Congratulations Inner City 100 Winners
October 1st-2nd we celebrated our 20th year
of the Inner City 100 Awards where we recognized 100 of the fastest-growing
businesses in America’s inner cities. This year’s group of companies achieved
an average growth rate of 436 percent between 2013 and 2017, hailed from
46 cities in 23 states, and created 5,516 new jobs in the last five
years. Special recognition was given to FedEx Champion of Global
Entrepreneurship Award Winner ER2 of Memphis, TN, Chevron Impact Award Winner
Amerisal Foods of Van Nuys, CA, and Marcia Lamb Innovation Award Winner Mayor
Catherine Pugh of Baltimore. Congratulations again to all of the winners on
their impressive growth.
Read the full list.
Duluth's Industrial Legacy is Also a Key to Future Equitable Growth
many Rust Belt cities, Duluth, Minnesota is grappling with how much it should
continue to rely on the industrial sector for future growth. Is the city’s
industrial legacy a key to future economic prosperity, or should it be
relegated to history? To help understand the implications of this important
question, the Duluth Seaway Port Authority engaged ICIC to undertake a
comprehensive study that would help the city answer this question. The report finds that the city’s industrial sector
continues to drive significant economic growth in both Duluth and the
surrounding region. In a recent post, we highlight our recently completed
assessment, including key insights and priorities. Read more.
- The Inner City Alumni Network (ICAN) hosted its first regional networking event on
October 9th at Maker’s Loft in Oakland, CA. Kirsten Tobey, Revolution
Foods’ Co-Founder and Chief Impact Officer, shared anecdotes about her personal
experience with ICIC and how it led her to take on a critical role as a member
of ICAN’s Advisory Board. Entrepreneurs with backgrounds in a variety of
industries were able to connect and engage in inspiring conversations about
creating and promoting a successful small business ecosystem in their communities.
- The Inner City Capital Connections (ICCC) team
completed its final training seminar in Sacramento on October 10th.
735 companies have attended the 11 city opening seminars in 2018. In addition
to Sacramento, seminars were held in Tampa Bay, Philadelphia, Chicago, Boston,
Baltimore, Los Angeles/San Bernardino, Springfield, MA, Memphis, Atlanta and
San Diego. Tentatively, ICCC plans on bringing the program to 15 cities
in 2019, and could deliver programming to over 1000 companies! Since this
program first launched in 2005, 1700 ICCC alumni have reported 172% average
revenue growth, created 16,000 jobs and raised $1.47 billion in capital.
- National Cohort Reception:
As the national outreach
and recruitment partner of the Goldman Sachs 10,000 Small Businesses program,
we’re happy to announce that we’ve accepted over 150 businesses for our current
National Cohort. Our ICIC 10,000 Small Businesses team had the
pleasure of welcoming them to the Babson College campus on September 19th.
- National Association of Women Business Owners Conference:
ICIC representatives Kelsey
Ray and Allie Padgett from the Goldman Sachs 10,000 Small Businesses program
team attended the National Association of Women Business Owners (NAWBO)
Conference September 24-25th in Spokane, Washington. We’re
proud to partner with NAWBO to attract women-owned small businesses from across
the country. Learn more.
Black Caucus 48th Annual Legislative Conference: ICIC was honored to
be part of a session at this year’s conference organized by the Association for
Black Foundation Executives with the support of JPMorgan Chase. The session,
entitled “Building Economic Power in Black Communities through Business &
Entrepreneurship,” was held September 14th in Washington, D.C. We
were honored to release at the session an executive summary of our forthcoming
report Helping Entrepreneurs of Color Grow Their Business, completed in
partnership with the University of Washington and JPMorgan Chase. The research
leverages insights from the first year of Ascend 2020, a national initiative to
support minority and inner city entrepreneurs in six major cities across the
U.S. Read the executive summary here. Stay tuned for the release of the full report
Business Innovation Association e.Builders Forum: ICIC was proud to
facilitate a workshop at this year’s e.Builders Forum, hosted September 17-18th
in Detroit, which convened entrepreneurial ecosystem builders from across the
U.S. The workshop session, “Anchor Collaboration in Your Ecosystem: Strategies
for Building Robust Local Supply Chains,” included a presentation by ICIC’s Senior
Fellow Kim Zeuli on anchor frameworks and best practices, as well as
presentations by representatives of leading anchor collaboratives in Chicago
and Detroit. Learn more.
Economic Development Council Annual Conference: ICIC was delighted to
participate in this year’s IEDC Annual Conference, which was held in Atlanta,
September 30th-October 3rd. ICIC’s Zach Nieder moderated
a panel on “Opportunities and Implications of Urban Industrial Strategies,”
during which he presented on ICIC’s recently completed assessment of the
economic impact of Duluth, Minnesota’s industrial sector. Read the report here. ICIC’s Kathleen O’Shea also took part in a
separate panel discussion, “Catalyzing Economic Vitality for Minority-Owned
Businesses,” which included both research and practical perspectives for
supporting the growth of minority-owned businesses. Kathleen shared insights
from our forthcoming research report, Helping Entrepreneurs of Color Grow Their
Business. Learn more.
culminating Capital Conference will
be held in Boston, Nov. 12-13th, and will be attended by ICCC participants
from across the cohorts. This is an ideal opportunity for companies to
help sharpen their capital pitch that in turn will help fuel further growth in
their businesses. You can register for the program here. There are a limited number
of scholarship stipends available and you can apply by filling out the INTEREST FORM.
- The next ICAN regional
event will take place on November 7th in Washington, D.C. with the
support of Catholic University’s Busch School of Business. Bo Menkiti, Founder
and CEO of the Menkiti Group and a member of ICAN’s Advisory Board, will host
the event for all ICIC alumni in the area. There will be an educational
discussion on entrepreneurship, growth and capital moderated by Dean Bill
Bowman of the Busch School of Business followed by a networking reception. If
you are interested in attending, please contact Margaret Phan at email@example.com or
click here to register.