ColorFX, Inc. is selected as an Inner City 100 Winner!
The Inner City 100 is a ranking of the fastest-growing companies located in America’s inner cities. The program spotlights and supports growing companies in urban areas.
Led by some of today’s most creative entrepreneurs and our program sponsors such as Bank of America, Chevron, the Staples Foundation and Goldman Sachs, the Inner City 100 program proves that not only can companies thrive in inner cities, but that inner city companies enjoy unique competitive advantages.
Inner City 100 successes have inspired political and business leaders, academics and the media. The program has led to innovative investment programs, helped blaze a path for other inner city entrepreneurs, and provided enormous stimulus for change in local communities.
Each year, ICIC calls for nominations and select the winners based on revenue growth over a five-year period. The initial application is just one page. Companies that qualify based on that application then complete an extensive survey and provide financial documentation to verify self-reported sales figures. Participants have cited meeting major investors, winning multi-million dollar contracts and gaining increased visibility as benefits to the program.
An inner city location provides competitive advantages as well as challenges. The combination makes inner cities an intensely Darwinian spawning ground for some of the world’s fastest-growing companies.
Access to growth capital is one of the challenges for urban firms, and it remains a barrier for inner city business development in general. In fact, inner city businesses obtain about 20 to 50% the amount of equity and debt financing received by their industry peers. This is not surprising given that the number of commercial banking locations have diminished by 8% in the inner city in the last ten years, while increasing by 27% across the U.S.
In the meantime, the average successful inner city firm has learned how to run a lean operation. As a class, these companies have higher productivity rates and lower debt than the average U.S. corporation.
ColorFX, Inc. will be present in the Inner City 100 Symposium.
Companies that make the list are invited to the Inner City 100 Symposium in Boston for a two-day event featuring seminars for Inner City 100 CEOs and Senior Managers at Harvard Business School, and a gala awards dinner that historically draws more than 700 guests.