Black in Business Digital Guide

SELF-ASSESSMENT STRUCTURE FOR MBES

The self-assessment is organized across six pillars. 90+% of the expectations
are cross-industry

1 2 3 45 6
1 1 Quality Corporate Technical Financials

HSSE Cyber Policies Capabilities
Security

LEADERSHIP AND IDENTIFY ORGANIZATION LEADERSHIP AND GENERAL LEADERSHIP AND
COMMITMENT PROTECT LEADERSHIP COMMITMENT COMMITMENT
POLICIES DETECT PLANNING EQUIPMENT AND
ORGANIZATION RESPOND SUPPORT ETHICS MATERIALS ACCOUNTING
STAKEHOLDERS RECOVER OPERATIONS AND REPORTING
RISK PERFORMANCE ANTICORRUPTION INFORMATION
ASSETS IMPROVEMENT TECHNOLOGY FINANCIAL
PLANNING CONFLICT OF STATEMENTS
EXECUTION INTEREST PROFESSIONAL AND INDICES
MONITORING SERVICES
ASSURANCE ANTITRUST
SKILLED LABOR
GIFTS AND
ENTERTAINMENT TRANSPORTATION
AND LOGISTICS
HARASSMENT
AND AND
DISCRIMINATION CONSTRUCTION
(EPC) SERVICES
ALCOHOL
AND DRUGS

CORPORATE
ASSETS

WORKSHOP AGENDAS

Building MBE capabilities and ensuring baseline requirements are met.

Orientation (1 day) HSSE Workshop (1/2 day) Cyber Security
Workshop (1/2 day)
Introduction HSSE Policy
HSSE Overview Drug and Alcohol Policy 3
Cyber Security Overview Culture and Leadership
Quality Overview Implementation and Cyber Security Policy
Corporate Policies Overview Stakeholders Culture and Leadership
Technical Capabilities Overview Risk Management Inventories (IT, Telecom, SW)
Financials Overview Emergency Plans and BCPs Identities and Credentials
Wrap-up Permits, Hazards Id, Stop and Access Management
Intervene Data Protection and Log Records
Performance Monitoring Monitoring and Analysis
and Audits Response and Recovery Plan

Financials (2 hours)

Quality (1/2 day) Corporate Policies Financial Policy
(1/2 day) DOAG and Segregation of Duties
Quality Policy Accounting and Reporting
Culture and Leadership Leadership and Commitment Financial Statements and Indices
Scope and Issues Ethics Policy
Risks and Opportunities Anticorruption Policy Wrap-up (2 hours)
Resource Management Antitrust Policy
Review and Communication Gift and Entertainment, Overview of Key Concepts
Processes and COI Policies Processes & Tools
Monitoring and Measurement Harassment Policy Qs & As
Continuous Improvement Diversity and Inclusion Policy
Corporate Assets Policy

For more information, email us at: [email protected]

wrmsdc.org

Copyright 2020 Blue Wave. All rights reserved.

BLACK-OWNED BUSINESS PROFILES

CHECK OUT THE BLACK-OWNED BUSINESSES PROVIDING GOODS AND SERVICES, WHO SUBMITTED A PROFILE FOR
WRMSDC ACTIVITIES. PLEASE CONSIDER IDENTIFYING, INCLUDING, AND INVESTING IN THESE BUSINESSES FOR
YOUR ORGANIZATION'S PROCUREMENT NEEDS. CONTACT THEM DIRECTLY WITH INQUIRIES.

Integrity Enterprises *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: California, Nevada, Regional (other states across the US), National

Integrity Enterprises, LLC - we are your trusted remote construction consultant. Performing Cost estimates & quantity takeoff
on: - concrete & misc. steel, - cold form metal framing, - rough carpentry, - insulation, - Stucco & EIFS, - Non-load bearing
metal framing, - Drywall, - Paint, - Acoustical ceiling systems, - Special finishes

Contact: Robert Brown [email protected]

Inzuri LLC *Certified NMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area: California, Nevada, Hawai'i, National, Regional (other states across the US)

Inzuri is an MBE vendor specializing in med-surg, DME, and PPE. Our strength is in our ability to source heavily constrained
items such as syringes, crutches, Vacutainers, collection tubes, Cardinal/DeRoyal canisters, surgical gloves, and much more.
We currently supply hospitals such as Mount Sinai and CHOP

Contact: Ifi Akpandak [email protected]

KD Electric *Certified WRMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area: California, Nevada

KD Electric is a Minority Owned Business located in Northern Nevada. We provide the best electrical services, electrical wiring,
panels and breakers, lighting, low voltage, data cabling, security cameras, automation and control systems, renewable energy,
solar panels, home and office batteries, generators, snow melt systems, emergency backup systems, fiber splicing, new
construction, and remodels.

