44. FoBoGro
44. FoBoGro
2010 Revenues: $1.1 million
5-year Annual Growth Rate: 33%

CEO:
Kris Hart
Location: Washington, DC

About the business:
FoBoGro, aka Foggy Bottom Grocery, is a grocery store and sandwich shop located in Washington, D.C.'s Foggy Bottom neighborhood. With funding from investors found through the George Washington University alumni network, Kris Hart and Devlin Keating bought the failing business and turned it around. The entrepreneurs added an eatery to the grocery store and offered what the GW community had been missing: a one-stop shop to meet all of the food needs of area college students. Foggy Bottom Grocery largely employs local students.


The Initiative for a Competitive Inner City (ICIC) defines inner cities as core urban areas with higher unemployment and poverty rates and lower median incomes than their surrounding metropolitan statistical areas. For the 2012 list, ICIC received more than 2,000 solicited nominations using its database of small businesses and through the support of its nominating partners, including the U.S. Hispanic Chamber of Commerce, Staples, New York City Department of Small Business Services, and the U.S. Conference of Mayors. Companies were ranked by compound annual growth rate (CAGR) based on their revenue over the five-year period between 2006 and 2010, the last year for which complete data was available. This list was audited by the independent accounting firm of Rucci Bardaro and Barrett, PC.
@FortuneMagazine - Last updated May 11 2012: 10:59 AM ET
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