3 of the Fastest-Growing Inner-City Cos. Are in Mpls.
Three Minneapolis-based companies are among the 100 fastest-growing inner-city businesses in the country, according to a report by Fortune magazine.
Data infrastructure provider Atomic Data, bike-rack designer and manufacturer Dero, and IT consultancy On-Demand Services Group reportedly ranked 26th, 52nd, and 99th, respectively, on the list, which was put together by The Initiative for a Competitive Inner City (ICIC), a nonprofit research firm.
Companies were ranked based on their average annual revenue growth rates over a five-year period-from 2006 to 2010. ICIC considered more than 2,000 businesses based in core urban areas that have higher unemployment and poverty rates and lower median incomes than their surrounding metro areas.
Atomic Data, which provides cloud-based data storage services, reportedly grew its revenue at an average rate of 48 percent between 2006 and 2010. Revenue for 2010 totaled $5.1 million.
Meanwhile, Dero's 2010 revenue totaled $5.5 million, and it boasted a five-year growth rate of 29 percent. On-Demand, whose five-year growth rate was 11 percent, netted $2.3 million in revenue that year.
To view the full list of the 100 fastest-growing inner-city businesses, click here.