New Initiative to Assist Medium and Large Minority Owned Companies Opens for Business

Wednesday, January 23, 2008

Cleveland - The Minority Business Accelerator 2.5+ (MBAccelerator2.5+)-a new initiative of the Commission on Economic Inclusion, the Hispanic Business Association (HBA), JumpStart, Inc., and the Northern Ohio Minority Business Council (NOMBC)-is open for business. It is funded by a first-year grant of $1 million from the Fund for Our Economic Future.

The MBAccelerator 2.5+ is focused on growing the size, scale and infrastructure of African American and Hispanic minority-owned enterprises (MBEs) with annual revenues of at least $2.5 million in a 16-county area* of Northeast Ohio. It will work with the corporate community and the public sector to determine the demand for business-to-business opportunities. It will then use that demand to identify MBEs for participation. Economic indicators suggest these opportunities are likely to be in  construction, manufacturing, IT, financial services, and healthcare.

Ultimately, the MBAccelerator 2.5+ will serve as a matchmaker by identifying business opportunities, preparing participating MBEs for business deals, and working to build win-win business relationships for those MBEs, the corporate community and the public sector. The goal is to assist at least 12 MBEs during the first year. Resources to help small, disadvantaged,  women-owned, or other sizes of minority-owned businesses can be found on the MBAccelerator2.5+ Web site.

Research commissioned by The Cleveland Foundation helped influence the decision to focus on developing large African American and Hispanic MBEs because of their ability to create jobs, which will impact the overall regional economy. In addition, this study and others indicate that these MBEs are more likely to hire African Americans and Hispanics-the region's two largest minority groups-which will help stimulate economic activity in these  communities. 

The MBAccelerator 2.5+ also will help the Northeast Ohio corporations by providing strategies to increase their utilization of minority-owned businesses and boost their diversity spend in the region by helping identify and connect with minority suppliers who are capable of meeting their needs for products and/or services.
"This initiative will allow us to define the universe of qualifying MBEs and companies interested in using the Accelerator to grow their investment in diversity," said HBA Executive Director Dan Porras, whose organization is the lead partner for recruiting and registration for both MBEs and corporate participants.

JumpStart Chief Economic Inclusion Officer Darrin Redus observed that "supporting high-potential minority businesses is a key component to a successful economic development strategy." JumpStart will be responsible for the growth and development of MBEs selected to participate.

The NOMBC will provide leadership in MBE certification and in diversity education for participating companies. "We can help both minority-owned businesses and corporate participants take the necessary steps to benefit fully from the Accelerator," said NOMBC President Alexis Clark-Amison.

"It's essential that we work on both the supply and the demand side of the minority business development equation, so that the minority supplier and the corporate customer are ready to do business with each other," said Andrew Jackson, executive director of the Commission on Economic Inclusion, which will serve as project manager.  

For more information, call at 216.592.2488 or visit the MBAccelerator2.5+ Web site at www.mbaccelerator2-5.com.

About the partners
The Commission on Economic Inclusion, a program of the Greater Cleveland Partnership (GCP), works to significantly improve the meaningful involvement of minority businesses and individuals in the economic engines that drive Northeast Ohio. The GCP mobilizes private-sector leadership, expertise and resources to create jobs and wealth and improve the economic vitality of the region.

The Hispanic Business Association promotes Hispanic business interests and economic development through strategic partnerships, technical assistance, business education and advocacy.

JumpStart, Inc.,  accelerates the growth of early-stage businesses and ideas into venture-ready companies by delivering vital, focused resources to entrepreneurs in Northeast Ohio.

The Northern Ohio Minority Business Council certifies minority businesses and facilitates relationships between its corporate members and Minority Business Enterprises (MBEs). It also provides educational programs and seminars to assist MBEs with business development and growth; in addition, it provides educational programs to assist corporations with their supplier diversity efforts.

About the Fund for Our Economic Future
 The Fund for Our Economic Future  is a collaboration of more than 100 foundations, organizations and philanthropists from across Northeast Ohio that supports regional economic development through grant-making, research and civic engagement.

*The 16-county service area of the Minority Business Accelerator 2.5+
1. Ashland
2. Ashtabula
3. Carroll
4. Columbiana
5. Cuyahoga
6. Geauga
7. Lake
8. Lorain
9. Mahoning
10. Medina
11. Portage
12. Richland
13. Stark
14. Summit
15. Trumbull
16. Wayne

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