July 05, 2011
MBA reports significant results, presents Circle of Excellence Awards
The Minority Business Accelerator (MBA), the Chamber’s flagship economic development initiative focused on growing minority firms, reported great momentum and considerable strides at its biennial Stakeholders Breakfast at the Queen City Club in late June.
At the end of 2010, the MBA had 36 firms in its portfolio that collectively averaged $19 million in revenue and 3,300 employees. Additionally, 26 goal setters spent $474 million with local minority-owned businesses in 2010, an increase of $69 million from 2009.
The numbers represent substantial growth since 2004, the first full year of existence of the MBA:
|Firms in MBA Portfolio||20||36|
|Average MBA revenue||$6.7MM||$19MM|
“As the MBA matures, it continues to have a significant impact on growing sizeable minority firms and creating an environment for inclusion,” said Crystal German, vice president of the MBA and economic inclusion at the Cincinnati USA Regional Chamber. “Twenty-five percent of MBA firms grossed more than $25 million in revenues last year. Our firms are attracting private capital, buying firms and expanding internationally. Clearly, the model is working.”
The mission of the MBA is to accelerate the growth of sizable minority businesses and expand the minority entrepreneurial community, thus enabling minority-owned firms to create jobs and overall wealth for the regional economy.
The MBA works on both the supply and demand side of procurement. Through work with the MBA portfolio companies, it improves the capacity of local minority-owned businesses to serve as suppliers to corporations. Concurrently, the MBA works to secure an annual spend from local corporations to procure goods and services from minority-owned firms.
In addition to reporting results, the MBA announced two new honors for organizations doing great work in inclusion and the minority business community.
The Circle of Excellence Award will be given annually to both a Goal Setter and an MBA portfolio company. The Circle of Excellence Award for a Goal Setter went to Messer Construction Co. for its investments in developing people, processes and policies to reflect inclusion as a business goal. And the Circle of Excellence Award for a Minority Company went to MBJ Consulting in recognition for its accelerated growth and extraordinary business performance as measured by growth in sales, employees and goal setting.
Additionally, Global Novations, formerly Global Lead, was the first company to achieve Accelerator Emeritus status. The designation is intended to recognize the success of individual minority businesses in our portfolio—the best of the best that exemplify significant growth and development. Global Novations is one of the largest diversity and inclusion management consulting companies in the country, has attracted private equity capital from Goldman Sachs, acquired another company and expanded its services internationally.
View photos from the MBA Stakeholder Breakfast and Circle of Excellence Awards
Additional information about the MBA and the full biennial report is available at www.minoritybusinessaccelerator.com.