24 September 1999
Baltimore Advisors, a non-profit management consulting firm affiliated with Harvard Business School Professor Michael Porter, this week announced the winners of its "Urban Enterprise 25" awards. Baltimore Advisors, together with The Daily Record, selected the 25 fastest growing companies based in Baltimore City to recognize their positive impact on local employment and economic development.
Dredge builder Ellicott® International received the award for the 10th fastest growth rate with average annual sales growth of over 35% per year since 1994.
The Daily Record asked Ellicott® President Peter Bowe to describe the company's market philosophy, and he responded as follows:
"I would say our philosophy is a market-oriented philosophy, which is to aggressively seek new opportunities, because in the infrastructure of business, growth doesn't come from the status quo, it comes from new opportunities. You have to find new markets opening up where there is room for a local contractor to acquire capacity. We've always been an export company, but we have made an aggressive effort to seek out new geographic markets such as Vietnam."
The Daily Record also asked each of the 25 awardees how being located in Baltimore affected their business. Bowe had this to say about Baltimore and Ellicott®:
"Well, there are plenty of advantages. I think the accessibility to the port makes it easier for us to export our product. The accessibility to the airport makes it not only easier for us to travel to see our customers, but for other people to come visit us. These are probably the two biggest advantages. So we are committed to Baltimore for the long haul. All of our brain power is here. There is no question of our moving."
Ellicott® and the 24 other recipients received their "Urban Enterprise 25" awards at a banquet where Professor Michael Porter was slated to give the keynote speech.