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New York City Ranked #1 for Fastest-Growing Businesses in America

August 17, 2016

207 New York-based companies ranked among Inc. 5,000’s fastest-growing private companies for 2016

NEW YORK—Mayor Bill de Blasio and the New York City Economic Development Corporation today announced 207 New York City-based companies ranked among Inc. 5,000’s fastest-growing private companies in America for 2016. Spanning diverse industries and sectors, New York City-based companies comprise the largest share of companies on the annual list, together creating over 26,000 jobs across the country – more than any other city in America.

New York City’s job growth is at an all-time high, with 4.3 million jobs across the five boroughs and 262,900 new jobs created since January 2014. The 2016 Inc. 5,000 list recognizes the success of several private companies in New York City’s legacy industries, such as media and fashion, while highlighting dynamic growth in the emerging sectors of bioscience, green energy and technology.

“Innovation, growth and boundless talent – these are the qualities that make New York City’s vibrant economy so exceptional. We are committed to connecting entrepreneurs with the tools and resources to succeed, whether you’re building a digital services hub or brewing the best cup o’ joe. The national recognition of 207 New York-based companies proves what we already know: our city is the best place to start and grow a business from the ground up,” said Mayor Bill de Blasio.

"With New York City being the epicenter of innovation and culture, it's no wonder why more and more companies are looking to New York to invest in their business and be part of this city's economic success story," said Council Speaker Melissa Mark-Viverito. "I want to thank Inc. Media for their report which confirms what we've known: New York City is the best place for entrepreneurs to launch their business."

“New York City is home to more fastest-growing businesses than any other city in the United States – which means more jobs and more opportunities for New Yorkers across the five boroughs,” said Deputy Mayor for Housing and Economic Development Alicia Glen. “By investing in both burgeoning and established industries, New York is building an economy that is open and accessible to diverse entrepreneurs who bring new ideas and new products to the market every day and keep our city on the cutting-edge.”

“New York City has always been the very best place in the world to start and grow a business,” said NYCEDC President Maria Torres-Springer. “The vast array of industries that call New York City home; the strength, diversity and talent of our workforce; and a supportive city government are just a few of the many reasons that we are such a vibrant, ever-growing economic hub. These 207 businesses demonstrate that New Yorkers never rest on our laurels. New York City will continue to be the global model of inclusive innovation and growth.”

"It is no coincidence that New York City is home to the lion's share of the nation's fastest growing businesses," said Gregg Bishop, Commissioner of the Department of Small Business Services. "Every day at SBS, we provide targeted services to help small businesses start, operate and grow – and we are proud that so many of them appear on Inc.'s list this year. The evidence is clear – investing in entrepreneurs builds a robust and diverse economy."

“We’re a New York company ourselves, so we’re proud to see New York City top the Inc. 5,000 again. Proud, but not surprised; the traits that help a startup grow into something great – the guts, the grit, the intense focus – are embedded in the character of this great city. It only figures that so many of America’s fastest growing companies would take root here,” said Eric Schurenberg, President and Editor-in-Chief of Inc. Media.

The Inc. 5,000 list ranks companies according to their percentage revenue growth from 2012 to 2015. To qualify, companies must have been founded and generating revenue by March 31, 2012. They had to be based in the U.S., privately held, for profit and independent – not subsidiaries or divisions of other companies – as of December 31, 2015. The minimum revenue required for consideration in the 2016 Inc. 5,000 is $2 million.

Demonstrating that New York City businesses can do well by doing good, five of the companies ranked in the 2016 Inc. 5,000 were also honored by the City of New York through Best for NYC, the first City-led campaign to recognize businesses that measure their success by their impact on workers, community and the environment. Using B Lab’s Impact Assessment, the leading global tool for measuring, benchmarking and improving economic and social impact, Best for NYC participants were able to assess their operations and focus on practices such as diversity and inclusion, compensation, benefits and governance, and compare their businesses to more than 20,000 other businesses and established best practices. Businesses were able to identify opportunities to improve their competitive position by investing in better practices, and in doing so, improve their workplace and communities. Best for NYC stems from recommendations made in the Career Pathways report created by New York City’s Jobs For New Yorkers task force, and the campaign leverages the global campaign led by B Lab to support businesses in measuring social and environmental impacts.