Contact: Damon Hobbs [email protected]

Las Vegas Uniforms Direct Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: Nevada

Las Vegas Uniforms Direct is a minority owned provider of high quality uniform apparel focused on capturing the demand of
career apparel for corporations, the entertainment industry, government, the hospitality industry, retail, schools and
transportation markets. As a certified minority owned company, we take pride in building a more diverse supplier market place
in the western region. LVUD’s mission is to provide high quality Career Apparel throughout Las Vegas, North Las Vegas, and
Henderson

Contact: Jason Haywood [email protected]

LaVie Development Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: National, International

La Vie Development provides the only FDA Cleared Air & Surfaces Purification System. This device addresses 99.99 % of the
virus that causes COVID in the air (3 minutes) and surfaces 99.98% (7 hours).We also provide the VOC monitoring of public
spaces which offers Smart Devices that Continuously Monitor the Air Quality. This is based on the AQI standards chart and as
well as alerting to any areas or parameters out of norm.

Contact: Tonya Lewter [email protected]

Metro Contract Group *Certified WRMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area: Regional (other states across the US)

Full service contract office furniture dealership. Offering new and pre-owned furniture, design, project management.

Contact: Dwight Jackson [email protected]

53

BLACK-OWNED BUSINESS PROFILES

https://wrmsdc.org/blackinbusinessshowcase/dg/Metro.pdf

CHECK OUT THE BLACK-OWNED BUSINESSES PROVIDING GOODS AND SERVICES, WHO SUBMITTED A PROFILE FOR
WRMSDC ACTIVITIES. PLEASE CONSIDER IDENTIFYING, INCLUDING, AND INVESTING IN THESE BUSINESSES FOR
YOUR ORGANIZATION'S PROCUREMENT NEEDS. CONTACT THEM DIRECTLY WITH INQUIRIES.

My Next Career Path Staffing *Certified WRMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area: California, Nevada, National

My Next Career Path (MNCP) Staffing, is a Nevada-based Staffing and Professional services firm that provides resources to
private and public sector firms and agencies nationwide. When assistance is needed, we are here to make your next the best.
From accounting, system/network administrators, project managers, developers, clinical/healthcare workers, designers,
customer service experts, and marketing specialists - we have talented professionals readily available to assist you

Contact: Renee Boyce [email protected]

National Insurance Consultants, Inc. *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: National

Independent Commercial Insurance agency, providing services to the construction and transportation industry on a national
basis, through multiple city, state and national projects and supporting minority non-profit firms with risk mitigation techniques &
products. Bonding and capacity Building programs, which include lending and education and real world, hands on,
development of firms capabilities and potentials.

Contact: Herman & Katrina Ross [email protected]

New Vista Studios LLC Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: California, Nevada, National, Regional (other states across the US), Hawai'i

Founded in 2015, New Vista Studios LLC is a Minority Woman Owned Small Business that provides e-learning training and
digital media technology in support of Government and Corporate customers. New Vista Studios LLC takes training materials
like employee handbooks or college textbooks and turns them into colorful content like engaging videos, interactive mobile
apps, multimedia and fun learning games.

Contact: Schatar Sapphira White [email protected]

Path To Publishing *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: National

Path To Publishing is an author assistance and literary service provider, helping to write, edit, publish, distribute, and sell books
and publications. We assist businesses, business owners, entrepreneurs, and CEOs with creating personal narratives and
brand stories that offer validation and credibility in their industry as well as bring awareness to their company and brand. We
offer literary consulting services and publishing coaching as well as online courses, books and curriculum.

Contact: Joylynn M. Ross [email protected]

Premier 34 *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: California, National

Premier 34 provides professional services for innovative, complex, and emergent utility projects and programs. With safety,
integrity and customer experience as our north star, our industry experts deliver sustaining results through a wide range of
service offerings.

Contact: Vic Baker [email protected]

Sabacon Consulting *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: California

We elevate management's performance, maximize profitability and actualize our client's mission through strategic planning,
change and performance management. We bring corporate expertise and knowhow to small and mid-sized business leaders,
who are guiding their organizations through growth or change. Additionally, we utilize data analysis to ensure our
recommendations or grounded in facts.

