Genesis Block is preparing for an exciting 2023 by announcing a company goal to broker $2.5 million in contracting opportunities for minority owned ﬁrms. The average minority business enterprise 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 revenue parity with white owned ﬁrms. In 2018, minorities represented approximately 40% of the US population, yet revenues collectively earned by minority owned business enterprises represented only 9.4% of the revenues earned by private US ﬁrms.
In a recently released study titled “Facilitating Growth for Minority-owned Businesses”, the report suggests that with no concerted e ort to make signiﬁcant changes in corporate and government procurement and buying practices, 333 years is the estimated time it will take for minority businesses to achieve parity with white owned ﬁrms. Spending with Minority Business Enterprises (MBE’s) requires the availability of qualiﬁed diverse owned businesses.
Genesis Block has created a trade show style platform to provide a solution for one of the largest barriers to increasing diversity spending for companies and organizations. How do large companies and organizations connect with qualiﬁed diverse businesses in order to increase their spend with minority owned enterprises?
What is Converting Conversations to Contracts?
Converting Conversations to Contracts is a trade show style event focusing on helping organizations increase spending with minority owned businesses. The event gathers the region’s largest businesses, organizations and government agencies for the purpose of connecting diverse-owned companies to contracting opportunities. Organizations and supply chain leaders receive the beneﬁt of building relationships with qualiﬁed minority owned businesses that can help diversify their supply chains.
Who are the participants and partners in Converting Conversations to Contracts?
Diverse owned businesses are encouraged to attend (the event is FREE) for attendees. If diverse owned businesses would like to have a booth at the event, contact [email protected] or [email protected]. Large organizations and partners include, The North Carolina Department of Transportation, New Hanover County Government, The City of Wilmington Government, GE Hitachi, North State Bank, Novant Health, Monteith Construction, Cape Fear Community College, University of North Carolina at Wilmington and many more.
What are the goals for Conversations to Contracts in 2023?
Large companies, municipalities and state agencies are ﬁnding it challenging to achieve their company goals as it relates to diversity spending. Genesis Block has set the following goals for Converting Conversations to Contracts in 2023 to support organizations in their e orts to increase minority spending.
1. Connect and broker $2.5 million dollars in contracting opportunities for diverse owned businesses
2. Host over 500 attendees for the events scheduled for 2023
3. Partner on local major economic initiatives to connect organizations to qualiﬁed diverse businesses and trade partners
What are the beneﬁts for diverse owned businesses to attend and participate in Converting Conversations to Contracts?
For diverse owned businesses, we aim to lower the barriers to contract conversion by engaging the three biggest challenges:
1. Access to capital. Traditionally, Black and Hispanic owned businesses have lacked access to capital that fuels many high-growth industries. Conversations to Contracts partners with ﬁnancial institutions in order for them to build relationships with diverse owned businesses and connect them with products suited for their stage in business development.
2. Access to customers. More customers for minority owned businesses will increase revenue which provides the resources for companies to increase their capacity. We intentionally partner with organizations focused on increasing their diversity spend and expanding their supply chain to include diverse owned businesses.
3. Access to knowledge and networks. Strategic expertise and technical training are signiﬁcant impediments to MBEs being competitive in the marketplace. Conversations to Contracts workshops provide insights and analysis for minority owned business enterprises to gain the information and networks needed to grow their business.
What are the beneﬁts for organizations, companies and government agencies to become a sponsor of Converting Conversations to Contracts?
There must be an intentional e ort put forth by large corporations, government agencies and procurement professionals to diversify their supply chains to include diverse owned businesses and minorities. Conversations to Contracts helps support these efforts by the following:
1. Corporate social responsibility. Being a sponsor of Converting Conversations to Contracts, demonstrates your organization's commitment to tangible actions to respond to social issues and e orts to broaden inclusivity.
2. Diversify and Build Sustainable Supply Chains. The disruption in supply chains over the last few years have clariﬁed the need for organizations to build diverse, resilient and local supply chains to ensure the successful ﬂow of goods and services. Diverse owned businesses are featured in Conversations to Contracts.
3. Community Engagement. As a sponsor for Conversations to Contracts your organization will have access to an authentic community engagement platform to build deeper relationships within the community and local markets.
By 2045, people of color are projected to make up more than 50% of the US population. In order to ensure economic prosperity in all populations, organizations should use data driven measurements to connect supplier diversity programs to the well being of local communities.
Contact [email protected] or visit our website at www.genesisblockilm.com to join our business network.
Staff Reports - Jan 13, 2023
Staff Reports - Jan 13, 2023
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