Boston, Massachusetts, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The Initiative for a Competitive Inner City (ICIC) proudly announces the winners of the 2024 Inner City 100 (IC100) awards, recognizing the 100 fastest-growing businesses in under-resourced communities across the U.S. The annual awards, now in their 26th year, celebrate companies that drive economic revitalization, create jobs, and inspire innovation in their communities. The 2024 IC100 winners, evaluated and ranked based on revenue growth from 2019 to 2023, were unveiled at ICIC’s 30th Anniversary Celebration. These businesses collectively reflect resilience and ingenuity, with an average revenue growth of 347% during the review period.
Special Recognition Awards Celebrate Exemplary Businesses
ICIC presented three prestigious special awards during the conference to highlight exceptional achievements among the IC100 honorees.
Chevron Dorothy A. Terrell Community Impact Award
Sponsored by Chevron, this award celebrates businesses that demonstrate outstanding commitment to community development. Dave Feldman, Supplier Diversity Manager at Chevron, presented the award to Northern Real Estate Urban Ventures (NREUV), based in Washington, D.C. Led by Gina Merritt, NREUV creates inclusive, affordable housing and commercial spaces that revitalize low-income communities. The firm also supports local entrepreneurship through initiatives like Project Community Capital, and Heighten the Hustle, which provide workforce training, mentorship, and financial support.
Feldman remarked, “NREUV exemplifies the power of small businesses to elevate communities through inclusive economic development. We are honored to recognize their inspiring work with this award.”
FedEx Champion of Global Entrepreneurship Award
This award, sponsored by FedEx, highlights companies that embody global trade, diversity, and innovation. Jenny Robertson, Senior Vice President of Global Brand and Communications at FedEx, presented the award to Electronic Responsible Recyclers (ER2), headquartered in Memphis, Tennessee. ER2 specializes in sustainable e-waste management and bridges the digital divide by donating refurbished technology to under-resourced communities.
Robertson shared, “Small businesses like ER2 are the engines of economic growth and global innovation. By empowering communities through technology and sustainability, ER2 is making an extraordinary impact at home and abroad.”
ICIC Business Growth Award
The Business Growth Award honors the top-ranked IC100 company by revenue growth. This year’s award went to Mainstream Medical Devices, based in Austin, Texas. The majority woman-owned company achieved remarkable growth by providing innovative medical device manufacturing and packaging solutions. Their ability to scale operations while maintaining a focus on quality and innovation underscores the potential of small businesses to drive industry change. Ron Homer, ICIC Board Member and Chief Strategist of Impact Investing at RBC Global Asset Management, noted, “Mainstream Medical Devices exemplifies how a well-led small business can not only achieve remarkable financial success but also contribute meaningfully to its industry and community.” This recognition highlights the company’s exceptional leadership and commitment to excellence.
Celebrating Inclusive Economic Growth
ICIC CEO Steve Grossman reflected on the importance of the IC100 awards: “These businesses are proof that investing in under-resourced communities generates exceptional results. The IC100 honorees are more than leaders; they are changemakers who uplift their neighborhoods while driving sustainable growth.”
The 2024 IC100 winners represent diverse industries and geographies, showcasing the strength and resilience of businesses in under-resourced communities. They serve as powerful examples of how inclusive economic growth benefits individuals, neighborhoods, and the broader economy.
About the IC100 Awards
Since 1999, ICIC has identified and honored the 100 fastest-growing businesses located in under-resourced communities through the prestigious Inner City 100 (IC100) awards. Throughout this period, ICIC has had the privilege of learning about and highlighting more than 1,000 remarkable business leaders and companies from across the United States. These firms have proven to be catalysts for job growth and promoters of a thriving, inclusive economy, even amidst challenging circumstances. Furthermore, they have actively contributed to the enhancement of their communities by generously donating their time and resources to local organizations and charitable causes.
To be eligible for the IC100, companies have to be independently operated, privately held, for-profit businesses with revenues of at least $50,000 in 2019 and $500,000 in 2023, and headquartered in an under-resourced community. Recognizing that concentrated poverty exists within metropolitan areas outside of big cities (and that poverty overall is suburbanizing), ICIC defines under-resourced communities as large low-income, high-poverty areas located in the urban and suburban parts of all but the smallest metropolitan areas.
To nominate a business for the 2025 IC100 award, please click here.
About ICIC
Initiative for a Competitive Inner City (ICIC) is the foremost authority on accelerating small business growth in under-resourced communities. Founded by renowned Harvard Business School professor Michael Porter in 1994 as a research and strategy organization, today ICIC drives inclusive economic prosperity in underserved communities through innovative research and programs to create jobs, income, and wealth for local residents.
About Chevron
Chevron is one of the world’s leading integrated energy companies. Chevron believes affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance our business and the industry. The company aims to grow its traditional oil and gas business, lower the carbon intensity of its operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets, and other emerging technologies. More information about Chevron is available at www.chevron.com.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services. With annual revenue of $87 billion, the company offers integrated business solutions utilizing its flexible, efficient, and intelligent global network. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards, and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.
