Atlas Travel International Moves up to #10
on Top 100 Woman-Led Business in Massachusetts

MILFORD, MA – According to a major research study recently released by Babson College and The Commonwealth Institute, 53 percent of woman-led businesses in Massachusetts grew over the past two years despite the poor economic climate, with 35 percent experiencing strong growth. Atlas Travel International, who made the Top 100 Woman-Led Businesses in MA list for the second time, moved up to #10 in the state. Woman-led businesses are an economic engine for Massachusetts, with the top 100 contributing more than $6.5 billion in 2002, and employing more than 32,300 people.

The Woman-Led Businesses in Massachusetts: 2002 Results research study was jointly developed by The Center for Women's Leadership at Babson College and The Commonwealth Institute. It identifies the top 100 woman-led businesses in the state and includes data from 225 woman-led organizations. Findings from these 225 respondents uncovered key trends about woman-led businesses:

• These businesses increased their productivity along with business growth. While the revenue of the average company increased by 39% from $24 million in 2000 to $33.4 million in 2002, the productivity rate based on production per employee increased 41%.

• Contrary to commonly held beliefs, the majority of CEOs did not perceive gender-based business barriers. The exception – CEOs of smaller businesses who identified financing as an issue for woman-led companies.

• While men have been said to benefit from "the old-boys network" as an important aspect to their business success, women credit participation in women's networks as well as industry networks to enhance their firms' accomplishments.

• Women chief executives have successfully combined business and personal life. More than two-thirds of these leaders are married or partnered and have children.

• Eighty-four percent of respondents anticipate revenue growth at their firms over the next two years, with 48 percent of them anticipating growth rates of greater than 5 percent.

Eighty-four percent of the woman-led businesses studied are run by their founding entrepreneurs. The research found that woman-led businesses predominated in core industries, such as professional services, construction and high technology.

The Top 100 List
"We are very excited to be on the list and very gratified to be in the Top 10," said Elaine Osgood, president and ceo of Atlas Travel International. " We have been aggressive about investing in technology that allows us to better serve our customers and believe this has a great deal to do with our growth and success."

"Women's success in the business world has been remarkable," said Nan S. Langowitz, Babson College professor and chief researcher and author of the study. "The revenue growth of Massachusetts woman-led businesses has exceeded the national average. Since the study was first conducted in 2000, these CEOs have remained steadfast in addressing the changing economic conditions as well as identifying new markets for their businesses. They remain confident that this strong business growth will continue."

"Many of these businesses have been started from the ground up by women entrepreneurs, who have the vision and management skills to grow their organizations even in difficult times," said Lois E. Silverman, founder of The Commonwealth Institute and, who in 1995 was one of the first women in Mass. to take a company public.

"Women CEOs are critical to our economy and are strong role models for all executive leaders – women and men alike."

"There are many factors that contribute to the success of women's businesses," said Aileen Gorman, executive director of The Commonwealth Institute. "A key factor, I believe, is the way women work. In general, women value collaboration, networking, asking for help when they need it, and they are open to differing points of view. These are qualities of successful managers."

About the Study
This is the second study conducted by Babson College and The Commonwealth Institute on woman-led businesses in Massachusetts. Qualified participant companies have a woman chief executive, 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 www.babson.edu/cwl . The study and a complete listing of the Top 100 Woman-led Businesses in Massachusetts is also featured in this month's issue of Women's Business Boston .

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.

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 Top 100 Woman-led Businesses in Massachusetts include Deloitte; The Women Entrepreneurs' Connection at Fleet; and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.