Contractor's University of Memphis

-1-

Contents 21CE BIPOC Entrepreneurs

03

Pathways to Procurement

04

Skillsets and Certifications

04

Training for Today’s Markets

05

Models for Success

06

Funding Supplier Diversification

08

Coaching and Mentorship

09

-2-

21CE BIPOC Entrepreneurs The 21st century ushered in a new wave of progress and advancements in the world of business. Being a BIPOC entrepreneur, it is even more important that you have the right tools and strategies to remain relevant first in class, 21CE BIPOC entrepreneur.

Here are some additional elements that may be important for a 21st-century BIPOC entrepreneur to understand: 1. Cultural Intelligence and Identity: A 21st-century BIPOC entrepreneur embraces their cultural identity and understands the significance of representation and diversity in business. They draw strength from their cultural heritage and use it as a source of inspiration and differentiation in their entrepreneurial journey.

2. Community Empowerment and Social Impact: BIPOC entrepreneurs often have a strong sense of community and strive to create positive social impact. They actively engage with their communities, mentor aspiring entrepreneurs from underrepresented backgrounds, and work towards addressing social and economic inequalities.

3. Overcoming Systemic Barriers: A prototype of a 21st-century BIPOC entrepreneur recognizes and navigates the systemic barriers and challenges that exist in business environments. They develop strategies to overcome these obstacles, such as building strong

networks, seeking mentors,

7. Addressing Unmet Market Needs: A

accessing resources and funding

prototype of a 21st-century BIPOC

targeted towards underrepresented

entrepreneur identifies unmet market

entrepreneurs, and advocating for

needs and opportunities that cater

inclusivity and equity in the business

to diverse customer segments. They

ecosystem.

develop products, services, and

4. Leadership and Representation:

solutions that are culturally relevant,

BIPOC entrepreneurs understand the

inclusive, and resonate with

importance of leadership and

underrepresented communities.

representation in inspiring others from

8. Mentorship and Support:

similar backgrounds. They actively

Recognizing the importance of

work towards breaking stereotypes

guidance and support, BIPOC

and glass ceilings, becoming role

entrepreneurs often seek and

models for future generations of

provide mentorship. They actively

BIPOC entrepreneurs and business

participate in mentorship programs,

leaders.

both as mentors and mentees, to

5. Access to Resources and Networks: Recognizing the disparities in access to resources and networks, a 21st-

foster the growth and development of aspiring BIPOC entrepreneurs.

9. Building Inclusive Work

century BIPOC entrepreneur seeks

Environments: A 21st-century BIPOC

out and leverages resources

entrepreneur prioritizes creating

specifically designed to support

inclusive work environments within

underrepresented entrepreneurs.

their own businesses. They promote

They actively engage with

diversity, equity, and inclusion in their

organizations, accelerators, and

hiring practices, foster a culture of

mentorship programs that provide

respect and belonging, and provide

tailored support, funding

equal opportunities for growth and

opportunities, and networking

advancement.

platforms.

6. Collaboration and Collective

10. Advocacy and Activism: BIPOC entrepreneurs often use their

Growth: BIPOC entrepreneurs often

platform and influence to advocate

value collaboration and collective

for systemic change and address

growth. They actively seek out

social issues. They raise awareness,

partnerships and collaborations with

participate in social justice

other BIPOC entrepreneurs,

movements, and to leverage their

businesses, and organizations to

businesses as a force for positive

amplify their impact and create

change in society.

mutually beneficial opportunities.

3 --- 3

Pathways to Procurement Procuring contracts as a BIPOC entrepreneur can be challenging due to systemic barriers and biases. However, there are several best practices that can help increase your chances of successfully securing contracts.

Here are some our recommendations: 1.

Research and Identify Contract Opportunities: Stay informed about contract opportunities in your industry or sector. Monitor government procurement websites, industry-specific platforms, and local

business directories for relevant

awards or recognition your business

contracts. Research the

has received.

requirements, eligibility criteria, and

3. Tailor Your Proposals Responses:

procurement processes for each

Customize your RFI, RFQ, RFP,

opportunity of interest to you.

proposals to align with the specific

2. Develop a Compelling Value

requirements and goals of each

Proposition: Clearly articulate the

contract opportunity. Clearly

unique value and competitive

demonstrate how your business

advantage your business offers.

meets the contract's specifications

Understand your target market's

and addresses the client's needs.

needs and demonstrate how your

Highlight your company's diverse

products or services can meet those

perspectives, cultural competency,

needs effectively. Highlight your

and the added value that diversity

expertise, track record, and any

brings to the project.