Contact: Gerald Johnson [email protected]

54

WRMSDC Engaging Supplier Diversity

Engaging Supplier Diversity HOW TO MEET THE PROS

BUILDING The Supplier Diversity Pros, that is
A GREAT
PROFILE IDENTIFY COMPANIES THAT GET READY TO MAKE A GREAT
BUY WHAT YOU SELL FIRST IMPRESSION

Make a list of companies you want to do Research the company's needs, their goals,
business with and prioritize that list. Pick your and their values. Be an expert in what they

top five to start your efforts. need and go in ready to learn.

Corporate members and WRMSDC rely on the product and service MAKE CONTACT REGISTER YOUR COMPANY
description you provide to identify potential opportunities. Make the
most of your certification by pairing it with a great profile. Once you're in their supplier database, you Each company that has a supplier diversity
can start reaching out to supplier diversity initiative has a separate supplier database and
GOODS AND SERVICES you'll need to register your company in each
managers via email, LinkedIn, or other
The products and services description in networking avenue. one. Make sure that you're in their database
your application forms the backbone of your before you reach out.
company's profile. Does it describe your
core competencies? Is there anything else BE PERSISTENT
that you provide that are listed on your BUT PATIENT
website that aren't in your database profile?
Tell us about those!

NAICS CODES

The North American Industry Classification FOLLOWING UP ON ABOVE ALL
System (NAICS) Codes help sourcing FIRST CONTACTS BE KIND
professionals find your company and
Supplier Diversity pros validate that your After you've met a Supplier Diversity Pro, keep Get to know your contacts as people. No one
company can do the things they say they do in touch! Make a plan to stay in contact. likes to feel like their only value to you is
based on the NAICS on your profile. Define up monetary.
to ten codes that describe what your Follow the company's social media profiles If the Supplier Diversity Pro isn't actively
business does. and drop them a line to congratulate them sourcing for what you provide, quarterly
contacts are plenty.
PRECISE AND CONCISE when they've had wins.
Tell them about your wins, events you'll be GOOD RELATIONSHIPS
Businesses have up to 2000 characters to =
describe what their company does, so be attending, and especially if you'll be
precise about what your company does and presenting. STRONG CONTRACTS
concise in describing it. Don't tell us that
you're certified - we already know! Tell us YOU KNOW WHAT YOU HAVE -Be friendly and professional!
about the exact products or services you TO OFFER BETTER THAN - Good relationships don't happen overnight
offer so we can find you when searching. ANYONE
and they require patience to build.
- Be excited about what you provide! - Maintain a strict code of ethics. Honesty

Nothing takes the place of active council engagement when - How does your product or service help your now provides dividends in time.
leveraging your certification, but you can help WRMSDC help you by customers? Make sure they know.
ensuring that your database profile has the most current information
and uses the keywords that help your customers find you. - What is your value proposition? What do you
provide that no one else does?

Visit www.wrmsdc.org Visit www.wrmsdc.org

BLACK-OWNED BUSINESS PROFILES

CHECK OUT THE BLACK-OWNED BUSINESSES PROVIDING GOODS AND SERVICES, WHO SUBMITTED A PROFILE FOR
WRMSDC ACTIVITIES. PLEASE CONSIDER IDENTIFYING, INCLUDING, AND INVESTING IN THESE BUSINESSES FOR
YOUR ORGANIZATION'S PROCUREMENT NEEDS. CONTACT THEM DIRECTLY WITH INQUIRIES.

TIRO Life Coaching *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: California

TIRO Life Coaching, LLC specializes in Professional Development with a emphasis in Soft Skills offerings consisting of
Customized Workshops in the area of: Time Management, Teamwork, Personal Branding, Communication, Leadership, Conflict
Management, Customer Service, The Importance of Goal Setting, Resiliency, Mentors, Coaching, and Sponsors

Contact: Jackie Belser [email protected]

The WE Mentality LLC Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: Nevada

WE are fully-certified Coaching Professionals since 2018, helping clients throughout the Las Vegas Valley achieve their overall
business goals. The essence of our work is to facilitate self-growth by helping you identify the businesses core challenges so
that you can overcome them with confidence. Understanding behaviors and creating team synergy is our core mission. We
specialize in creating personalized plans and providing tools to guide you forward and achieve your desired goals.

Contact: Tiffany Ward [email protected]

Tucker Technology, Inc. (TTI) *Certified WRMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area:California, Nevada, National

Tucker Technology, Inc. is a telecommunications contractor focused on providing wireless installation services.

Contact: Conchita Tucker [email protected]

TWOBOOM *Certified WRMSDC MBE Read Their Capabilities Statement

Class 1: Annual Sales less than $1M
Service Area: National

TwoBoom is a full-service strategic partner for start-ups, redirection, and wind-downs. From advisory services to hands-on
operational expertise, 2B's method is an immersive approach, resulting in a seamless partnership to ensure clients have the
resources they need to achieve goals, objectives and dreams.

Contact: Clement Owunna [email protected]

Wise Power Inc. *Certified WRMSDC MBE Read Their Capabilities Statement

Class 2: Annual Sales from $1M - $10M
Service Area: National

Wise Power (WISE) is a renewable energy company that develops projects to generate power. Our technology uses the multi-
directional flow of energy and information. We use solar PV systems, intelligent energy storage systems, EV charging stations,
and systems integration solutions to help our clients; generate revenue, save money on their electric utility bills, and reduce
their carbon footprint. Visit our website at http://getwisepower.com

Contact: Brittany Williams [email protected]

World Wide Technology *Certified WRMSDC MBE Read Their Capabilities Statement

Class 4: Annual Sales over $50M
Service Area: California, Nevada, Hawai'i, National, Regional (other states across the US), International

We look at the entire process — from beginning to end — by delivering both strategy and execution, acting as a bridge
between business and technology, and blurring the lines between the physical and digital. In doing so, we remove the barriers
to digital transformation.

Contact: Dicran Arnold [email protected]

56

WRMSDC UPCOMING EVENTS

Hawai‘i Pitch & Nuts & Bolts Signature Event Best in the West III
Networking Construction Summit Jun 9
Apr 7 Excellence in Supplier
Apr 20 Diversity Awards Gala
In partnership with
May 12

Corporate Members & Program Managers Golf Tournament & Business Opportunity
Primes Take the Stage Supplier Diversity Best Fundraiser Connections Day
Jul 12 Jul 19
Jun 15 Practices Forum
Jun 22

Signature Event Northern NV: Small & Signature Event
Minority Biz Opportunity
Multi-Industry Supplier Holiday Celebration &
Diversity Expo Day Fundraiser
Aug 18 Nov 15
Oct 13

Construction and Financial Services-specific events will be announced in 2022

For more info, go to wrmsdc.org/events

57









Facilitating Growth
for Minority-owned
Businesses

How rethinking supplier diversity and creating
results-driven processes will achieve revenue
parity

Presented by

The Michigan
Minority Supplier
Development
Council

and
supplier.io

Introduction

The Michigan Minority Supplier Development Council (MMSDC) is a non-profit 501(c)3
organization committed to driving economic growth within minority communities. MMSDC
operates the Department of Commerce’s Minority Business Development Agency and Advanced
Manufacturing Project Centers serving the state of Michigan and beyond. MMSDC is also one
of 23 affiliates of the National Minority Supplier Development Council, a nonprofit organization
that advances business opportunities for its certified Asian, Black, Hispanic, and Native
American business enterprises and connects them to its corporate members.

The MMSDC commissioned research from supplier.io, a provider of supplier diversity solutions,
to assess the growth rate of minority business enterprises (MBEs) and determine the gap that
remains in the revenue parity for MBEs relative to the number of minorities in the US.

Minorities and MBEs continue to drive disproportionate economic growth in the US. In the five
years from 2014-2018, MBEs created 14.2% of the new jobs in the US. However, MBEs
continue to lag in receiving the equitable economic benefits of their contribution. MBEs
collected only 7.3% of the revenue growth during this same period.

MBEs are also at greater risk during economic downturns. During the worst periods of the
pandemic, Black-owned businesses were hit especially hard, experiencing a 41 percent drop in
revenues. Latinx business owners’ revenue fell by 32 percent, and Asian business owners’
revenue dropped by 26 percent. In contrast, White-owned firms fell by just 17 percent1. The
Fed’s 2020 Small Business Credit Survey found that MBEs received loan approvals from banks
at lower rates than white-owned firms. Only 69.7% of MBE loan requests were approved
compared to 84.4% for white-owned firms.2 Even with facing these adversities, MBEs were
48% more likely to add new services to support their employees and communities during the
pandemic.3Much needs to be done in the public and private sectors to help close these
systemic gaps and achieve economic parity for MBEs. Using data published by the US Census
Bureau, this report analyzes the growth of MBEs in the years from 2014 to 2018, the latest
year for which complete data are currently available. If MBEs continue to grow at the current
rates, it will take over 333 years for MBEs to achieve revenue parity with White-owned
businesses. There are significant benefits to everyone in achieving revenue parity. McKinsey
estimates that achieving revenue parity between Black and white-owned businesses alone will
add over $290 billion to overall wealth4.

Defining Revenue Parity

There are two primary methods of understanding revenue parity:

1. Population Representation Method: Revenue earned by MBEs as a percentage of their
representation in the US population. In 2018, minorities represented approximately
40% of the US population. However, revenues collectively earned by MBE
represented only 9.4% of the revenues earned by private US firms. Spending with
MBEs needs to increase four to five times the current levels to achieve revenue
parity.
Exhibit 1

MBEs earn a disproportionately lower percentage of
revenues relative to minority population representation

Firms with more than $1 million in revenues (excluding public firms)

Percentage of US Population 60.4%

Non-Minority Percentage of Business Revenues

90.6%

Percentage of US Population

39.6%

Minority Percentage of Business Revenues
9.4%

2. Average Revenue Method: Average revenues earned by MBEs in an industry relative to
their white-owned peers. MBEs have historically earned lower average revenues than
their white-owned counterparts, even within the same industry. In 2018, in MBEs
with more than $1 million in revenues, MBEs earned $4.8 million on average
compared to $9.7 million for white-owned firms. Spending with MBEs must double
to achieve revenue parity.

Exhibit 2
Average Revenues

Firms with more than $1 million in revenues (excluding public firms)

Non-minority $9.7M
firms
50.5%
MBEs $4.8M lower

Irrespective of the method used, there exists a sizeable gap that corporations must work to
close.

MBE Growth: 2014 to 2018

This analysis evaluates data from the Annual Business Survey conducted by the US Census6,7
to understand the growth of minority-owned suppliers in the five years from 2014 to 2018. We
restricted the dataset for this analysis to businesses with at least $1 million in annual revenues.
This restriction was added to limit the analysis to firms within the typical corporate supplier
diversity supply chain.

Number of MBEs

From 2014 to 2018, the number of MBEs with more than $1 million in revenues grew by 26%
(Exhibit 3). This is a positive sign indicating that relative to non-minority-owned firms, a larger
percentage of MBEs can scale to more sustainable sizes. This growth increases the pool of
viable MBEs available to corporations for purchasing opportunities.

Exhibit 3

As a percentage of the overall number of businesses, MBEs continue to be underrepresented.
As of 2018, the number of MBEs with over $1 million in revenues represented only 17.4% of all
firms. Taking a closer look, the representation of minority-owned businesses, compared to all
US businesses, is concerning, with only a 1.25% increase over the last five years.

Exhibit 4

MBE Revenues

The cumulative sales of MBEs with revenues of more than $1 million grew from $864 billion to
$1.2 trillion from 2014 to 2018.

Exhibit 5

While this is impressive growth, MBEs’ share of total revenues barely budged during this
period. It grew from 8.8% in 2014 to only 9.4% in 2018. In fact, in 2018, MBEs’ share of
revenues decreased from 2017, erasing the equivalent of two years of gains (Exhibit 6).

Exhibit 6

0.6%

increase in MBEs
revenue share in
5 years

Path to Parity

By 2045, people of color are projected to make up more than 50% of the US population.
Genuine access that allows MBEs to compete to supply products and services is paramount.
Likewise, spending with MBEs needs to increase significantly to close the gap between MBEs
and non-minority firms. In fact, it must quadruple in the next 20 years. Otherwise, MBEs will
attain parity in revenues with the majority population in 333 years, more than three centuries.

Exhibit 7

Projected Growth in MBE Revenues

Actual Projected

60%

50%

MBE Revenues Share 40% G5royweainrsg at 0.6% every 50%
30% revenue

20% share

10%

0% 2044 2074 2104 2134 2164 2194 2224 2254 2284 2314 2344
2014
Year

This projection is untenable. Rethinking our approach to corporate Supplier Diversity
programs is critical as we take bold steps to make a meaningful dent in the parity gap.

Partnering with minority businesses is a powerful way for corporations to drive their business
goals by gaining access to unique perspectives and expertise to satisfy their customer base.
The byproduct creates generational wealth in minority communities, which fuels growth in all
communities.

Actions that corporations can take today to close the gap:

• Commit to increasing spend targets: The revenue gap closes when spending with MBEs

qualified MBEs every year. There are manageable ways to make a difference. The
average MBE spending (when spending with public companies is included) is 3.29%.
This average must increase 4-5 times current levels to between 13%-16% to achieve
parity. If all corporations commit to growing their MBE spend percentage by 1% every
year, the time to parity is reduced to fewer than 15 years.

• Commit to including MBE spending across all categories: Corporations often gravitate to
‘tail spend’ or ‘indirect spend’ categories when looking to increase their supplier
diversity spending. Areas such as construction, low-growth manufacturing,
catering/food services, or janitorial services, while easy targets for supplier diversity,
often tend to be in low margin and low growth areas of the economy. Corporations
should commit to procuring from MBEs in high-growth, high-margin areas of the
economy, such as advanced manufacturing, technology and professional services.

• Help create pools of viable and qualified MBEs: Spending with MBEs requires the
availability of qualified MBEs. In some situations, there may not be sufficient MBEs due
to barriers to entry, such as access to growth capital and strategic knowledge.
Corporations can help create viable MBEs through:

o Access to capital: Black and Hispanic businesses lack access to capital that fuels
many high-growth industries today. For example, in 2020, Black and Hispanic
businesses received only 2.6% of all venture funding.5 MBEs also start with
lower start-up capital than white-owned firms and are less likely to receive
credit from banks. Corporations may leverage their access to capital to provide
more cost effective options to MBEs without diluting owner equity. Funded
companies achieved 30 percent more growth in revenue and 50 percent more
growth in employment than companies that did not raise funding.9 Using this
metric, improving access to capital for MBEs can accelerate revenue growth and
may reduce the time to parity by as much as 25%.

o Access to customers: MBEs need access to customers to grow. Corporations can
commit to increasing the inclusion of MBEs in their sourcing activities. This
inclusion must be across all categories and include MBEs in opportunities where
they have a legitimate chance to compete and win.

programs that abound in the diversity arena. Providing strategic expertise and
assistance directly from buying decision makers who mentor and partner with
MBEs to develop their ability to grow in their specific industries, is paramount.

The challenge to attaining economic parity is unquestionably complex, and the solutions are
not always known or easy. But the responsibility to act boldly to make a meaningful difference
remains. Corporations must act urgently to address the racial wealth gap that persists in the
US economy. Local, state and federal governments can support with policies that drive
sustainable, inclusive growth.

Finally, to ensure the full ecosystem of opportunity works, certified minority entrepreneurs
must continue to over-index in hiring and promoting people of color while also increasing their
own firms’ diverse spending with other minority businesses. Together, we can all change
course and realize parity that benefits us all in far less than three centuries.

References

1. Rob Fairlie, 2020. The Impact of Covid-19 on Small Business Owners: Evidence of Early Stage Losses from the
April 2020 Current Population Survey. NBER Working Paper No. 27309. Available at:
https://www.nber.org/papers/w27309.

2. Report on Employer Firms Based on the 2020 Small Business Credit Survey (fedsmallbusiness.org)
https://www.fedsmallbusiness.org/survey/2020/report-on-employer-firms

3. COVID-19’s effect on minority-owned small businesses | McKinsey https://www.mckinsey.com/industries/public-
and-social-sector/our-insights/covid-19s-effect-on-minority-owned-small-businesses-in-the-united-states

4. Building supportive ecosystems for Black-owned US businesses | McKinsey
https://www.mckinsey.com/industries/public-and-social-sector/our-insights/building-supportive-ecosystems-for-
black-owned-us-businesses

5. 2020 Crunchbase Diversity Spotlight Report - Crunchbase https://about.crunchbase.com/2020-diversity-
spotlight-report/

6. 2017 and 2018 data: Annual Business Survey (ABS) Program https://www.census.gov/programs-
surveys/abs.html

7. 2014-2016 data: Annual Survey of Entrepreneurs (ASE) Program https://www.census.gov/programs-
surveys/ase.html

8. The US will become ‘minority white’ in 2045, Census projects (brookings.edu)
https://www.brookings.edu/blog/the-avenue/2018/03/14/the-us-will-become-minority-white-in-2045-census-
projects/

9. Access-To-Capital_2019 (kauffman.org) https://www.kauffman.org/wp-content/uploads/2020/06/Access-To-
Capital_2019.pdf

THANK YOU

FOR YOUR SUPPORT OF WRMSDC
AND COMMUNITIES OF COLOR