22. Gelato Giuliana
22. Gelato Giuliana
2010 Revenues: $1.2 million
5-year Annual Growth Rate: 54%

Giuliana Maravelle
Location: New Haven, CT

About the business:
New Haven, Connecticut doesn't exactly conjure up images of fresh, authentic Italian desserts. But Guiliana Maravelle saw room in New England for a decent gelato. She first got into the gelateria business because she was looking to serve the dessert at her New Haven Panini café. But the bar was high -- Maravelle grew up in Italy, and couldn't find gelato in America comparable to the kind she remembered from home. So, she started making her own. Now, her business has expanded, and she runs a wholesale production facility that distributes her products across the Northeast U.S. Maravelle is now debating how to hit new markets, either by making different types of gelato to appeal to new customers, or taking what she's got to different locations.

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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