On May 20, 2009 the Initiative for a Competitive Inner City (ICIC) released its 2009 Inner City 100 list, and Spectrum is ranked 61st on the list of the fastest growing inner-city companies in America. Innovative practices and sustained growth are the predominant traits of the 2009 Inner City 100, a ranking of the 100 fastest-growing businesses in inner city communities nationwide.
Now in its 11th year, the Inner City 100 list provides unmatched original data on the fastest growing inner-city businesses in the U.S. 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.
Fifty-three percent of companies expect steady growth, 11 percent expect their revenues to double, six percent expect their revenues to triple, and a mere four percent expect their revenues to decline in 2009. Individually, the average Inner City 100 Company\’s revenues were $23 million.
“We are delighted to celebrate businesses like Spectrum 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.”
Spectrum President and CEO Jeff Wassmer accepted the award in Boston. Spectrum is a Veteran Owned Small Business that has operated in Hampton since 2000. In that time Spectrum\’s corporate growth has gone from 4 employees to over 240 today “ the majority of those in the Hampton Roads area. These High-Tech jobs help Spectrum support its customer in the areas of Information Assurance, Program Management, Logistics Support and Intelligence Surveillance and Reconnaissance support. Spectrum\’s support to its over 240 employees can be seen in solid benefits and pay that include a recently enacted Employee Stock Option Plan that gives thirty percent of the company to employees at no cost. This is one of many awards Spectrum has recently received.