Skillsets and Certifications Many corporations, government agencies, and organizations have supplier diversity programs that aim to promote procurement from underrepresented businesses.

Research and apply for relevant certifications such as BIPOC-owned Business Enterprise (MBE), Women-Owned Business Enterprise (WBE), or Small Disadvantaged Business (SDB) certifications. These certifications can help your business stand out and gain access to contract opportunities specifically earmarked for diverse suppliers.

Remember that securing contracts can take time, and success may not come immediately. Perseverance, ongoing learning, and building strong relationships are key.

For more information on how you can gain more knowledge about this space, contact Regionerate or The JDL Group.

-4-

Training for Today’s Markets Memphis has a diverse business landscape with several prominent BIPOCowned businesses operating in various sectors. While the opportunities for BIPOCowned businesses can span across multiple industries, here are some top sectors in Memphis that have a significant presence of BIPOC entrepreneurs: 1. Transportation and Logistics: Memphis is a major transportation and logistics hub due to its strategic location on the Mississippi River and its proximity to major interstate highways. BIPOC-owned businesses are actively involved in trucking, shipping, warehousing, and logistics services in the region.

2. Healthcare and Life Sciences: Memphis is home to a robust healthcare industry, with major hospitals, research institutions, and pharmaceutical companies. BIPOCowned businesses play a significant role in healthcare services, medical equipment supply, healthcare IT, and other related sectors.

3. Retail and Franchising: Memphis has a vibrant retail industry, with a focus on local businesses and franchises.

BIPOC-owned retail businesses, including restaurants, boutiques, specialty stores, and service-oriented

businesses involved in general

It's important to note that the business

contracting, subcontracting,

landscape is dynamic, and opportunities

opportunities and resources specific to their

construction management, and

may extend beyond these sectors. It is

sector of interest.

related services. The city has a

recommended for entrepreneurs in

growing infrastructure and real

Memphis to research the local business

gain more knowledge about this space,

estate development market,

community, network with industry

contact Regionerate or The JDL Group.

creating demand for construction

professionals, and engage with

and contracting services.

organizations like the Greater Memphis

5. Professional Services: Memphis has a

associations to stay informed about

For more information on how you can

Chamber and local BIPOC business

thriving professional services sector that includes legal services, accounting and finance, marketing, consulting, and IT services. BIPOCowned businesses in these fields contribute to the city's overall business ecosystem.

6. Creative and Cultural Industries: Memphis has a rich cultural heritage and is renowned for its music, arts, and entertainment industries. BIPOC entrepreneurs play a significant role in these sectors, including music production, event management, film and video production, and creative arts businesses.

7. Food and Beverage Industry: Memphis has a vibrant food scene, with a focus on Southern cuisine and barbecue. BIPOC-owned restaurants, catering services, food trucks, and specialty food businesses contribute to the city's diverse culinary offerings.

enterprises, contribute to the city's diverse retail landscape.

4. Construction and Contracting: The construction sector in Memphis offers opportunities for BIPOC-owned -- 55 --

Models for Success The United States is home to several vibrant new majority business hubs, groups, and business chambers, that provide support, resources, and networking opportunities for a variety of BIPOC-owned businesses.

While there are many notable groups across the country, we will present several of the more widely recognized ones helping BIPOC entrepreneurs thrive: 1. The Motor City Contractor Fund: A

2. The Regional Black Contractors

3. Black Business Networks: There are a

Association: The RBCA is the

number of prominent BBNs in the

Advancement of Colored People

premiere black construction

United States that provide resources,

(NAACP): The NAACP is one of

member services organization in

support, and networking

the oldest and most prominent

North Texas, serving a membership

opportunities for black entrepreneurs

civil rights organizations in the

base of 100+ including:

and business owners. Here are some

United States. While not

-

Professional services/trades firms

of the top Black business networks:

exclusively focused on business,

-

Owners, Developers

-

National Black Chamber of

the NAACP advocates for

-

General Contractors

Commerce (NBCC): The NBCC is

economic equality and supports

-

Construction Management Firms

one of the largest Black business

Black entrepreneurs through its

-

Subcontractors

organizations in the United States.

economic programs and

-

Management Consultants

It represents over 100,000 Black-

initiatives.

