The Golden Standard of Certifications

Supplier diversity
National Minority Supplier Development Council
By Andrea Pina

A conversation with Sylvia Acosta, Senior VP and Chief Growth Officer at National Minority Supplier Development Council Inc. (NMSDC)

 
 

The National Minority Supplier Development Council (NMSDC) was founded in 1972. It is the longest-operating business growth engine for the broadest group of systematically excluded communities of color (Asian-Indian, Asian-Pacific, Black, Hispanic, and Native American). Its impact goes far beyond the supply chain. It's about upward mobility for most Americans, an equal shot at participating in the American experiment of free-market capitalism and entrepreneurship. 

"We want to break doors open for business to grow," says Acosta. Its mission is to provide visibility to minority-owned businesses, allowing corporations to see them and to assign contracts to those with fewer possibilities. "Corporations surround us. Almost everything in our everyday life has a big corporation behind it, and they are thriving. We need minority-owned businesses to thrive at the same pace."

For a business to be certified by NMSDC, the requirements are few and very straightforward, allowing the company to run the process smoothly and quickly. "We want to break the taboos around certifications. We are here to empower businesses, not to have them go through lengthy and tedious certification processes," she explains. NMSDC also partners with other organizations, such as Latino Business Action Network (LBAN) or the United State Hispanic Chamber of Commerce (USHCC), to serve a broader range of organizations. "We stay close to the entrepreneurial environment. We understand their needs and work to serve them effectively."

Certification is not the only focus of the organization. NMSDC also empowers networking among entrepreneurs, helps business scale professionally and provides continued education for business owners. It tries to break down barriers and challenges. As for the latter, the most frequent one is business owners not knowing how to start or continue the path for scaling and growing their business further. Also, most business owners are too immersed in their operations and often forget to network – which is crucial.

"If we invest in minority-owned businesses, we are not only helping that business owner. We are helping their whole community grow stronger and more economically stable," emphasizes Acosta. She is a true advocate for well-being, economic equity, and procurement in the United States. "Everyone should be able to take advantage of a free-market economy."

As for corporations, having a supplier diversity program is a win-win situation. As they promote opportunities for everyone, they also have a possibility of connecting more deeply with their consumers – thus growing their business. "When you invest in a minority-owned business, everyone wins. It is growth all around," Acosta states. 

Sylvia Acosta is passionate about her daily mission and will continue to honor her responsibility to advance Hispanic businesses. Her advice to entrepreneurs is "develop a succession plan. You've worked hard, and it shouldn't end when you retire. Create wealth for future generations."

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Criteria for Certification:

  • Business owners must be United States citizens.

  • Minority businesses must be at least 51% minority-owned, managed, and controlled. For the purposes of NMSDC’s program, a minority group member is an individual who is at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic, or Native American. Minority eligibility is established via document reviews, screenings, interviews, and site visits. Ownership, in the case of a publicly owned business, means that one or more minority group members hold at least 51% of the stock.

  • Business must be a for-profit enterprise and physically located in the U.S. or its trust territories.

  • The minority ownership member(s) must exercise management and daily operations.

Photo credit: Courtesy of NMSDC


Editor’s pick: NMSDC also empowers networking among entrepreneurs, helps business scale professionally and provides continued education for business owners

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