BOSTON--(BUSINESS WIRE)--April 19, 2006--Demonstrating that America's inner cities are home to some of the most innovative and successful young entrepreneurs in the country, the Initiative for a Competitive Inner City (ICIC) and the Merrill Lynch Foundation today announced the 27 winners of the 2006 Growing Up CEO(TM) award, a program designed to honor and support young inner city entrepreneurs, many of whom are still in high school and all of whom are under 21.

Growing UP CEO not only recognizes the accomplishments of extraordinary individuals, but it also showcases the power of entrepreneurship as a tool for economic opportunity, personal fulfillment and community development.

Each year, the program identifies 25-30 young inner city CEOs who operate successful businesses. The honorees on the 2006 list range in age from 14 to 20, with an average age of 17. The winners, from 10 states and 14 cities across the U.S., have founded and manage a variety of businesses including clothing and jewelry design and manufacturing, web design, computer software, dance and academic tutoring. As part of the award, they have the opportunity to meet role models at the annual Inner City 100 Summit, a ceremony that honors the fastest-growing inner city businesses in the country and is sponsored by ICIC in partnership with Inc. magazine. Awardees can also attend the CEO Forum at Harvard Business School, taught by Harvard professors including world-renowned business strategist and ICIC founder, Michael E. Porter.

"These highly-motivated young entrepreneurs are the next generation of business leaders, and they are also credible role models," said Dorothy Terrell, president and CEO of ICIC. "Like their peers, they grew up in difficult circumstances and yet found opportunity. Self-reliance is a common trait among the winners. The Growing Up CEO program is designed to connect these young people with a network of business leaders who are willing to work with them into the future as both individuals and entrepreneurs."

For more than a decade, ICIC, a national, non-profit economic development organization, has worked to break down the structural barriers that have kept America's inner cities isolated from the mainstream economy. Of particular concern is the ongoing problem of young inner city residents becoming both economically and socially marginalized. Entrepreneurship presents a compelling opportunity for inner city youth to chart their own course. ICIC's experience suggests that a significant cadre of motivated individuals - of all ethnicities and genders exists in inner cities. The Growing Up CEO program's goal is to encourage and provide resources for this nucleus of influential inner city young people.

"Merrill Lynch's partnership with ICIC to recognize the top inner city youth CEOs is part of our wider commitment to developing the next generation of entrepreneurs and business leaders," said Eddy Bayardelle, President of Merrill Lynch Global Philanthropy. "ICIC and Merrill Lynch believe that exposing the Growing Up CEOs to successful inner city business strategies - and CEOs - will give them a competitive edge and enable them to thrive as entrepreneurs."

Growing Up CEO winners are given the opportunity to advance their business training by attending the annual Inner City 100 Summit, a ceremony that honors the fastest-growing inner city businesses in the country. Sponsored by ICIC in partnership with Inc. magazine, the Inner City 100 Summit, is scheduled for April 18 and 19, and brings together the 100 current winners and a broad representation of winners from throughout program's eight-year history. During the two-day Summit in Boston, the Growing Up CEO winners network with the Inner City 100 entrepreneurs, many of whom share the same background as the young CEOs. The young people also have the opportunity to access world-class business education and advice by attending the CEO Forum at Harvard Business School, which is taught by HBS professors including world-renowned business strategist and ICIC founder Michael E. Porter.

Growing Up CEO winners also attend networking and tooling sessions with Harvard Business School professors and other experts, set up a display for their business product or service, and attend the Inner City 100 Awards Dinner. The program continues beyond the two-day summit with a mentorship network made up of Inner City 100 winners who are available year-round, an alumni network, online tutorials and blogs, and regional Growing Up CEO events.

This year also marks the inaugural International Growing Up CEO program, which brings three international inner city business owners under the age of 21 to the event to celebrate international business ownership and diversity.

Growing Up CEO winners were chosen from a pool of over 100 nominations by youth programs across the country including the National Foundation for Teaching Entreprenuership, Junior Achievement, the Future Business Leaders of America, Build, and Diamonds in the Rough.

Growing Up CEO is currently accepting nominations for the 2007 list. Go to www.icic.org and click on "Growing UP CEO" for more information.

About ICIC

The Initiative for a Competitive Inner City (ICIC) is a national not-for-profit organization founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC's mission is to promote economic prosperity in America's inner cities through private sector engagement that leads to jobs, income and wealth creation for local residents.
ICIC brings together business and civic leaders to drive innovation and action, transform thinking and accelerate inner city business growth and investment.

About Merrill Lynch Global Philanthropy

Merrill Lynch was founded on the idea that the world is full of opportunity. Opening the door to that opportunity for underserved children and youth is the focus of the firm's global philanthropy. In 2005, Merrill Lynch giving totaled more than $37 million, with education receiving nearly half of that support. Merrill Lynch's flagship program Investing Pays Off(R)--or IPO(R)--helps create a level playing field for youngsters of all backgrounds through financial literacy and business savvy. The program strength lies in a free curriculum, the involvement of Merrill Lynch volunteers and online educational resources at volunteer.ml.com.

Copyright Business Wire 2006

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