-

Training Organizations

owned businesses and works to

-

-

National Association for the

National Minority Supplier

$10 million fund that aims to provide

promote economic

Development Council (NMSDC):

low-interest loans, technology, and

empowerment and advocate for

The NMSDC is an organization

business advisory services to 20

the interests of Black

that connects minority-owned

contractors. The pilot program,

entrepreneurs.

businesses with corporate

National Black MBA Association

members and facilitates supplier

Foundation and Rocket Community

(NBMBAA): The NBMBAA is a

diversity. It provides certification

Fund working with several nonprofits,

professional organization that

for minority-owned businesses

supports Black professionals,

and offers networking events and

including entrepreneurs and

business development

business leaders, in various

opportunities.

supported by the Gilbert Family

is meant to ensure those in the BIPOC community, who are contractors, have equity in access to technical support and capital. The aim is to provide better tools to help BIPOC contractors better compete for contracts in "rehab, home repair, new construction, demolition and other public/private projects.

-

Kimberly Shaw, in cowboy boots, with the RBCA team and partners at the groundbreaking of the new South Dallas County Government Center in 2019

Additionally, RBCA’s “Second Chance”

industries. It offers networking

Program is a Workforce Development model that combats recidivism. RBCA places emphasis on technical skills training, job placement assistance, and wrap around services.

-

The program’s staff are seasoned Bob Emerson, vice chairman of Rock Holdings, announces the launch of the Motor City Contractor Fund at a news conference in April 2022

professionals in working with the formerly incarcerated population.

U.S. Black Chambers, Inc. (USBC):

events, career development

The USBC is a coalition of local

resources, and business

Black chambers of commerce

education programs.

and business organizations across

National Urban League (NUL):

the United States. It promotes

The NUL is a civil rights

economic development and

organization that focuses on

provides resources, advocacy,

empowering African Americans

and networking opportunities for

and promoting economic

Black-owned businesses.

opportunities. The NUL supports Participants in an RBCA training class at Dallas College

-

-

Black Business Association (BBA):

Black entrepreneurs through its

The BBA is the oldest ethnic

Entrepreneurship Centers and

business organization in California

provides resources, mentoring,

and works to promote the growth

and access to capital.

and development of Blackowned businesses. It offers -6-

programs, seminars, and networking events to support Black entrepreneurs.

-

National Association of Black Women in Construction (NABWIC): NABWIC is an organization that supports Black women in the construction industry. It provides networking opportunities, business development resources, and mentorship for Black women entrepreneurs in constructionrelated fields.

These are just some examples of the top Black business networks in the U.S. There are many other regional and industry-specific organizations that cater to the needs of Black entrepreneurs.

For more information on how you can gain more knowledge about this space, contact Regionerate or The JDL Group.

-- 77 --

Funding Supplier Diversification Funding for supplier diversification

grants, and technical assistance

other funding resources through its

programs to help minority

lending programs.

contractors access capital and grow their businesses.

4. Corporate Supplier Diversity

7. Local Economic Development

When seeking funding for supplier diversification, it's important to thoroughly research each opportunity, review eligibility

Agencies and Initiatives: Explore

criteria, and prepare a strong application

economic development agencies,

or proposal. Additionally, consider

initiatives aimed at supporting BIPOC

Programs: Many large corporations

contractors can come from various

chambers of commerce, and

networking, building relationships, and

have supplier diversity initiatives in

sources. Here are some options to consider:

business organizations in your local

attending supplier diversity events to

place to increase their spending with

community. They may offer grants,

connect with potential funders and learn

minority-owned businesses. These

Local, state, and federal

loans, or programs aimed at

about additional funding opportunities that

programs often include financial

government agencies often offer

supporting minority-owned

may arise.

support through grants, loans, or

grants, loans, or funding programs

businesses and increasing supplier

access to capital. Research

specifically designed to promote

diversity within the region.

corporations that are committed to

supplier diversity and support

supplier diversity and explore their

minority-owned businesses. Research

specific funding opportunities for

government grant programs,

minority contractors.

