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