Kenneth Boroson
Architects on
Fifth ANNUAL ICIC – INC MAGAZINE INNER CITY 100
American Capitalism at Work Boston, Massachusetts, April 24, 2003
– The results of the Fifth Annual ICIC-Inc Magazine Inner City 100 have
been announced, and Kenneth Boroson Architects is ranked 60th on the list of the
fastest growing inner-city companies in America. Now in its fifth year, the Inner City
100 provides unprecedented original data on fast growing “We make a difference in the neighborhoods
we work in, and a difference in the lives of the people living in those
neighborhoods because that is our corporate mission,” said Boroson,
who founded the company in 1988. Since their move to Fair Haven, the
company has grown from two part time employees to twenty and Boroson
is proud of the diversity of talent and ethnic make-up.
The advantages to their inner city location include easy access
to major highways, parking and most importantly, close proximity to
their projects. Some of their more notable projects
include the restoration of “The Initiative for a Competitive
Inner City (ICIC) and Inc. Magazine created the Inner City 100 list
in 1997 as a way of highlighting the fact that business opportunities
exist in America’s inner cities, and that smart business owners are
using the location to their advantage,” said Michael Porter, Harvard
Business School professor and ICIC’s founder and CEO. “But for the past
couple of years the list has been more revealing. It shows that inner-city
business operators have learned how to adapt their businesses to the
challenges of a down economy, to identify growth opportunities and to
pursue them vigorously. The reality is, they are the leading edge of
a new business model.” The names of the 2003 Inner City 100
winners were released today at the ICIC-Inc. Magazine Inner City 100
Summit held at the Westin Copley Hotel in “Inner City
100 companies are operated by a remarkably savvy group of owners and
managers who understand their markets and adapt quickly to markets’
changing needs,” said John Koten, editor at Inc Magazine. The Inner
City 100 companies are profiled in Inc’s May issue. “They have learned
how to cultivate their workforce, mainly comprised of entry-level inner-city
residents, and exploit their location advantage: proximity to downtown
and easy access to transportation routes. They are well-run companies,
enlightened employers and good corporate citizens.” Highlights of Inner City 100 company profiles include:
·
The 100 companies collectively employ more than 17,000
workers. They generated more than 9,000 new jobs in the last five years
alone. They pay above-average wages (average $13.80/hour). Close to
a fifth of the owners say they intend to sell part or all of their company
to their employees. In a survey, 99 percent said they expect no layoffs
in the next six months.
·
Thirty-eight of the 100 business owners are minorities:
16 Latino, 12 African-American, 9 Asian, and 1 of
·
Sixty-four percent of the winning companies operate in
the service sector; 29 percent in manufacturing; 4 percent in retail
and 3 percent in distribution/wholesale.
·
Ninety-seven percent of the winners provide health care
benefits, 76 percent offer 401K plans and 71 percent offer life insurance.
·
Forty-five percent of employees of Inner City 100 companies
live in the inner city. Of these, 30 percent hold senior management
positions, 30 percent work in mid-level management or skilled jobs.
·
The median level of start-up capital was $20,000, with
most of that (84 percent) coming from personal assets. The record number of nominations received
this year were largely due to our Nominating Partners: U.S. Conference
of Mayors, New America Alliance, National Association of Manufacturers,
the For more information about the 2003
Inner City 100 list contact Deirdre Coyle at 617 292-2363 ext.242. -30- Editor’s note: The Inner City 100 winners
are based in 59 cities. Inner City 100 companies were selected from
a pool 5,000 companies nominated from 155 cities compared to approximately
4,000 last year and fewer than 300 in 1997, the first year of the award
was given. Criteria for the award include having at least 51 percent
of operations located in economically distressed urban areas; having
sales of at least $150,000 in 1997 and at least $1 million in 2001.
Average annual sales for the 100 companies from 1997 to 2001 was in
excess of $25 million. Collectively, sales totaled more than $2.5 billion. About Initiative for a Competitive Inner CityThe
Initiative for a Competitive Inner City (ICIC) is a national, non-partisan,
not-for-profit organization founded in 1994 by Harvard Business School
Professor Michael E. Porter, following several years of pioneering research
on inner-city business and economic development.
With affiliates in three cities and significant on-the-ground
activities in many others, ICIC has rapidly established itself as a
national force in inner-city economic development. By identifying the competitive potential of inner cities;
strategic location, local market demand, growth opportunities
via integration with the regional economy and availability of labor,
ICIC aims to build the business case for doing business in America’s
inner cities. ICIC’s mission is to spark new thinking about the business
potential of inner cities, thereby creating jobs and wealth for inner-city
residents. For more information, please visit our web site at www.icic.org.
About Inc
Inc is the leading magazine written for the men and women
who own and manage small-to-midsized, fast-growing companies. Published 12 times a year, Inc helps its 1.5
million readers by providing expert advice and practical solutions as
they face the opportunities, pitfalls, and rewards of growing a company.
inc.com (www.inc.com), the Web site for growing companies, was named
Best Online Magazine by Folio and Best Overall New Publication (all
media) by the Computer Press Association. # # # |