1. Government Grants and Programs:

economic development initiatives,

Organizations: There are nonprofit

programs in your area to identify

organizations and foundations that

potential funding opportunities.

provide grants and funding to

Agency (MBDA): The MBDA, a

promote supplier diversity. Look for organizations that focus on

Commerce, provides support and

economic empowerment, minority

resources to minority-owned

business development, or

businesses, including contractors.

entrepreneurship, and inquire about

They offer grants, cooperative

their funding opportunities.

6. Small Business Administration (SBA)

opportunities to help strengthen and

Programs: The SBA offers various

expand the capacity of minority-

programs and resources that can

owned firms.

benefit minority contractors. For

3. Community Development Financial Institutions (CDFIs): CDFIs are

contact Regionerate or The JDL Group.

support minority contractors and

branch of the U.S. Department of

agreements, and other funding

gain more knowledge about this space,

5. Nonprofit and Philanthropic

and small business assistance

2. Minority Business Development

For more information on how you can

example, the 8(a) Business Development Program provides

specialized financial institutions that

assistance to small businesses owned

focus on providing funding and

by socially and economically

support to underserved

disadvantaged individuals, including

communities, including minority-

minority entrepreneurs. The SBA also

owned businesses. They offer loans,

provides access to loans, grants, and -- 88 --

Coaching and Mentorship Good coaching and mentorship play a vital role in supporting and empowering BIPOC business owners. Take a look at the following areas, which should be on your radar of importance: 1. Skill Development: Coaching provides an opportunity for Black business owners to develop and enhance their skills. A skilled coach can offer guidance on various aspects of entrepreneurship, such as strategic planning, financial management, marketing, and networking. This helps Black entrepreneurs build a strong foundation of business knowledge and expertise.

2. Access to Networks and Resources: A good coach can provide access to valuable networks and resources that are beneficial for Black business owners. They can connect entrepreneurs with industry professionals, potential partners, mentors, and funding sources. This access to networks and resources opens doors to new opportunities and increases the chances of success.

3. Overcoming Challenges: Black business owners may face unique challenges related to systemic racism, limited access to capital, and discrimination. A good coach can help navigate these challenges by offering guidance, support, and strategies to overcome barriers. They

can provide insights and advice on

7. Mentorship and Role Modeling: In

how to address and combat bias in

many cases, coaching relationships

business environments.

evolve into mentorship, where

4. Building Confidence and Resilience:

experienced coaches serve as role

Coaching can help Black

models for Black entrepreneurs.

entrepreneurs build confidence in

Seeing successful Black business

their abilities and develop resilience

owners as mentors can inspire and

to overcome obstacles. A coach

motivate others, demonstrating that

can provide encouragement,

success is possible despite obstacles.

feedback, and support, helping

Overall, good coaching and mentorship

entrepreneurs to stay focused,

provides BIPOC business owners with

motivated, and determined in the

valuable guidance, support, and resources

face of challenges.

to navigate the challenges they may face.

5. Personal and Professional Growth:

It helps in skill development, network

Coaching goes beyond business

building, confidence building, and personal

strategies and can help Black

growth, ultimately increasing the likelihood

entrepreneurs with personal

of success in the business world.

development. A good coach can

For more information on how you can

assist in identifying strengths,

gain more knowledge about this space,

weaknesses, and growth

contact Regionerate or The JDL Group.

Linda Fowler, CEO at Regionerate

opportunities, both professionally and personally. They can help entrepreneurs set goals, create action plans, and track progress, leading to continuous improvement and growth.

6. Accountability and Feedback: A coach serves as an accountability partner, holding Black business owners responsible for their goals and commitments. Regular coaching sessions provide a platform for honest feedback and constructive criticism, helping entrepreneurs identify areas for improvement and make necessary adjustments.

J.D. Lee, Principle at The JDL Group

-9-

- 10 -

- 11 -

- 12 -