DornerWorks among the 12th Annual ICIC and Bloomberg BusinessWeek Inner City 100 Winners
Contact:
Steven Pedigo, ICIC
(617) 785-0807
spedigo@icic.org
Contact Information:
David K. Dorner
President, DornerWorks, Ltd.
david.dorner@dornerworks.com
P.616-345-8369
FOR IMMEDIATE RELEASE
DornerWorks among the 12th Annual ICIC and Bloomberg BusinessWeek Inner City 100 Winners
Annual ranking showcases the 100 fastest-growing inner city businesses in America.
BOSTON, MA - Initiative for a Competitive Inner City (ICIC) and Bloomberg BusinessWeek released the 2010 Inner City 100 list of the fastest-growing inner city companies in the U.S. DornerWorks from Grand Rapid, Michigan ranked 26th on this year’s list. The Inner City 100 program recognizes successful inner city companies and their CEO’s as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities.
The rankings for each company were announced at the Inner City 100 Awards Dinner on Wednesday, May 5, 2010 in Boston, MA. Winners attended a two-day event featuring seminars for Inner City 100 owners and managers at Harvard Business School, a reception at the Boston Public Library and an Awards Gala that drew more than 800 guests.
The Inner City 100 list provides unmatched original data on the fastest growing inner-city businesses in the U.S. In the last 12 years, 607 different companies have earned positions on the Inner City 100, collectively generating more than $27.2 billion in revenues and creating nearly 72,000 new jobs.
For the 2010 list, a record number of nominations were received. Winners represent a wide span of geography, operating in 58 cities and 34 states. The 2010 Inner City 100 winners grew at a compound annual growth rate of 37 percent and an average standard growth rate of 340 percent between 2003 and 2008. Collectively, the top 100 inner city businesses employ 10,700 employees and have created more than 6,300 new jobs between 2004 and 2008.
“We are delighted to celebrate businesses like DornerWorks that are playing a critical role in revitalizing America’s urban communities. Through their achievements, the Inner City 100 winning companies exemplify America’s remarkable potential and the road to future economic recovery,” Mary Kay Leonard, ICIC president and CEO. “These extraordinary companies demonstrate the market possibilities that exist within our inner cities. If we can leverage these possibilities, we can create jobs, income and wealth for local residents and produce the next chapter of American innovation and opportunity.”
Eighty-five percent of companies expect steady growth and 27 percent expect their revenues to grow more than 30 percent. Individually, the median Inner City 100 Company’s revenues were $6.6 million. This year’s winners have a median employee turnover rate of less than 8 percent and 96 percent of them provide health insurance to their workers.
DornerWorks is a premier electronic and software engineering firm that specializes in the design of safety-critical systems for the aerospace, medical, automotive and industrial markets. Founded in 2000 by David K. Dorner, DornerWorks has grown into one of the most sought after embedded engineering firms in the country. With a talented staff that includes PhD’s, patent holders, multi-degreed engineers, and a Six Sigma Black Belt, DornerWorks has the talent and experience to tackle the most demanding projects.
“We are honored to be recognized for this award alongside other qualified and successful companies,” said David Dorner, president and founder of DornerWorks, Ltd. “Our inclusion in this award was made possible by the contributions and hard work of everyone on our staff. I give all of them my thanks and congratulations as well.”
DornerWorks has been an anomaly among many companies in Michigan and the country. The firm has managed to achieve strong results despite the difficult economic conditions, and continues to acquire clients and new growth opportunities.
“DornerWorks is not immune to economic challenges, but our staff’s dedication and passion to servicing our clients with high quality engineering solutions has set us apart,” said Dorner.
The list is proof of concept that doing business in an inner city area holds a distinct competitive advantage. ICIC has been studying the economic condition of the largest 100 American cities for more than a decade and is working to revitalize inner cities across the country.
Highlights of the 2010 Inner City 100 list include:
- Inner City 100 companies are 34 percent minority-owned. Nationally, just 8 percent of companies with annual revenues over $1 million are minority-owned.
- 18 percent of the 2010 Inner City 100 are women-owned. Nationally, only 10 percent of companies with over $1 million in annual revenues are women-owned.
- The 2010 Inner City 100 boasts an average workforce that is comprised of 45 percent minority employees and 40 percent inner city residents.
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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 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 2010 list, ICIC looked at total revenue growth from 2004 to 2008, 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.
Inner City 100 Sponsors: Bank of America, Chevron Corporation, Goldman Sachs and Staples Foundation for Learning.
