Woburn, MA - January 25, 2006 - The Center for Business Intelligence was named one of the top 100 woman-led businesses in the state of Massachusetts as part of a major research study released by Babson College and The Commonwealth Institute. The Top Woman-Led Businesses in Massachusetts: Lessons from 2000 to 2004 study finds that 54 percent of woman-led businesses in Massachusetts have achieved annual growth greater than five percent from 2003 to 2004, outpacing the national rate. An additional 18 percent of the companies grew between one and five percent during that timeframe.

In Good Company

Front Row, Third from the Left, Kathy Coffey, President of CBI. Other companies represented include: Cumberland Farms Inc., Aurora Imaging Technology Inc., Axcelis Technologies, The Bauman Group Inc., Beacon Health Strategies Inc. and Garber Travel

The study underscores the significant contribution that woman-led businesses across all industries are making to the Massachusetts economy — the 215 companies participating in the research this year generated more than $7.8 billion in 2004, and employed 24,510 people. Additionally, 43 companies that have participated over a five-year period have realized productivity gains of 15.9 percent over that timeframe.

The 2004 Top Woman-Led Businesses in Massachusetts research study was co-developed by The Center for Women's Leadership at Babson College and The Commonwealth Institute. This study, which is being conducted for the fourth time and covers a five-year timeframe, identifies the top 100 woman-led businesses in the state and includes data from 215 woman-led firms. According to the survey, the top five woman-led businesses in Massachusetts based on 2004 revenues are: Cumberland Farms Inc. in the number one spot; followed by National Grid New England Distribution (formerly Massachusetts Electric Company); Axcelis Technologies; Agar Supply Co., Inc.; and Garber Travel.

The success of Massachusetts woman-led companies can be attributed to many factors, including: the achievement orientation of women CEOs, a management philosophy that focuses on customer and employee satisfaction, and the CEOs strong emphasis on education and learning. Findings from the total group of 215 respondents uncovers key trends about woman-led businesses:

• Women CEOs are ambitious and are primarily motivated by personal achievement (85%) and a desire for challenge (80%). Debunking the stereotype that women are driven to start businesses solely out of economic necessity, more than 54 percent stated that economic necessity was barely a motivator or none at all. Similarly, while nearly 32 percent cited the glass ceiling as a motivator, 48 percent said it was minimally a motivator or none at all. These findings replicate those first identified in the 2000 study.
• Establishing strong customer and employee relationships are considered the cornerstones to conducting business. The women CEOs cited customer satisfaction as the leading factor in doing business (97 percent), followed by key human resource issues: employee satisfaction (92 percent), company culture (81 percent) and work/life balance (67 percent). These areas were ranked higher as daily business priorities than rapid sales growth, high profitability, personal financial reward, high market share and personal autonomy and control.
• Of the 43 companies that consistently participated in the study over a five-year period from 2000-2004, the average company grew nearly 27 percent from revenues of $13.9 million in 2000 to revenues of $17.9 million in 2004. In the same timeframe, average employment increased by 9.5 percent, resulting in productivity gains of 15.9 percent.
• The woman-led firms are solidly focused on future growth. Ninety-two percent of the companies expect to grow over the next two years, and 59 percent are anticipating growth of five percent or more annually. The primary focus for growth is through new clients and customer accounts, followed by new products and new geographic markets. Most firms expect to finance growth through cash flow from operations, short-term debt and retained earnings reinvestment.
• Women leaders have a long-term commitment to building their careers and their businesses. The typical CEO of woman-led companies has 27 years of work experience, and 13 years in her current position. These leaders are well educated and are committed to ongoing learning. They tap mentors for business advice and — despite the preponderance of privately held firms — are savvy users of formal boards of directors and advisors.
• Women CEOs in Massachusetts combine entrepreneurial vision with an ability to successfully manage and grow their companies. Seventy-seven percent of the woman-led businesses studied continue to be run by their founding entrepreneurs.
• Demonstrating their commitment to work/life balance for their organizations, 78 percent of the women CEOs surveyed are currently married or partnered and 87 percent have children.

The woman-led businesses in the study cover virtually every sector of the Massachusetts economy. The top industries are professional services, high-tech, healthcare and construction. From 2000 to 2004, healthcare (which includes healthcare, pharmaceuticals, and medical products) has emerged as a key sector and professional services has grown in significance.

"The women CEOs we studied possess the drive, management expertise and long-term commitment to start and grow thriving enterprises," said Professor Nan S. Langowitz, Director of the Center for Women's Leadership at Babson College and chief researcher and author of the study. "These women are strong role models of business leadership and key contributors to the Massachusetts economy. They are succeeding across virtually all industry sectors and growing their companies faster than the national average. These CEOs are ambitious for their companies and for themselves, citing company profitability and personal satisfaction as top personal goals," Langowitz added.

"Women CEOs are succeeding because they first and foremost value strong relationships with customers and employees," said Aileen Gorman, executive director of The Commonwealth Institute. "Their leadership focus engenders loyalty and productivity, and results in long-term business success. Additionally, the CEOs we studied value learning and continue to reach out to mentors and boards of advisors to further their knowledge. Their commitment to building their companies for the long term and furthering their own expertise has been integral to their business growth."

About the Study
This is the fourth study conducted by Babson College and The Commonwealth Institute on woman-led businesses in Massachusetts. Qualified participant companies have a woman chief executive who is the senior executive decision maker of the firm, are headquartered in Massachusetts, and are either independent businesses or legal subsidiaries of larger corporations. Medical, law and banking firms as well as non-profits were not included in the study. The full research report is available from Babson's Center for Women's Leadership and can be downloaded at www3.babson.edu/cwl/.

About CBI Research, Inc.
CBI is a privately held, world-class conference company that focuses on producing high-level programs for executive decision-makers who face strategic issues in domestic and international markets. CBI has provided information and networking opportunities for thousands of senior- level executives in various industries for nearly ten years. More information is available at www.cbinet.com.

About Babson College
The Center for Women's Leadership at Babson College is the first center dedicated to women in business and entrepreneurship at a leading school of management. Babson College in Wellesley, Mass. was founded in 1919, and is recognized internationally as the leader in entrepreneurial management education. For more on Babson visit: www.babson.edu.

About The Commonwealth Institute
The Commonwealth Institute is a dynamic, non-profit organization founded in 1997 to help women entrepreneurs, CEOs and senior corporate executives build successful businesses. The goal of The Commonwealth Institute is to reach women leaders during the critical stages of their businesses and to provide them with the tools and resources they need for growth. Further information on The Commonwealth Institute can be found at: www.commonwealthinstitute.org.

Sponsors
Sponsors of a private reception honoring the 2004 Top 100 Woman-Led Businesses in Massachusetts include Bank of America; Deloitte & Touche; Harvard Pilgrim Health Care; and Mintz Levin Cohn Ferris Glovsky and Popeo, P.C..