In 1969, President Richard M. Nixon established the Office of Minority Business Enterprise with Executive Order 11458, recognizing the impact of minority businesses on the nation’s economy. Then, in 1971, the White House issued Executive Order 11625, expanding the scope of the agency to authorize grants to public and private organizations. It was then that a group of Chicago companies led by Robert Stuart of the National Can Corporation, founded the National Minority Purchasing Council in 1972, later becoming the National Minority Supplier Development Council (NMSDC).
Over the last 50 years, NMSDC’s success has been historic and unmatched. Over 15,000 certified MBEs connected to more than 1,500 corporations, resulting in close to $400 billion in economic output annually. We are the longest-operating business growth engine for the broadest group of systematically excluded communities of color. This includes Asian-Indian, Asian-Pacific, Black, Hispanic, and Native American communities. It’s about upward mobility for the emerging majority of Americans, an equal shot at participating in the American experiment of free-market capitalism and entrepreneurship. We work to correct unequal access to wealth-building opportunities.
As we celebrate 50 years of success in 2022, we know there is more work to be done. NMSDC is taking the following steps to celebrate our successes and prepare for the next 50 years of service to our corporate members and MBEs:
- Revise NMSDC’s mission and vision to refocus the organization for the next 50 years.
- Evaluate the brand and messaging to ensure we can connect with various stakeholders more directly to grow MBEs and add value to our corporate members.
- Recalibrate the MBE narrative with the inaugural Minority Business Economic Forum on May 11-13, 2022.
- Launch the journey to $1 Trillion in annual NMSDC-certified MBE revenue.
- Launch a 50 for 50 capital campaign to ensure NMSDC has the resources needed to support the journey to $1 Trillion.
- Publish the next Minority Businesses Economic Impact Report to provide NMSDC’s baseline of impact over the last 50 years.
- Capture 50 years of service in a 50th Anniversary Coffee Table Book.
- Celebrate 50 years of success at NMSDC’s 50th Anniversary Conference and Business Opportunity Exchange taking place October 30 – November 2, 2022.
- Kick off several enterprise technology projects to support growth of the Council and Network.
We invite the full network to get involved, reengage, and build upon the last 50 years. Together, we will set forth meaningful action and commitment to help close the wealth gap for systematically excluded communities of color, which is key to creating a more united and prosperous society for all.