GRAND PRAIRIE, Texas--(BUSINESS WIRE)--Premier LogiTech announces selection to the 2014 Inner City 100, a list of the fastest-growing inner city businesses in the U.S. awarded by the Initiative for a Competitive Inner City (ICIC) and FORTUNE magazine. In addition, ICIC and key sponsor, Chevron Corporation, recognize one company for outstanding community impact with the Dorothy A. Terrell Community Impact Award, named in honor of ICIC’s former President and CEO. Premier LogiTech was selected for their impact on the community through quality job creation and civic engagement.
Premier LogiTech ranked 78th overall on the list of 100. Applicants are ranked according to revenue growth. The full list of winners can be viewed at Fortune.com. The Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities. Premier LogiTech, an award-winning supply chain provider that combines logistics and technology competencies, reported a gross growth rate of 122% from 2009-2013.
“We are proud to receive this award and believe in the mission of ICIC,” said CEO Darryl Smith. He continued, “We’ve increased employment threefold since we acquired this company in 2007. We are committed to providing jobs and helping our employees develop and grow. Our entire team is celebrating this achievement. We make an effort to hire inner city residents and disadvantaged populations – 75% of our employees are minorities and 55% are women, including key managers.”
The rankings for each company were announced at the Inner City 100 Awards on Thursday, October 16, 2014, in Boston, Massachusetts. Preceding the awards celebration, winners attended a two-day small business symposium designed exclusively for urban firms featuring business management case studies presented by Harvard Business School professors and peer-to-peer learning sessions led by CEOs of fast-growing firms. Keynote speakers included Harvard Business School Professor and ICIC Founder and Chairman, Michael E. Porter. The Inner City 100 list provides data on the fastest-growing inner city businesses in the U.S. In the last 16 years, 805 companies have earned positions on the Inner City 100 list, representing 183 cities and 41 states. Chevron Corporation and Staples, Inc. are long-time sponsors of ICIC and the program.
“It’s important to recognize businesses like Premier LogiTech that are truly driving economic growth and job creation and America’s urban cores,” said Matt Camp, President, ICIC. “We believe that inner cities hold unique competitive advantages for business and the success of these firms underscores that market opportunity.”
Highlights of the 2014 Inner City 100 include:
- Employ 8,276 workers (approximately 35% are inner city residents).
- Created 5,119 new jobs in the last five years.
- 25% have woman CEOs. Nationally, only 10% of companies with over $1 million in annual revenues are woman-owned.
- 35% have a minority CEO. Nationally, only 21% of all companies are headed by minorities.
- Average company age is 17 years.
- 39% average compound annual growth rate.
- Companies generated $42.2 million in 2013 revenues on average and $4.2 billion in the aggregate.
To qualify for the Inner City 100 list, a company is required to be an independent, for-profit corporation, partnership or proprietorship that is not a public company, bank or holding company; headquartered 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 2014 list, ICIC looked at total revenue growth from 2009 to 2013 and the specific rankings were based on these growth rates. ICIC defines an inner city as an economically distressed urban area that has a poverty rate of 20% or higher, excluding currently enrolled undergraduate and graduate students; or a poverty rate of 1.5 times or more than that of the metropolitan statistical area (MSA) and a median household income of 50% or less than that of the MSA an or an unemployment rate of 1.5 times or more than that of the MSA.
About Premier LogiTech
Premier LogiTech is an award-winning supply chain provider combining logistics and technology competencies to deliver innovative solutions to clients in telecom, government, education, healthcare and commercial industry segments. We work in partnership with companies like Dell, HP and Lenovo to configure and deploy computers, laptops, servers, tablets and other mobile devices. Our services may be performed either in our facilities or on customers’ premises on a project or recurring basis. We are located in Grand Prairie, Texas, near Dallas/Fort Worth International Airport. We are certified as a Service Disabled Veteran Owned Business, Minority Business and Small Business Enterprise. For more information, please visit www.premierlogitech.com.
About Initiative for a Competitive Inner City (ICIC)
ICIC is a national nonprofit founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC's mission is to promote economic prosperity in America's inner cities through private sector investment that leads to jobs, income and wealth creation 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. The organization supports urban businesses through the Inner City 100, Inner City Capital Connections and the Goldman Sachs 10,000 Small Businesses programs. Learn more at www.icic.org or @icicorg. Or contact Mary Duggan, ICIC, (617) 238-3010, mduggan@icic.org.