By Michael Souza
PBN Staff Writer
PROVIDENCE – Fortune Magazine and the Initiative for a Competitive Inner City have selected (add)ventures as part of its 2012 Inner City 100, a list of the fastest-growing inner city companies in the country.
The Providence-based company placed 77th in the national rankings and was the only Rhode Island business on the list.
The advertising, public relations and marketing firm reported 2010 revenues of $6 million and an annual growth rate of 17 percent.
“It’s a thrill for us to again be part of the Inner City 100,” (add)ventures president & CEO Steve Rosa told Providence Business News. “This marks the fifth time we’ve been honored with this distinction and it’s a special one for us.”
“We believe in the essence of the Inner City 100 and strive to apply that professionalism and creativity to what we do every day to help advance our business and that of our Fortune 500 client partners,” added Rosa.
The Fortune Magazine program recognizes successful inner city companies and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities.
The 2012 Inner City 100 winners grew at a compound annual growth rate of 40 percent and an average standard growth rate of 577 percent between 2006 and 2010.
Collectively, the top 100 inner city businesses employ 7,965 employees and have created more than 4,635 new jobs between 2006 and 2010.
“We are delighted to celebrate businesses like (add)ventures that are playing a critical role in revitalizing communities across the country,” said Mary Kay Leonard, ICIC President and CEO. “Through their achievements, the Inner City 100 winners exemplify America’s remarkable potential and the future of our urban centers.”
“These extraordinary companies demonstrate the market potential that exists within our inner cities and the growth that is at the heart of all urban entrepreneurial successes,” added Leonard.
To qualify for the list, companies must have at least 51 percent of their operations located in an economically distressed urban area, have at least 10 full-time employees and have 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.
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.