Founder and CEO Rohit Patel Honored for his Entrepreneurial
Leadership and Commitment to Creating Jobs and Economic Opportunity for
Inner City Residents
Initiative for a Competitive Inner City (ICIC), a not-for-profit
organization whose mission is to promote economic prosperity in
America's inner cities, together with Staples, Inc. (NASDAQ: SPLS),
today announced Baltimore-based Intelect Corporation as the 2012 Inner
City 100 Staples Diversity Leadership Award Winner. The award is
presented to a company featured on the Inner City 100 list that has made
the greatest impact on its community through quality job creation for
the inner city's diverse residents and underrepresented populations. The
Inner City 100 list, produced by ICIC and Fortune, is a ranking
of the fastest-growing inner city companies in the U.S. Staples
presented the award to Intelect at the Inner City 100 Awards Dinner held
on May 9th at the Sheraton Boston.
Founded in 1995 by chief executive officer Rohit Patel, Intelect
Corporation is a one-stop shop for solutions in telecommunications,
cellular, intelligent transportation, IT, video surveillance and
electrical systems. Patel started Intelect Corporation in an abandoned
broom factory in Baltimore and the company now employs more than 112
workers of which nearly sixty percent live in the inner city. Nominated
by the Baltimore Development Corporation, this is the company's first
appearance on the Inner City 100. The company reported 2010 revenues of
more than $13 million and a five-year compound annual growth rate of
eleven percent. In 2007, Patel was named Entrepreneur of the Year by
Ernst and Young and was honored as one of the "Top 40 under 40" by the
Baltimore Business Journal.
"We are pleased to recognize Intelect Corporation and the strong
leadership of Rohit Patel which has been the driving force behind this
thriving inner city business that has provided enormous stimulus for
change in its community," stated Emily McCann, manager, community
relations for Staples, Inc. "Staples remains committed to supporting
strong entrepreneurial leadership and raising awareness of the vital
role inner city businesses play in creating a path for economic
opportunity throughout the country."
Staples has long been an advocate for inner cities, minority business
ownership and entrepreneurialism and raising awareness of the importance
of a robust business sector in creating healthy, urban communities.
Staples has been a key supporter of ICIC and the Inner City 100 for
nearly 10 years. This year, Staples has renewed its support of ICIC's
Inner City 100 through another $150,000 grant. To date, Staples has
contributed nearly $1.7 million in support of ICIC and the Inner City
"Led by one of today's most creative entrepreneurs, Rohit Patel, we are
delighted to celebrate Intelect Corporation as this year's Inner City
100 Staples Diversity Leadership Award Winner," said Mary Kay Leonard,
president and chief executive officer of Initiative for a Competitive
Inner City. "Through its remarkable commitment to providing jobs for
inner city residents and astounding growth, Intelect Corporation
demonstrates the impact the private sector can have on America's inner
Highlights of the 2012 Inner City 100 include:
The Inner City 100 companies employ 7,965 workers and have created
4,635 new jobs in the last five years.
Twenty-five percent are women-owned companies. Nationally, only ten
percent of companies with more than $1 million in annual revenues are
Companies generated $15.3 million in revenues on average and $1.5
billion in the aggregate.
Thirty-six percent are minority-owned. Nationally, only twenty-one
percent of all companies are led by minorities.
Forty percent of Inner City 100 workers are inner city residents.
About the Initiative for a Competitive Inner City
The Initiative for a Competitive Inner City (ICIC) is a nonprofit
research and strategy organization and the leading authority on U.S.
inner city economies and the businesses that thrive there. Founded in
1994 by Harvard Business School Professor Michael Porter, ICIC expands
inner city economies by providing businesses, governments and investors
with the most comprehensive and actionable information in the field
about urban market opportunities. ICIC's unique knowledge and expertise
about inner city success factors and thriving companies is developed
from specialized urban networks and path-breaking research. For more
information, visit: www.icic.org.
About Staples Community and Giving
Staples contributes to educational and youth-oriented community efforts,
from literacy and mentoring to career skills development, through
in-kind and monetary donations and grants from Staples Foundation, the
private charitable arm of Staples, Inc. Through its community and giving
efforts, Staples and Staples Foundation have helped more than 6,000
organizations in 2,000 communities across 27 countries. Community and
Giving is also an integral component of Staples Soul, which recognizes
the connection between long-term business success and the impact Staples
has on associates, communities and the planet. For more information,
For Staples, Inc.
Emily McCann, 508-253-0203
for a Competitive Inner City (ICIC)
Mary Duggan, 857-284-1303