Competition, Collaboration, The Value of Relationships Drive New Center of Excellence Certification Program
Building minority entrepreneur competitiveness through relationship building and collaboration – these are the goals of a game-changing new Center of Excellence Certificate Program (COECP), to prepare emerging minority businesses for greater success in the corporate world, launched in May by the National Minority Supplier Development Council (NMSDC).
Partnering with the Center for Urban Entrepreneurship & Economic Development (CUEED) at Rutgers University and Covenant Business Concepts (CBC), NMSDC will work through three of its regional affiliate councils to manage their pilot COECP.
The year-long program will train individual council cohorts of 15-20 Class II (annual sales of $1-$10 million) minority business enterprises (MBEs). Also participating in each cohort will be eight-10 NMSDC corporate members and facilitators/trainers provided by (CBC), a certified MWBE.
Qualified candidates are NMSDC-certified Class II businesses with a minimum of five employees. Participating MBEs must demonstrate the ability to meet the business-critical needs of NMSDC’s corporate members.
COECP is designed to develop and grow certified diverse businesses to compete and be better prepared for the more rigorous vendor requirements currently in use by NMSDC member corporations.
From NMSDC’s perspective, the immediate goal of COECP is to fortify and strengthen the supply chain for its corporate members. Other benefits include:
- Supporting the growth of NMSDC-certified Class II MBEs;
- Enhancing opportunities for NMSDC-certified diverse suppliers;
- Developing a results-focused coaching and mentoring relationship between NMSDC Class II-certified diverse suppliers, corporate members and Corporate Plusâ MBEs;
In the coming year, participants will meet monthly and chart their development through monthly progress and strategic growth plans. They will identify barriers to growth, best practices, and solutions for minority inclusion in the corporate (Fortune 1000) supplier chain, specifically at a regional level.
Subject-matter experts, including Rutgers University professors and NMSDC corporate members, will lead live blended learning classroom instruction via virtual links to remote participants at designated “learning hubs”.
For more information about COECP, contact David.Hamlin@NMSDC.org.
NMSDC advances business opportunities for certified minority business enterprises and connects them to corporate members. To meet the growing need for supplier diversity, NMSDC matches its more than 12,000 certified minority-owned businesses to our network of more than 1,750 corporate members who wish to purchase their products, services and solutions. NMSDC, a unique and specialized player in the field of minority business enterprise, is proud of its unwavering commitment to advance Asian, Black, Hispanic and Native American suppliers in a globalized corporate supply chain.
NATIONAL MINORITY SUPPLIER DEVELOPMENT COUNCIL NAMES NEW CHAIRMAN, DR. FREDA LEWIS-HALL
Dr. Freda Lewis-Hall has been elected Chair of the Board of Directors for the National Minority Supplier Development Council (NMSDC). She was elected to a new two-year term during the board’s spring meeting in New York on May 17.
Lewis-Hall is currently Chief Patient Officer and Executive Vice President of Pfizer, Inc.
“It’s an honor to be elected Chair of the Board of Directors for the National Minority Supplier Development Council. I’ve long admired NMSDC’s work to certify, develop, connect, and advocate for minority businesses, and I look forward to continuing its mission supporting industries and corporations to embrace diversity,” said Dr. Freda Lewis-Hall.
During her 35-year career in medicine, Lewis-Hall has been on the frontlines of health care as a clinician, a researcher, and a leader in the biopharmaceuticals and life sciences industries. The common thread throughout has been her passion to advocate for health equity and improved outcomes for all patients.
“I am thrilled to welcome Dr. Freda Lewis-Hall as our board chair,” Adrienne Trimble, President and CEO of NMSDC, said. “She brings extensive experience developing programs and initiatives to address barriers in communities of color. I’m sure she will bring that same passion to advance the inclusion of entrepreneurs of color in the corporate supply chain. I look forward to her leadership in steering the NMSDC Board of Directors in supporting the mission and strategic direction of our organization.”
Before joining Pfizer in 2009, Lewis-Hall held senior leadership positions with Vertex, Bristol-Myers Squibb, Pharmacia, and Eli Lilly and Company. Prior to joining the biopharmaceuticals and life sciences industries, she served as Vice Chairperson and Associate Professor in the Department of Psychiatry at Howard University College of Medicine and was an advisor to the National Institute of Mental Health. Lewis-Hall graduated from Johns Hopkins University and earned her medical doctorate at Howard University College of Medicine.
Dr. Freda Lewis-Hall appears regularly on health-related television programs in major global markets, including The Doctors and Dr. Phil. She also shares health and medical information through GetHealthyStayHealthy.com. She currently serves on numerous boards including SpringWorks Therapeutics, Dell Medical School, Harvard Medical School, FasterCures, the Foundation for the NIH, and the Patient-Centered Outcomes Research Institute.
