Woman-Led Businesses in Massachusetts Exceed National Growth Rate
BOSTON — December 6, 2004 — A major research study released today by Babson College and The Commonwealth Institute finds that woman-led businesses in Massachusetts are strong engines of economic growth. Sixty-one percent of Massachusetts woman-led businesses in the study expanded from 2002 to 2003, and 42 percent grew by more than 5 percent, far exceeding the national economic expansion rate. As part of the study, Boston-based DxCG, Inc., was identified as one of the top 100 woman-led businesses in Massachusetts.
The 2003 Woman-Led Businesses in Massachusetts research study was codeveloped by The Center for Women's Leadership at Babson College and The Commonwealth Institute. Now in its third year, this annual study identifies the top 100 woman-led businesses in the state and includes quantitative and qualitative data from 237 woman-led organizations.
"It's an honor to be part of such an elite group of companies in Massachusetts," said Marilyn Schlein Kramer, president, DxCG, Inc. "As a group, we have experienced rapid growth in challenging economic times. It is a testimony to the leadership of these talented women leaders."
"Women have demonstrated their success in building companies for long-term growth," said Lois E. Silverman, founder of The Commonwealth Institute, who in 1995 was one of the first women in Massachusetts to take a company public while she was CEO of CRA Managed Care. "These firms, in business for an average of 19 years, have continued to achieve solid gains despite the ups and downs of numerous business cycles. Women CEOs' management acumen, commitment to building their businesses for the long term and their focus on creating exceptional workplaces are some of the factors that have led to their success."
About the Study
This is the third 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 nonprofits 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 www.babson.edu/cwl.
About DxCG®, Inc.
DxCG, a unit of ISO, promotes fair and efficient health care by providing software solutions to more accurately plan, budget and evaluate health care management programs. DxCG has more than 175 clients, covering over 75 million lives in the U.S. and abroad. The company's Diagnostic Cost Groups (DCG) and RxGroups® predictive models are used to negotiate health-based payments, identify opportunities for disease management, profile physicians and evaluate managed care programs. Recognized by leading independent researchers as the most proven models available, DxCG's methodologies are used by the federal government to set payment rates for Medicare.
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, Massachusetts, was founded in 1919 and is recognized internationally as the leader in entrepreneurial management education.
About The Commonwealth Institute
The Commonwealth Institute is a dynamic, nonprofit 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.
Stephanie Martinovich (DxCG, Inc.)