Centers included in Initiative for a Competitive Inner City Ranking; list to be published in Fortune.
(OAKLAND/HAYWARD, CA) November 19, 2019 - The Initiative for a Competitive Inner City (ICIC) announced that FASTSIGNS® of Downtown Oakland and FASTSIGNS® of Hayward, owned by Linda Fong, made the 2019 Inner City 100 list of the fastest-growing inner city businesses in America based on revenue growth.
The list was revealed at the 2019 ICIC National Conference in Boston on November 13. The full list is available on Fortune’s website https://fortune.com/inner-city-100/2019/. Both California FASTSIGNS® centers led by Linda Fong were ranked 79 based on their five-year growth rate of 73%. Its 2018 revenue was $2,400,951.70.
“It is a great honor to be included on the IC100 list,” said Fong. “It is gratifying, rewarding and humbling to be recognized alongside national leaders from so many industries across the country.”
ICIC is a national Boston-based nonprofit created by Harvard Business School Professor Michael Porter in 1994 on the premise that under-resourced communities have vast, untapped potential, purchasing power and labor markets, which can only be realized by small business owners who are growing and creating high-quality jobs. Over the past 25 years, ICIC has built a foundation for inclusive economic prosperity, proving Porter’s theory time and again.
“Inner City 100 companies are forces of economic opportunity, optimism and transformation in their communities, and FASTSIGNS® of Downtown Oakland/Hayward is a shining example,” said ICIC CEO Steve Grossman. “It leads the way in innovation, job creation and economic revitalization and it’s an honor to recognize the company’s leadership. In addition to excellence in business, these pioneering entrepreneurs have demonstrated a deep commitment to and passion for their local communities, which significantly impacts the well-being of their local economies.”
ICIC’s Inner City 100 list has long celebrated entrepreneurship in under resourced communities. Since its inception, ICIC’s list has recognized over 1,000 companies. The 2019 winners employed 8,743 people as of 2018. The Inner City 100 program opens doors for other budding entrepreneurs from under resourced communities and stimulates inclusive economic prosperity through recognition, networking and learning.
2019 Inner City 100 by the numbers:
Average growth rate of 227% between 2014 and 2018
Represent 47 cities in 25 states
Created 4,299 new jobs in the last five years - 86% of those jobs are full-time
On average, 33% of employees live in same neighborhood as the company
Average company age: 17 years
Average 2018 revenue: $12.2 million
31% of companies are women-led
38% of companies are minority-led
Represent 19 industries
CEOs from the winning companies were invited to the 2019 ICIC National Conference. The event provided an opportunity to network and learn from current ICIC program participants, small business alumni and other high-growth small business owners. Past winners have reported connecting with multi-million-dollar investors as a result of appearing on the Inner City 100 list and attending the conference.
Inner City 100 Methodology: The Initiative for a Competitive Inner City (ICIC) defines inner cities as core urban areas with higher unemployment and poverty rates and lower median incomes than the surrounding metropolitan statistical areas. Every year, ICIC identifies, ranks, and awards the 100 fastest growing businesses located in America’s inner cities. In 2019, companies were ranked by revenue growth over the five-year period between 2014 and 2018.
ICIC is a national nonprofit founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income and wealth for local residents.
Through its research on inner city economies, ICIC provides businesses, governments and investors with the most comprehensive and actionable information in the field about urban market opportunities. Now in its 25th year, the organization supports urban businesses through the Inner City 100, Inner City Capital Connections, Goldman Sachs 10,000 Small Businesses program, and Santander Bank’s Cultivate Small Business program. Learn more at www.icic.org or @icicorg
FASTSIGNS® is a locally and independently owned and operated sign, graphics and visual communications company that provides comprehensive visual marketing solutions to customers of all sizes—across all industries—to help them attract more attention, communicate their message, sell more products, help visitors find their way and extend their branding across all of their customer touch points including décor, events, wearables, digital signage and marketing materials
To learn more about FASTSIGNS® of Downtown Oakland, visit fastsigns.com/oakland-ca/ and call (510) 574-8901.
To learn more about FASTSIGNS® of Hayward, visit fastsigns.com/hayward-ca/ and call (510) 454-8747.