The importance of genuinely supporting minority-owned businesses

INDIANAPOLIS (WISH) — Successful business owners say it’s very important for entrepreneurs to stay up to date on the latest news, as worldwide and community events can have an enormous effect on small businesses.

Carolyn Mosby, President and CEO of Mid-States Minority Supplier Development Council, has spent her career as an advocate for the economic growth of minority business enterprises. In today’s “This Week in Business” segment, she shares her thoughts and concerns as she looks to the future.

“I appreciate the fact that in this last year many corporations have stepped up to the plate, but my organization has been around for 50 years,” Mosby said. “There are many corporations in Central Indiana that are not members of my organization or others like mine, and we’ve been knocking on their doors for 50 years, trying to engage them and ask them to support minority business development. It was only because of what I call ‘George Floyd guilt’ that companies have stepped up.”

Mid-States Minority Supply Development Council was created 50 years ago to help companies connect with diverse suppliers, and to validate whether they were in fact diverse, so these suppliers could enjoy contracting opportunities. However, some corporations simply pay a membership fee and do not engage with the diverse suppliers or otherwise participate.

“The support is only valid is if there is engagement and contracting opportunities,” she said.

One of the things Mosby advocates for is when large corporations come to Indiana, they should commit to spending a certain amount of money with minority-owned businesses on a consistent basis.  

You can learn more about Mid-States Minority Supplier Development Council here. This information is presented by Carolyn Mosby.