The Initiative for a Competitive Inner City (ICIC) and FORTUNE announced that Joe Squared has been selected for the 2014 Inner City 100, a list of the fastest-growing inner city businesses in America.
Joe Squared is an award-winning, family-owned, Baltimore-grown restaurant and bar that offers community-oriented live music and art shows. It ranked third in the Entertainment and Recreation category and 52nd overall on the list of 100.
The restaurants, with locations in Station North Arts and Entertainment District and Power Plant Live! in the Inner Harbor, are owned by the mother and son team of Joe Edwardsen, chef and founder, and Kathy Palokoff, an entrepreneur and business consultant.
“This is a tremendous honor for us,” said Edwardsen. “It validates our community-centric business model. We strongly believe that welcoming venues that give back to the community and celebrate diversity foster neighborhood pride and transform urban landscapes.”
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. For the 2014 list, ICIC looked at total revenue growth from 2009 to 2013 and the specific rankings were based on these growth rates. The full list of winners can be viewed at Fortune.com
The rankings were announced at the Inner City 100 Awards on Thursday, October 16, 2014 in Boston, Massachusetts. 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.
“It’s important to recognize businesses like Joe Squared 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.”