Minority Startups Disrupting Tech
16 May, 2019, 15:33 ET
WASHINGTON, May 16, 2019 /PRNewswire/ -- Finally, companies like J & F Alliance Group are getting their fair-share of opportunity in the tech industry. Receiving the Minority Tech Firm of the Year Award, J & F Alliance Group is among limited company. Less than 10% of all minority-owned businesses are engaged in tech industry despite the fact that STEM industries are growing more than any other in America. The U.S. Bureau of Labor Statistics projects a 17% increase in science and technology jobs over the next 10 years, versus 12% for non-tech industries. Still, minority groups are represented at significantly lower rates. Serious, conscious efforts are needed to address these racial gaps and lack of diversity.
The U.S. Department of Commerce, Minority Business Development Agency (MBDA) is conducting a 5-city tour to raise awareness of tech opportunities for minorities, and to encourage participation and partnerships. The tour will inform minorities about Federal Government tech transfer (T2) as a means to tech industry entry and success. Two-thirds of game-changing technologies in the past 50 years (e.g., smartphones, autonomous vehicles, personalized medicine, and GPS) were made possible through Federal T2 and small business research grants. Since many minority innovators are unfamiliar with T2 resources and how to leverage them to build sustainable companies, the tour will boost awareness and help level the field for minorities.
The next stop of the MBDA InVision Tour is New York City, May 21-22, 2019 with support from Con Edison's Director of Supplier Diversity, Michael Jones-Bey, who is bringing in Brookhaven National Laboratories (U.S. Dept. of Energy). For the New York tour stop, MBDA partnered with Michael Jones-Bey, Con Edison's Director of Corporate Social Responsibility; Harvey Butler, Global Head of Supplier Diversity for Barclays, Brookhaven National Laboratories, and the National Association of Blacks in Energy.
Registration is free for attendees. Previous stops have helped minority-business owners and start-ups raise funds, prepare for commercialization, find patents to access and opportunities for investment, and meet supporters in their fields of interest. According to Drisha Leggitt, Chief Marketing Officer for Anpac Bio-Medical Science Company, "The InVision Tour introduced a plethora of government programs and resources that have positively impacted our business. We have shortened our timeline to open two additional laboratories and are poised to launch an IPO by Q1 2020."
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency solely dedicated to the growth and global competitiveness of U.S. minority-owned businesses through mobilization and advancement of public and private-sector programs, policy, and research. We provide greater access to capital, contracts, and markets, and better equip minority-owned firms to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally.
SOURCE Minority Business Development Agency
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