Fourth Economy among ICIC and
Fortune’s Inner City 100 Winners
Annual ranking showcases the
fastest-growing urban businesses in America
The Initiative for a Competitive Inner City (ICIC) and Fortune announced that Fourth Economy has been selected for the prestigious 2016 Inner City 100 list. Now in its eighteenth year, ICIC’s Inner City 100 is an annually compiled list featuring high-power, high-potential businesses from around the country with headquarters in inner cities.
Each company on the Inner City 100 list is selected by ICIC with help from a national network of nominating partners who seek to identify, spotlight and further enable the named companies’ innovative urban entrepreneurship. The esteemed recipients appear, ranked by revenue growth, in Fortune.
Fourth Economy ranked fifty-third overall on the list of 100. The mission-driven consulting firm, based in Pittsburgh, reported 2015 revenues of $2.53 million and a five-year growth rate of 248 percent from 2011 to 2015.
The full list can be viewed on the Fortune website here.
The rankings for each company were announced at the Inner City 100 Conference and Awards Ceremony on Wednesday, September 14, 2016 at the Aloft Hotel in Boston, Mass. Before the awards celebration, winners gathered for a full-day business symposium featuring management case studies from Harvard Business School professors and interactive sessions with top CEOs. Past winners have reported meeting future multi-million dollar investors as a result of appearing on the Inner City 100 list and attending the accompanying colloquium.
“We are extraordinarily proud of these pioneering entrepreneurs who lead the way in economic revitalization in America’s inner cities,” says Steve Grossman, CEO of ICIC. The Inner City 100 program recognizes and supports successful inner city business leaders and celebrates their role in providing innovation and job creation in America’s cities. These companies strengthen local American economies, provide job opportunities for underrepresented communities, and drive economic and social development.
“We are honored to be included in this dynamic cohort,” says Fourth Economy President and CEO Rich Overmoyer. “ICIC’s emphasis on growth and vitality in inner-city communities resonates with our own focus, which we have recast over the past year to realize even greater impact. “
“Our freshly articulated mission is to equip change agents with the tools they need to build better communities and stronger economies. We strive to become partners with our clients, understanding their needs and aspirations in order to advise them most effectively.”
Fourth Economy partners with a broad range of clients, including economic development agencies, institutions of higher education and community-based organizations. Overmoyer notes that Fourth Economy’s multi-faceted approach sets the firm apart. “Our record of success is powered by a deep understanding of how to collaborate across economic and social sectors; we believe such collaborations are vital to creating a sustainable future.”
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Fourth Economy is a mission-driven consulting group that equips change agents with the tools they need to build better communities and stronger economies. Fourth Economy cultivates collaboration across multiple sectors and develops a unique, data-powered approach to guide each client engagement.
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 their surrounding metropolitan statistical areas. Every year, ICIC identifies, ranks, and spotlights the 100 fastest-growing businesses located in America’s inner cities. In 2016, Companies were ranked by revenue growth over the five-year period between 2011 and 2015. This list was audited by the independent accounting firm Rucci, Bardaro, and Falzone, PC.
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.