"I'm proud that Inc. 5,000 is recognizing the tremendous success and rapid growth experienced by dozens of businesses across Brooklyn and New York City – though I am hardly surprised. Simply put, any economic metric assessing our borough will find that the County of Kings is a hotbed of growth for the kings and queens of emerging and legacy industries alike. We are the proud home of tech-focused companies such as Marathon Consulting, artisinal makers such as Brooklyn Winery and blue-collar operations such as Dumbo Moving + Storage. As a city, we must continue to foster a climate that allows for the creation of quality local jobs as well as the amplification of the entrepreneurial spirit,” said Brooklyn Borough President Eric Adams.

State Senator James Sanders Jr. said, "New York is a dynamic city and it is my hope that this growth will continue and bring with it a new generation of entrepreneurs. However, we must not forget that amid this promising economic news there are still individuals struggling to find employment."

“I applaud the efforts of Mayor de Blasio and the New York City Economic Development Corporation for helping to create an enabling environment for businesses to thrive and grow, making New York City the place for the fastest growing businesses in America” said Assembly Member Rodneyse Bichotte, Chair of the Subcommittee on the Oversight of Minority and Women-Owned Business Enterprises. "The commitment to cultivating innovation and entrepreneurship and linking them to legitimate tools that converts to job creation is unmatched. As a parallel effort, I am committed to ensuring that companies run by women, and people of color are connected to the types of tools and resources that are needed and required to grow their businesses in order for them to contribute to local job creation and to the economy.”

Assembly Member Robert J. Rodriguez said, “I am proud to see our city leading the nation in producing innovative ideas and products that are changing the world and creating jobs. New York always has been and continues to be fertile ground for creative talent across all job sectors. I am confident that future entrepreneurs will continue to look to New York as the best place to nurture their growing businesses and expand real opportunities for our working families.”

Assembly Member Michael Blake said, "Across New York City, we are seeing first-hand the remarkable talents of our diverse entrepreneurs whose unique, forward-thinking ideas are empowering the lives of New Yorkers and creating jobs for our residents. It is inspiring to know of our city's progress in growing businesses, who will be further accelerated with greater access to capital, contracting, counseling and opportunities, especially our minority- and women-owned business enterprises. We live in the greatest city in the world in large part because of our people, our culture and our businesses, which are reinvigorating our local economies in a great way. The faster a business grows, the faster jobs and economic opportunities grow for New Yorkers as well."

“New York is a business city, and this list shows that it is now better than ever thanks to the incredible work of Mayor Bill de Blasio, Deputy Mayor Alicia Glen, NYCEDC President Maria Torres-Springer, SBS Commissioner Gregg Bishop and the entire administration. Any notion that businesses cannot grow and thrive here is clearly incorrect – in fact, this ranking proves that businesses succeed in New York City as well as or better than anywhere else in the country. I’m particularly proud of the showing from Brooklyn, which further illustrates that our borough is a force to be reckoned with in the business world, and I fully expect the city to dominate even more of next year’s rankings,” said Carlo A. Scissura, President and CEO of the Brooklyn Chamber of Commerce.

"We are very excited to be included in the Inc. 5,000 list for a second year in a row. It's great to be featured amongst the commendable selection of Best for NYC finalists, as it shows that companies can have a financially successful business and happy and engaged employees all while being mindful of their impact on the environment and community," said John Stires, co-Founder of Brooklyn Winery.

“Being a finalist in the Best for NYC campaign and now being included in the 2016 Inc. 5,000 list proves that you can grow a successful independent business while taking care of your staff and the community,” said Caroline Bell, Owner of Café Grumpy.

New York City Economic Development Corporation (NYCEDC) is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.

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