NMSDC advances business opportunities for certified minority business enterprises and connects them to corporate members. To meet the growing need for supplier diversity, NMSDC matches its more than 12,000 certified minority-owned businesses to our network of more than 1,750 corporate members who wish to purchase their products, services and solutions. NMSDC, a unique and specialized player in the field of minority business enterprise, is proud of its unwavering commitment to advance Asian, Black, Hispanic, and Native American suppliers in a globalized corporate supply chain.
In 2019, Wells Fargo and the National Minority Supplier Development Council (NMSDC) will collaborate in three “Minority Business Leadership Academies,” to train minority suppliers on how to expand their capabilities. These Minority Business Leadership Academies will be hosted in Washington, D.C. by the Capitol Region MSDC, Los Angeles by the Southern California MSDC, and Houston by the Houston MSDC.
“Wells Fargo is committed to supplier diversity and developing diverse suppliers across the country. In 2018, Wells Fargo spent $1.36 billion with diverse suppliers. We’ve invested in nine capacity building programs across the country, which will help more than 500 diverse suppliers in the upcoming year,” said Regina Heyward, head of Supplier Diversity for Wells Fargo.
“NMSDC is able to extend its support of minority supplier development through innovative partnerships with our corporate members,” said NMSDC President and CEO Adrienne Trimble. “Minority-owned businesses nationwide employ 6.3 million people and generate annual revenue of more than $1.6 trillion. Wells Fargo consistently demonstrates its strong commitment to our supplier diversity programs that serve NMSDC-certified minority-owned businesses.”
The goals of the Minority Business Leadership Academy are to build the value proposition for each minority business owner; to enhance best practices in business development, organizational capabilities and scalability; to foster greater readiness to meet industry needs; and to increase competitiveness when seeking contracts and opportunities in the global marketplace.
Beginning in the first quarter of 2019, Wells Fargo Supplier Diversity will sponsor three Minority Business Leadership Academies in collaboration with NMSDC. Through a grant from the Wells Fargo Foundation, NMSDC will administer the Minority Business Leadership Academy program and be responsible for selecting three grantees from its regional Minority Supplier Development Councils to run each year-long academy. NMSDC will ensure this program is fully vetted with developed plans of action for each of the funded Minority Business Leadership Academies.
In 2016, Wells Fargo in collaboration with NMSDC’s regional Supplier Diversity Development Councils, piloted the Minority Business Leadership Academy project to help grow certified MBEs. In 2017, more than 80 minority business CEOs graduated from five Minority Business Leadership Academies.
The Minority Business Leadership Academy is a one-year commitment, in one of three regional classes, comprised of 15-20 qualifying applicants. At the end of the 12-month training process, each participant will deliver an end-of-year report that tracks growth and success of the program.
In the Minority Business Leadership Academy’s business development training, attendees will have:
- Quarterly sessions (half-day in-person training sessions)
- Bi-monthly group sessions
- Corporate mentoring
- 1:1 executive coaching
- Peer-to-peer mentoring
- A suite of program action items and timelines (i.e., documented milestones and accomplishments)
- Tools and resources
- The opportunity to obtain NMSDC certification
To qualify for consideration, MBEs must represent a mid- to large-size business (with at least $3 million in annual revenues). They must have a track record of high performance, offering quality products and services at market-competitive pricing. Each applicant’s business plan will be considered, to confirm financial solvency and positioning for growth. Preference will be given to current Wells Fargo suppliers and NMSDC-certified MBEs.
The NMSDC advances business opportunities for certified minority business enterprises (MBEs) and connects them to corporate members. One of the country’s leading corporate membership organizations, NMSDC was chartered in 1972 to provide increased procurement and business opportunities for minority businesses of all sizes. The NMSDC network includes a National Office in New York and 23 affiliate regional councils across the country. The network also includes five international partner organizations located in the United Kingdom, Canada, Australia, China and South Africa.
To meet the growing need for supplier diversity, NMSDC matches its more than 12,000 certified minority-owned businesses to our network of more than 1,750 corporate members who wish to purchase their products, services and solutions. NMSDC, a unique and specialized player in the field of minority business enterprise, is proud of its unwavering commitment to advance Asian, Black, Hispanic and Native American suppliers in a globalized corporate supply chain. For more information, visit www.NMSDC.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
VP, Corporate Communications
(786) 394-9000 Ext. 1144 FOR MORE INFO CONTACT: Juan Almanzar
VP Supplier Diversity & Business Development
646-710-2613 SOURCE Spanish Broadcasting System, Inc. (SBS)