Level 3 Audiovisual among ICIC and FORTUNE’s Inner City 100 winners Annual ranking showcases the 100 fastest-growing urban businesses in America.
Mesa, AZ – The Initiative for a Competitive Inner City (ICIC) and FORTUNE announced that Level 3 Audiovisual was selected for the 2014 Inner City 100, a list of the fastest-growing inner city businesses in the U.S. This year, for the first time in the list’s 16-year history, the Inner City 100 consists of 10 fast-growing businesses from 10 industry categories. The 10 industry categories are: Construction; Manufacturing; Professional Services; Food and Beverage; Retail; Media and Communications; Software and Information Technology; Transportation and Logistics; Healthcare and Biotechnology; and Arts, Entertainment, and Recreation. Applicants ranked according to revenue growth against their industry peers, as well as overall.
Level 3 Audiovisual ranked 5th in the Healthcare & Biotechnology industry category and 62nd overall on the list of 100. The Inner City 100 program recognizes successful inner city businesses and their CEOs as role models for entrepreneurship, innovative business practices and job creation in America’s urban communities. Level 3 Audiovisual is an Arizona based corporation that specializes in the design, integration, consultation and installation of professional audio visual and video conference systems. Level 3 AV was founded in April of 1996 in response to the ever growing demand for presentation technology being introduced into the corporate workplace and reported 2013 revenues of $9.44 million and a gross growth rate of 200 percent from 2009-2013.
The full list of winners can be viewed at Fortune.com
The rankings for each company were announced at the Inner City 100 Awards on Thursday, October 16, 2014 in Boston, Massachusetts. Preceding the Awards celebration, winners attended a two-day small business Symposium designed exclusively for urban firms featuring business management case studies presented by Harvard Business School professors and peer-to-peer learning sessions led by CEOs of fast-growing firms. Keynote speakers included Harvard Business School Professor and ICIC Founder and Chairman, Michael E. Porter; Honest Tea Founder and CEO, Seth Goldman; Rapid7 President and CEO, Corey Thomas; Communispace Chairman, Diane Hessan; and Launch Co-Founder and CEO, Ben Fischman.
The Inner City 100 list provides unmatched original data on the fastest-growing inner city businesses in the U.S. In the last 16 years, 805 unique companies have earned positions on the Inner City 100 list, representing 183 cities and 41 states. Chevron Corporation and Staples, Inc. are long-time sponsors of ICIC and the program.
The 2014 Inner City 100 winners represent a wide span of geography, hailing from 53 cities and 23 states. The winners grew at an average compound annual growth rate of 39 percent and an average gross growth rate of 336 percent between 2009 and 2013. Collectively, the top 100 inner city businesses employ 8,276 people and have created 5,119 new jobs between 2009 and 2013. Not only are the winners powerful job creators in their communities, they also help develop their employees – 73% provide business skills training and 69% provide professional development training to all full-time employees.
“It’s important to recognize businesses like Level 3 Audiovisual that are truly driving economic growth and job creation and America’s urban cores,” said Matt Camp, President, ICIC. “We believe that inner cities hold unique competitive advantages for business and the success of these firms underscores that market opportunity.”
Highlights of the 2014 Inner City 100 include:
- Employ 8,276 workers (approximately 35% are inner city residents).
- Created 5,119 new jobs in the last five years.
- 25% have woman CEOs. Nationally, only 10% of companies with over $1 million in annual revenues are woman-owned.
- 35% have a minority CEO. Nationally, only 21% of all companies are headed by minorities.
- Average company age is 17 years.
- 39% average compound annual growth rate.
- Companies generated $42.2 million in 2013 revenues on average and $4.2 billion in the aggregate.
To qualify for the Inner City 100 list, companies are required to be an independent, for-profit corporation, partnership or proprietorship that is not a public company, bank, or a holding company; headquartered 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 2014 list, ICIC looked at total revenue growth from 2009 to 2013 and the specific rankings were based on these growth rates. ICIC defines an inner city as an economically distressed urban area that has a poverty rate of 20% or higher, excluding currently enrolled undergraduate and graduate students; or a poverty rate of 1.5 times or more than that of the metropolitan statistical area (MSA) and a median household income of 50% or less than that of the MSA an or an unemployment rate of 1.5 times or more than that of the MSA.
Level 3 Audio Visual is an Arizona based corporation that specializes in the design, integration, consultation and installation of professional audio visual and video conference systems. Level 3 AV was founded in April of 1996 in response to the ever growing demand for presentation technology being introduced into the corporate workplace.
Corporate boardrooms, command and control centers, training and education facilities were becoming more and more dependent on the use of technology to provide more impactful, informative, collaborative, even entertaining presentations. For the first time in history corporate presentations, self produced and presented on laptop computers, were being projected onto large screens via portable projectors for large audiences. With the advent of video conferencing technology, colleagues from remote areas could not only join a presentation but could provide real time feedback and input through collaborative software.
Video conferencing has grown exponentially due to reduced hardware costs, greater bandwidth capabilities, higher internet speeds and ease of use. Video to the desktop, group video collaboration software, video to our cell phones and tablets are quickly changing the way we learn, communicate, educate and facilitate. In an effort to support our clientele through this latest trend Level 3 AV purchased and installed video conferencing bridges (MCU’s) at a local data center providing video desktop and video bridging services.
Today the pace and need for technology in our corporate and educational industries has shown no sign of slowing. Everyday new technologies are introduced into the marketplace providing the ability to be more efficient and more communicative to a wider audience. Level 3 AV was founded on a desire to service and support our clients through a process of identifying available technologies and then applying those technologies to their specific needs and applications saving them time and money.
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.