(add)ventures, a full-service ad agency located in Providence, was recently recognized by ICIC and Inc. Magazine’s Inner City 100 as one of the fastest-growing inner city companies in the United States. This award places (add)ventures among a select group of America’s most promising businesses that have the foresight to build companies in urban areas.
Now in its seventh year, the Inner City 100 is a partnership between the Initiative for a Competitive Inner City (ICIC) and Inc. Magazine to spotlight and support growing companies in urban areas and to highlight the importance of a healthy economy in developing healthy urban communities. ICIC is a national, not-for-profit organization founded in 1994 by Harvard Business School Professor Michael E. Porter. ICIC’s mission is to spark new thinking about the business potential of inner cities, thereby creating jobs, income and wealth for inner-city residents.
(add)ventures was the only company in Rhode Island to receive this prestigious honor.
"When I moved (add)ventures from Boston to be closer to family and friends, the industry was buzzing that we wouldn’t survive in a small city like Providence," said Steve Rosa, president and chief creative officer of (add)ventures. "We’ve not only survived, but we’ve thrived by taking full advantage of the resources here such as top talent and universities, loyal clients such as CVS/pharmacy, proximity to Boston, Hartford and New York, as well as a flyer friendly airport that keeps us connected to our national clients."
Steve Rosa learned the advertising industry working at EMC in Hopkinton, MA, after graduating from Boston College. He recognized the need to use a more responsive and customized approach to marketing and at just 25, launched (add)ventures with a typewriter, a credit card, and the support of family and friends.
The company, now in its 16th year, is located in an old converted mill in Davol Square and employs more than 25 people. (add)ventures is a certified Minority Business Enterprise (MBE) by the Rhode Island Economic Development Corporation and company headquarters are located in an Enterprise Zone. Recently awarded a National Multicultural Business Award by DiversityBusiness.com, (add)ventures successfully competes with agencies in Boston and New York for national and international clients.
ICIC received over 4,500 nominations in 150 cities, more than any other year. The record number of nominations was largely due to the Inner City 100 National Program Sponsor Merrill Lynch and other nominating sponsors, including the U.S. Conference for Mayors.
“Just as our downtown is becoming a neighborhood, the neighborhoods of Providence are becoming local economic engines,” said Mayor David N. Cicilline. “I applaud (add)ventures for this prestigious award, and for helping to breathe new life into one of Providence’s up-and-coming neighborhoods.”
Inner City 100 winners are determined based on revenue growth over a five-year period (1999-2003 for the 2005 list) and the following criteria:
• Be an independent, for-profit corporation, partnership or proprietorship
• Be headquartered in or have 51% or more of its physical operations in
economically distressed urban areas
• Have 10 or more employees in 2003
• Have a five-year operating sales history that includes an increase in
2003 sales over 2002 sales, sales of at least $200,000 in 1999 and at $1
million in 2003
(add)ventures has experienced more than 210% growth from 1999 to 2003.
The 2005 Inner City 100 winners attended the Inner City 100 Summit in Boston for a two-day event featuring seminars at Harvard Business School, a reception at Fenway Park, and a gala awards dinner for more than 1,000 guests.
