On July 6th and 7th, MBDA hosted a meeting of leaders in the minority business community, including program directors and advocates, to review and benchmark progress regarding the state of minority businesses. The goal of the meeting was to establish a blueprint for minority business development programs that can be implemented by the public and private sectors in the future.
From the meeting, common themes emerged from the conversations. MBDA is opening the discussion to include a variety of stakeholders in minority business success- we welcome your comments and suggestions.
The question that was asked is this:
Given the challenges MBEs have in growing their businesses and in competing in the global economy, what are your recommendations for future programs or strategies which should be implemented to support MBEs in the 21st century?
The common themes from the Summit include:
- Implementation of partnerships with colleges and universities to teach entrepreneurship programs.
- The Creation of a Reciprocal/Universal Certification Process.
- Cross collaboration with Minority Chambers of Commerce, Trade Associations and other business development organizations.
- The need for a unified voice within the MBE Community to advocate on issues impacting their growth strategies.
- Ongoing Training and Development of MBE’s to Build Capacity. (ie. Tuck School of Business, Kellogg, Darden named)
- Recommendation for MBDA to revisit its Executive Order and require OSDBU’s to be accountable, transparent and responsible for procurement purchasing from MBE suppliers.
- SBA size standards need to be increased.
- Providing incentives for public and private sector entities that meet and/or exceed procurement goals.
- Sharing of Best Practices within the MBDA Network and recognition of public/private organizations that demonstrate and lead by example.
- Educate Congress/Policymakers in a unified voice on issues, challenges impacting MBE’s.
- Increased funding for MBDA to offer more programs targeted at building MBE capacity and spurring the U.S. economy.
- Better educate the financial/lending community about the MBDA Programs and Services and establish a referral pool.
- The creation of an Emerging Minority Business Loan Pool.
- More frequent studies on SBO Data — Every 2 years — will require increased funding.
- Making the business case for doing business with MBE’S and the value proposition.
We would appreciate your comments and suggestions on the topic, to see participants specific comments per topic, please click here.
**This post contains the comments provided by participants at the Minority Business Development Agency Summit held on July 6 – 7, 2009 at the Hyatt Regency Washington on Capitol Hill. Participants provided input on strategy, enforcement mechanisms, and legislation that may assist minority entrepreneurs in the future. Note-takers memorialized the comments made at each of the tables. These materials are being provided in raw data format and are for informational purposes only. The views expressed herein are those of the participants and do not necessarily reflect those of MBDA or of the U.S. Department of Commerce.