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- A shared sentiment among many of those interviewed that diversity initiatives and programs are shifting away from Black-owned businesses.
- Most participants believed that an MBE designation means less today than it once did; or that the opportunities such certifications have become watered down or less available to Black-owned companies.
- A view that programs that contribute to the initial success of Black-owned businesses often end up limiting future growth.
- Many of the Black business leaders interviewed expressed frustration at what they view as broken government contracting and certification processes, with some even contending that the programs put in place to help Black entrepreneurs are ultimately hurting them instead.
“One interesting point that came out of this report ― and what I have been researching ― are the organizational barriers that minority businesses, particularly Black-owned businesses, face,” said James Hill, chair of the Department of Operations and Business Analytics at The Ohio State University Max M. Fisher College of Business. “Black- owned businesses often must go through supplier diversity programs and certifications, where their majority-owned counterparts can go straight to procurement. These additional steps are structural barriers they must overcome.”
The survey also revealed shared experiences and strategies that participants said have helped Black businesses succeed. Among them:
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- Discrimination is a universal experience not likely to go away anytime soon, but it does not define Black business owners or their paths forward.
- Establishing and maintaining a network of peers and an economy in which Black business leaders are valued can help generate opportunity and overcome challenges.
“This is the beginning of a journey. A journey to uncover the overlooked ― owners of Black middle market companies,” said Moses Harris, Black/African American Segment leader for Wells Fargo Commercial Banking. “We’re doing this to elevate their stories, to expand their access to capital and customers, and to support their overdue, equitable participation in the global economy. Stories, coupled with data, have the power to change systems, unlock product innovation, and design better policy benefitting generations to come.”
The report can be found at https://www.middlemarketcenter.org/research-reports/2024- insights-and-perspectives-from-black-leaders-in-the-middle-market.
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