IC100 Companies: Using Market Knowledge to Identify High-Growth Market Opportunities

Many CEOs of high-growth firms, specifically those seen on the Inner City 100 over the past 13 years, have taken the skill they knew best (artistic design, programming, building and fixing things around the house, etc.) and made a business of it.  In many instances, the leaders of these companies worked for another firm when they realized there was an opportunity for them to step in, offer better services and fulfill a market need. 

This strategy has not been lost on one particular 2011 Inner City 100 winner, Pittsburgh, Pennsylvania-based Network Deposition Services and its CEO Terri Urbash.  Founded in 2005, Network Deposition Services (NDS) is a full-scale court reporting and legal videography firm and finished #16 on the 2011 Inner City 100 list after posting a five-year compound annual growth rate (CAGR) of 64%.   As of 2009, the company had 29 employees and approximately $1.8 million in revenue. 

Urbash was a full-time court reporter with another firm, but found that she wanted to spend more time with her children so she became an independent court reporter.  From there, she decided to start her own firm where she contracted out to other court reporters. She quickly realized that to be a full-scale court reporting firm, she would need full-time employees.  Urbash began with just her equipment and $100 in the bank to buy letterhead.  Within a year, she opened an office in downtown Pittsburgh and the company was born. 

Given her vast experience as a court reporter in Pittsburgh, Urbash not only had a wealth of knowledge of the industry but also unique knowledge of the local market. She knew the company would be a success if they provided the absolute best service, quality and turnaround time.  Many of the owners of the existing court reporting firms were getting ready to retire, and she was able to recruit who she knew were the best reporters to her firm. In identifying these opportunities, she capitalized on a high-growth opportunity. 

As part of the successful NDS model, everyone on the team spends every two weeks in every position before starting their own, which fosters better collaboration and cross-functional teams. 

In her community, Urbash also operates a number of programs at local colleges to teach court reporting. She provides internships and scholarships to students at Community College of Allegheny County, her alma mater that has programs for court reporters and videographers.  She finds this particularly important because in her past experience, she found that few court reporters are actually trained to do the job. As a result, Urbash’s employees are highly competent and exceed industry standards on quality, turnaround and price.  Her employees participate in continuing education in order to keep up with the latest trends in the industry.  Ultimately, her investment in her employees has fostered superior boss-employee relations, which she finds one of the most unique aspects of her company.

The company’s success has allowed Urbash to expand operations throughout Pennsylvania, another growth market.  She hopes that one day one of her children will take over her high-growth operation, but if they decide that they do not want to take over the company, Urbash would like to give it to her employees to whom she attributes the company’s rapid growth. 

Is your company a growing inner city operation, like Network Deposition Services, that is creating well-paying jobs and opportunities your workers?  If so, apply for the 2012 Inner City 100 by its deadline of October 30, 2011 so that your firm can be recognized in Fortune magazine. CEOs of winning companies receive free management education at Harvard Business School.  To apply for the program, please visit our online application.  Please direct any questions you may have about the Inner City 100 to Alex Rodriguez by e-mail at arodriguez@icic.org or 617-459-7479. 

BY Alex Rodriguez on October 24th, 2011

TAGS: