- Nurture the creation of legacy wealth among minority and women-owned businesses (MWBEs).
- Communicate the business case for minority inclusion and development to the region’s larger business community.
- Provide an acceleration program that enhances capabilities within the minority and women-owned business community to enable successful participation in partnership opportunities.
Follow the Bridging the Gap on Twitter at @BridgeGBC1.
Bridging the Gap Academy
The GBC announces the creation of the new Bridging the Gap Academy, a business accelerator for minority and women-owned businesses. The academy launched in October 2015.
The academy has two levels – ‘Getting Started’ and ‘Continuing Your Growth.’ Each features a robust four-week program to help minority and women business owners in the Greater Baltimore region.
Business owners will participate as a cohort and gain valuable knowledge from an array of talented instructors who will help them start or grow their business.
Each level is limited to 25 new or existing business owners. Selection for the program is based on annual revenue, commitment and business experience.
Read about the 11 participants who took part in the academy’s first cohort of ‘Continuing Your Growth.’
Questions? Call 410-727-2820.
2015 Bridging the Gap Achievement Awards
The 12th Annual Bridging the Gap Achievement Awards program was November 12, 2015. The awards program celebrates successful minority and women-owned businesses and honors those who are striving to enhance the role and impact of minority and women-owned businesses in the regional economy. The event also helps to cultivate diverse business relationships and recognize organizations and people for the following awards:
- Minority/women-owned businesses
- Majority-owned businesses or business leaders
- Partnership or strategic alliance
- President’s Award
Read about the eight Baltimore-area companies that were named winners of the Greater Baltimore Committee’s 12th Annual Bridging the Gap Achievement Awards. The companies were recognized at the November 2015 event.
In 2014 the GBC honored 16 winners of the 2014 Bridging the Gap Awards for outstanding achievement by minority-owned and women-owned businesses and for exemplary support of minority business development during the December 8, 2014 awards ceremonies at the Grand Historic Venue in Baltimore.
2015 Bridging the Gap Committee news:
At its Oct. 1, 2015 meeting, the Bridging the Gap Committee reviewed the results of a MWBE opportunity survey which asked GBC members about their company’s supplier diversity initiative and/or program and reviewed nominations for the Bridging the Gap Achievement Awards. Committee members also discussed the impending launch of the GBC’s Bridging the Gap Academy. The academy has accepted its first class for “Continuing Your Growth,” which is scheduled to launch on Oct. 26.
At its Aug. 20, 2015 meeting, the Bridging the Gap Committee discussed the new Bridging the Gap Academy, a business accelerator for minority and women-owned businesses which is expected to launch this fall. The academy will serve as a way for business owners to gain valuable knowledge from talented instructors who will help them start or grow their business. Additional information about the academy will be released in the coming weeks.
At the July 2, 2015 Bridging the Gap Advisory Committee meeting, Franklin Lee, partner at Tydings & Rosenberg LLP and a member of the Mayor’s Advisory Council on Minority and Women-Owned Business Enterprises, discussed how to strengthen Baltimore’s economy through economic inclusion, specifically with regards to minority and women-owned businesses. View his presentation here.
Lee also shared with the committee the “A New Day A Better Way: Rebuilding a stronger Baltimore through economic inclusion” report, released in 2013 by the Mayor’s Advisory Council on Minority and Women-Owned Business Enterprises.
Economic Impact Report
The effects of NMSDC certified minority business enterprises on the U.S. Economy
The National Minority Supplier Development Council (NMSDC) retained The Institute for Thought Diversity to conduct a study to assess the economic impact that the NMSDC MBE community has on the United States economy (and Puerto Rico). NMSDC President, Joset Wright-Lacy, highlights the effects of NMSDC-Certified Minority Business Enterprises on the U.S. economy.
Economic Impact Report shows pivotal role of minority-owned businesses in U.S. economy
12,000 minority-owned businesses generate over $1.1 billion per day in revenue
September 2, 2015 – As Labor Day approaches, and the country celebrates the economic and social progress of the American workforce, a new study shows the enormous impact that minority-owned businesses have on the economy.
The National Minority Supplier Development Council (NMSDC), in partnership with The Institute for Thought Diversity (ITD), researched the effects of their nearly 12,000 certified minority-owned businesses on the U.S. economy and released their findings in an Economic Impact Report.
