holds a distinct competitive advantage. ICIC has been studying the economic condition of the largest 100 American cities for more than a decade and is working to revitalize inner cities across the country.
Highlights of the 2013 Inner City 100 include:
- Employ 10,391 workers (48 percent inner city residents; 20 percent immigrants; and 37 percent minorities)
- Created 5,863 new jobs in the last five years
- 28 percent are woman-owned. Nationally, only 10 percent of companies with over $1 million in annual revenues are woman-owned
- 35 percent are minority-owned. Nationally, only 21 percent of all companies are headed by minorities
- Median company age is 14 years
- Companies generated $23.4 million in revenues on average and $2.3 billion in the aggregate.
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To qualify for the Inner City 100 list, companies were required to have at least 51 percent of their operations located in an economically distressed urban area; have at least 10 full-time employees; and a five-year operating sales history that includes at least $200,000 in revenues in the first year of consideration, an increase in year five sales over year four sales, and fifth-year sales of at least $1 million. For the 2013 list, ICIC looked at total revenue growth from 2007 to 2011 and the specific rankings were based on these growth rates. An economically distressed urban area is defined by ICIC as having a 50 percent higher unemployment level, 50 percent higher poverty level, and 50 percent lower median income than the metropolitan statistical area.