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4-Traders Homepage  >  Equities  >  Nasdaq  >  Staples, Inc.    SPLS

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Staples, Inc. : Baltimore's Intelect Corporation Named the 2012 Inner City 100 Staples Diversity Leadership Award Winner

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05/10/2012 | 02:00pm CET

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 100 program.

"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 cities."

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 women-owned.
  • 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, visit www.staples.com/community.

For Staples, Inc.
Emily McCann, 508-253-0203
Emily.McCann@staples.com
or
Initiative for a Competitive Inner City (ICIC)
Mary Duggan, 857-284-1303
mduggan@icic.org


© Business Wire 2012
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