GMSDC to Release Groundbreaking State of Minority Business Studies
Tuesday, September 21st, 2021
The Georgia Minority Supplier Development Council (GMSDC) will issue an update to its landmark study – The State of Minority Business – A National Discussion – during the Minority Business Opportunity Week (MBOW) celebration on September 20 – 24, 2021. MBOW is a weeklong commemoration of the accomplishments of the minority business community in Georgia, to recognize their contributions to the state’s history, culture and economy. The presentation is scheduled for Wednesday, September 22nd at 10:00 am. After a live presentation of the updated study, there will be a panel discussion of key takeaways from the State of Minority Business report.
First commissioned in 2011 to take a snapshot of minority business development on a national scale, the study has been updated every two years to incorporate new data and economic conditions. This year’s edition is especially critical in light of the Covid–19 pandemic, the subsequent economic contraction and the impact it has had on the minority business community.
Stacey Key, the President and CEO of the GMSDC, sees the Minority Business Opportunity Week as the perfect platform for sharing this vital information with the business community. “The information these studies have uncovered is required reading for corporate America,” says Key. “The minority business sector was growing pre-pandemic but must now recalibrate due to the pandemic economy. At the current pace of progress, it would take minority businesses 100 years to achieve economic parity. This research illuminates a new, accelerated pathway to parity if the business community were to increase its diverse spend by only 1% per year. This critical recommendation can be gamechangers for minority business.”
Alongside the State of Minority Business update, the GMSDC will also release two further studies focused on minority business - a detailed analysis of the state of minority business in Georgia and a minority business economic impact study. Through the release of the studies, the goal is to present to the business community relevant information and market trend data available, so that informed strategic decisions can be made by all parties. This kind of deep-dive analysis will enable the GMSDC to more effectively fulfill its mission, which is to help minority businesses not just survive but thrive.
For more information on MBOW activities or to register for the State of Minority Business – A National Discussion presentation, please click here.