(add)ventures Named to the Inner City 100

Firm is Honored for its Innovation and Sustained Growth

(add)ventures has received recognition as one of the fastest-growing inner-city companies in America by the Initiative for a Competitive Inner City (ICIC). This marks the third time that (add)ventures has been named to the Inner City 100,  a prestigious ranking which highlights the firm’s innovative practices and sustained growth.

“We are delighted to celebrate businesses like (add)ventures that are playing a critical role to revitalize distressed urban communities throughout America,” said Michael Porter, founder and CEO of ICIC. “By creating jobs, income, and wealth for local residents, these high-growth businesses are vivid proof that the most effective way to address economic inequality in America is to equip every community to prosper in the market system. Inner City 100 companies also provide a window into the future where all companies will need to learn to address diverse customers and mobilize diverse workforces.”

(add)ventures inclusion on the prestigious Inner City 100 celebrates the firm’s 20-year history of growth. Most recently, the firm added several new positions, including that of chief operating officer. The firm also opened its Latin America Gateway office in Miami, FL, to help new and existing clients transcend language and culture through multidisciplinary, multicultural brand communications solutions.

In the summer of 2008, to accommodate its growth, (add)ventures moved to an expanded new headquarters in the distressed Harbor Side District in Providence. Throughout its history, the company has continuously helped revitalize neighborhoods like these throughout the city of Providence with the location of its corporate headquarters.

“We were pioneers in the now revitalized Jewelry District, and last summer we moved to an expanded headquarters in the Harbor Side District, which we hope to reenergize,” said Steve Rosa, president and ceo. “As our firm has grown, so has the city surrounding us. We work with a wide spectrum of talented Fortune 500 companies and other leading organizations that place a huge trust in our capabilities. Through those relationships, (add)ventures has been able to successfully expand our company by adding staff and opening new locations to better serve our client-partners.”   

The ICIC Inner City 100 finds, celebrates and supports hundreds of high-growth inner-city companies. The annual list showcases thriving businesses creating jobs, income, and wealth for inner-city residents.

For the 2009 list, over 5,000 nominations were received. The 2009 Inner City 100 winners grew at a compound annual growth rate of 40 percent and an average rate of 324 percent between 2003 and 2007. Collectively, the top 100 inner city businesses have employed nearly 17,000 people and created nearly 10,000 new jobs over the past five years.

Editor's Notes:
To qualify for the Inner City 100 list, companies were required to have at least 51 percent of their operations located in an economically distressed urban area; have at least 10 full-time employees; and have 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 2009 list, ICIC looked at total revenue growth from 2003 to 2007, and the specific rankings were based on these growth rates.  An economically distressed urban area is defined by ICIC as having a 50 percent higher unemployment level, 50 percent higher poverty level, and 50 percent lower median income than the metropolitan statistical area.