This is good news, especially for minority entrepreneurs looking to stake their claim in the state’s industries. While there’s an understanding that the sectors are supposed to be open to all enterprising individuals, conditions at the grassroots tell a different story. Loans may be rejected for a variety of reasons, or venture capital options may not pan out as expected.
New York State’s policies offer workarounds to these roadblocks, in favor of minorities and women business enterprises (MWBEs). Start-ups have a fighting chance with certification, grants, and mentorships. While these programs are implemented to an extent on other states, New York is explicit and deliberate, carving space for minority businesses to flourish in competitive industries.
Why is New York City a great place for minority entrepreneurs? It’s Division of Minority and Women’s Business Development (DMWBD) just reviewed New York State contracts, for the benefit of minority vendors. Specifically, the aim is to identify industries where MWBEs can grow, sourcing sectors with low rates of utilization. Data from this review is now being implemented to assist MWBEs.
Minority entrepreneurs can take advantage of recruitment and business development programs, updated on contracts in the applicable sectors. Initially, these sectors include:
Opportunities on these sectors will be maximized, using custom strategies. The state will inform MWBEs regarding procurement openings, help them become more competitive throughout the procurement process, and validate their credentials by increasing certifications in target industries.
New York State will fast-track certifications on applicable industries. A partnership with trade industries and the Chamber of Commerce also assumes an increase in certification applications. If you qualify for the criteria, your prospects are promising in the city that never sleeps.
The state government is paving the way for minority entrepreneurs, offering direct assistance for certified enterprises. This fills the need of state agencies to capacity (partnerships in the purchase of goods and services). Aside from better prospects to start businesses, agencies will also head-hunt minority entrepreneurs able to fill the needs of the state.
State agencies and authorities have spending allocations in the industries. Those with heavy allocations in target industries are requested to include more MWBEs in their pool. While this means some sectors are more conducive for MWBEs, the goal is to fill target sectors to capacity, eventually branching outwards.
New York City is primed for minority entrepreneurs, considering the diversity of its people. More initiatives are expected to maximize on this potential, in the form of policies and programs. Case in point: more than 70% of New York’s current city commissioners are women, including its digital director.
So, why should you consider building a start-up based in New York? The city’s initiatives are designed to give your business the best odds to grow. With so much invested in enterprise, start-ups benefit from equal opportunities, especially in the saturated, competitive industries. While it’s true other US states have similar policies, New York stands out as one of the states where your playing odds are as justified as everyone else.
New York has always been a hub for entrepreneurs; the city’s foundation was built on the sweat of trade and business. With exciting new industries in emerging technologies, as well as a solid base in existing sectors, the city is all the more appealing to minority entrepreneurs granted favor to do business on level ground.