Diversity Supply

What is diversity supply?

Goods and services provided by minority-owned businesses are called "diversity supply." Prominent company leaders have recognized that diversity is smart business. Companies actively contract with diversity suppliers to increase product consumption by responding to the fact that minority group populations are growing in their purchasing base.

"Healthy minority businesses generate many more jobs in minority communities, an increased tax base, and more potential customers for corporate products," says Harriet R. Michel, president of the National Minority Supplier Development Council.

Diversity is big business

In today's competitive commercial and federal contracting environment, diversity is big business. The National Minority Supplier Development Council reports that Fortune 500 companies spend more than $80 billion a year in goods and services from diverse suppliers, and this volume is expected to grow exponentially over the next 50 years.

The benefits of diversity supply

Private companies by choice, and government agencies by law, award a certain percentage of their business each year to minority-owned organizations. Because of rapid demographic changes, companies are increasingly committed to working with minority-owned organizations for several reasons:

It opens doors. Thirteen of America's largest corporations are members of the Billion Dollar Roundtable - an elite group of companies that each spend more than one billion dollars annually in the purchase of goods and services from minority-owned suppliers. Working with diversity suppliers like Nypro Kánaak is becoming a key part of the roundtable's strategic growth initiatives, creating opportunities for minority companies to have an ever-increasing presence in the supply chain of America's economic roadmap.

It provides cultural versatility. Working with minority-owned businesses aligns companies with the increasingly diverse make-up of the markets in which they operate, giving them an edge as a well-rounded competitor. As the marketplace becomes more ethnically diverse, partnering with a diversity supplier helps to provide greater insight into the economic terrain by understanding the needs of its diverse customers and markets, and creating new interest for technologies and products.

It adds company value. Diversity suppliers bring creativity, innovation and diverse ideas to the table. A company that aligns itself with this changing marketplace is a socially responsible company, and a socially responsible company has more value.

Diversity supply is simply good business and Nypro Kánaak supports the diversity initiatives of corporate America.

For more information on diversity supply, pleaes contact Sealaska's Office of Diversity Solutions .