Conversations to Contracts Driving Productivity to the Local Workforce by Girard Newkirk wilmingtonbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wilmingtonbiz.com Daily Mail and Mail on Sunday newspapers.
According to the Brookings Institute, innovation districts are dense engines of economic activity where research-oriented anchor institutions, high-growth firms, and tech and creative startups exist within an amenity rich residential and commercial area. The Genesis Innovation Neighborhood model adopts this framework to develop hyper local, inclusive entrepreneur Ecosystems. Why can’t we afford the same resource profile for our community entrepreneurs that are afforded for technology companies and the ‘high growth” sector.
Since its establishment in February 2020, Genesis Block has established itself by helping local small business owners grow their companies and creating an inclusive gathering place for business and community leaders.
We are excited to take the next step in our journey to build the entreprenuer class by connecting communities to inclusive innovation districts. We have made a formal bid to the City of Wilmington for the tract of land at 1110 Castle
Genesis Block is preparing for an exciting 2023 by announcing a company goal to broker $2.5 million in contracting opportunities for minority owned firms. The average minority business enterprise spending (when spending with public companies is included) is 3.29%. This average must increase 4–5 times current levels to between 13%-16% to achieve revenue parity with white owned firms. In 2018, minorities represented approximately 40% of the US population, yet revenues collectively earned by minority owned business enterprises represented only 9.4% of the revenues earned by private US firms.
In a recently released study titled “Facilitating Growth for Minority-owned Businesses”, the report suggests that with no concerted e ort to make significant changes in corporate and government procurement and buying practices, 333 years is the estimated time it will take for minority businesses to achieve parity with white owned firms. Spending with Minority Business Enterpris
Genesis Block is partnering with Cape Fear Community College to present Converting Conversations to Contracts for the 8th Annual Cape Fear Minority Enterprise Development Week. The schedule of events begins on Monday, October 3 and ends Friday, October 7. Genesis Block Converting Conversations to Contracts, will bring together some of the region's largest businesses and organizations in order to connect diverse owned companies with contracting opportunities.
Cape Fear Minority Enterprise Development (MED) Week recognizes and celebrates the achievements and impacts of minority entrepreneurs across southeastern North Carolina, and provides opportunities for networking, expanding, and strengthening businesses.
Genesis Block through its technology, Genesis Bridge, is building a national database of diverse owned businesses to streamline the procurement process for businesses and large organizations. Read more on this here.
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