The report revealed that these MBEs produce over $400 billion dollars in annual revenue and actively employ, either directly or indirectly, more than 2.2 million people. Additionally, minority-owned businesses contribute close to $49 billion in local, state and federal tax revenues.
“It is estimated that minorities will be the new majority in the next 30 years,” said NMSDC President Joset Wright-Lacy. “Attention must be placed on the growth and sustainability of a younger, multiracial population as they become the foundation of the American economy. If minority businesses are not growing and succeeding, the U.S. economy and the global economy will be negatively impacted.”
Scott Vowels, PhD, Co-Founder of The Institute for Thought Diversity (ITD) and a bestselling author, with more than two decades of procurement and supplier diversity experience, led the efforts on this study. He analyzed the sales and revenues from roughly 12,000 NMSDC-certified, minority-owned businesses to determine the effect they have on the U.S. economy. He confirmed, with empirical evidence, that NMSDC-certified MBEs generate positive economic impact in their local communities and in the nation as a whole through job creation, income generation and tax revenue.
According to ITD, minority-owned businesses reinvigorated the stagnant economy, and continue to create sustainable jobs and positively contribute to the tax base. The Institute states that as the U.S. economy is finally getting back on its feet, it cannot do so effectively without supporting and growing these important economic engines.
The U.S. Census Bureau recently released data from its 2012 Survey of Business Owners, which stated that minority-owned businesses are growing faster than non-minority-owned businesses. The number of MBEs in the United States grew by nearly 40% since the last Survey of Business Owners was conducted, which is three times faster than the growth of the minority population.
Wright-Lacy urged corporate America to increase its use of minority-owned businesses because, by promoting supplier diversity, these corporations are helping to support the economic base of the communities in which they live, work and do business.
“Corporate America isn’t just ‘doing good’ by diversifying its supplier base. By bringing more minority owned businesses into the supply chain, corporations are creating the consumer base of the future, which is absolutely critical to their success,” said Wright-Lacy.
Source: The National Minority Supplier Development Council
A DiversityInc article outlines best practices when it comes to the key to supplier-diversity success. Read the nine best practices here.
The Power of Diversity – a Bridging the Gap event on June 8, 2015
Christopher Simmons, former U.S. Chief Diversity Officer of PricewaterhouseCoopers and former Managing Partner of PwC for the Washington, D.C. region, addressed a crowd of 150 GBC members and guests at the Greater Baltimore Committee’s Bridging the Gap event on June 8, 2015.
Here are his top five tips:
A serious focus on diversity is important:
“Talent is equally distributed throughout the population,” Simmons said. “Every human being is given a brain that has great potential for something. Your breakthrough perspective may be in the brain of one of those people that you wouldn’t normally have involved in that activity.”
Judge less, assess more:
“Think about when you’re evaluating other people and you’re making assessments about their potential based on where they are,” Simmons said. “How much of that is based on you trying to justify yourself as opposed to being honest about why you are where you are, how you got there and how this other person maybe should be there with you. We have to deal with those realities. We need to judge less and assess more.”
Watch out for denial and minimalization:
“We’ve got to change our belief system about who we’re dealing with,” Simmons said. “We have to reorient some of our assessment approaches. The things we’re evaluating – potential employees – are those the things that really determine success once we get to doing it? I can tell you oftentimes it’s not the case.”
“We have to risk having a different dialogue with people,” Simmons said. “We have to risk talking to some people we wouldn’t normally talk to and really get to know them. We have to also give some people a little bit longer to figure some things out. Go in with a different mindset.”
Diversity can impact countless lives:
“The power of diversity is good for your bottom line,” Simmons said. “It’s good for your corporate or organizational culture, it’s great for positively impacting the lives of countless people in your community. But the real power of a focus on this: it will give you a chance to be a person that you’ll love.”
A graduate of Harvard College and Harvard Business School, Simmons is chairman of the membership selection committee for the Executive Leadership Council, the organization for the highest ranking blacks in corporate America. He has a lifetime of experience navigating and creating diversity in the workplace and the community. Simmons’ diversity perspective is broad, as he has played a leadership role in the diversity efforts of African Americans, Asians, Latinos, GLBT individuals and women.
GBC Bridging the Gap: A minority and women-owned business enterprise newsletter
Summer 2015 issue
County M/WBE offices:
County/city purchasing and procurement sites: (For bid awards and notices)
U.S. Commerce Department Minority Business Development Agency (national office)
U.S. Commerce Department Minority Business Development Agency (Maryland office)
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