The National Minority Supplier Development Council (NMSDC) serves as a growth engine for minority entrepreneurs and enables its corporate members to advance economic equity. Focused on minority business enterprises (MBEs) from the Black, Hispanic, AAPI, and Native American communities, it is focused on advancing these communities through certification, advocacy, development, and connection…something that will be front and center at this year’s Annual Conference & Exchange taking place in Atlanta, Oct. 20 – 23.
In 2023, NMSDC-certified MBEs grew by 15 percent, reaching $363.2 billion in revenue. This generated $548.2 billion total economic output in the U.S., created two million jobs, and generated $149.6 billion in wages. For comparison, according to the World Bank, the U.S. current-dollar GDP grew 6.3 percent, less than half of the growth that NMSDC-certified MBEs saw over the same period. Considering these encouraging numbers, NMSDC now believes it is possible to increase NMSDC-certified revenue to $1 trillion by the end of 2030.
Reaching this milestone was in no small part thanks to connections made at last year’s Annual Conference & Exchange that brought together over 5,000 MBEs, corporate leaders, and policymakers to help close the equity gap. However, in the face of increasing attacks on diversity, equity, and inclusion and to achieve true economic parity for NMSDC MBEs, it is clear a paradigm shift is needed. That is why in Atlanta this year, NMSDC and its partners from across the network, will begin defining the new business norms needed to seize opportunities in today’s emerging industries sparking the next wave of MBE-led innovation and entrepreneurism.
There are several exciting opportunities for individuals and organizations to engage with efforts to define new norms at this year’s conference beginning with an engaging slate of development opportunities for both MBEs and corporate supplier diversity professionals that includes mainstage keynotes, impact labs, power talks, and much more. Also, for the second year in a row, NMSDC is partnering with the Minority Business Development Agency (MBDA) National MED Week to bring attendees an inspiring slate of programming focused on the federal government’s role in supporting and growing minority-owned businesses through the mobilization and advancement of public and private sectors programs, policy, and research.
In addition, this year will once again bring back the Exchange, one of the largest exhibition events for MBEs and corporations. An unparalleled opportunity for MBEs and corporations, the Exchange is a one-of-a-kind networking event for them to establish the business connections needed to advance business diversity and grow their businesses. For those looking for a more focused, personal networking experience, NMSDC’s annual in-person Business Connections Matchmaking event is also returning, providing corporate members and certified-MBEs a chance to schedule one-on-one meetings during the conference that can serve as an alternative or a complement to the conversations taking place on the Exchange floor. Finally, new this year is the NMSDC marketplace, an avenue for NMSDC-certified MBEs to sell their products at various locations throughout the conference venue.
NMSDC CEO and President Ying McGuire believes this year’s conference holds immense potential, “We are looking forward to defining the new norms that will enable MBEs to take an active role in shaping the future of the U.S. and global economy, proving that growth for MBEs is growth for all. This year’s Annual Conference & Exchange is a unique opportunity for anyone interested in advancing minority business development and taking us one step closer to a more inclusive and resilient economy that benefits us all.”
Interested in attending this year’s NMSDC Annual Conference & Exchange? There’s still time to register. Visit www.nmsdcconference.org to secure your spot today!
