| The mission of the Greater New England Minority Supplier Development Council is to significantly increase business relationships between our corporate members and our certified MBEs. We believe that minority business development is a key component of reducing poverty, unemployment, increasing wealth, and integrating American society. You are receiving this email in order to keep you abreast of developments with the Greater New England Minority Supplier Development Council, Supplier Diversity Issues and Minority Business Development. If you like what you read please share internally and externally. |
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Welcome State Street Bank!
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| On behalf of the GNEMSDC board of directors, I welcome State Street Bank as a new corporate member of the GNEMSDC.
"State Street is a leading financial services provider serving some of the world's most sophisticated institutions. We offer a flexible suite of services that spans the investment spectrum, including investment management, research and trading, and investment servicing. To succeed in today's complex, dynamic marketplace, institutional investors need more than a service provider. They need a strategic collaborator. Our expertise - along with our unique combination of consistency and innovation - help clients manage uncertainty, act on growth opportunities, enhance client service and optimize cost structures. Confidently. An industry leaderState Street's singular focus on serving the needs of institutional investors is one of its key competitive differentiators. With US$20.2 trillion in assets under custody and administration, and US$1.9 trillion under management as of September 30, 2010, State Street is an industry leader and innovator - setting standards with new products and services, and expanding the depth and breadth of client relationships. Our longstanding reputation as a capable and experienced service provider consistently positions us at the top of industry rankings:
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Current Economic Conditions
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| And What MBEs Should be Doing About It
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| This Tuesday, I will be in Las Vegas for the NMSDC Quarterly Meeting. I was asked by the National MBE Input Committee to make a presentation on the current state of the U.S. Economy. I view this as a great opportunity to share some thoughts with this group of MBE leaders from around the country. Below is the outline that highlight my comments next week. 1. The "Great Recession" began in second quarter 2008 and ended third quarter 2009 . 2. $14.8 trillion GDP (GDP = the final dollar value of all final goods and services produced in a given period of time.) 3. Real Personal Consumption Expenditures are now back to where they were in the fourth quarter 2007. Real PCE represent 70 percent of Real GDP. 4. Corporate profits declined from $1.75 trillion in the second quarter in 2007 just over $1 trillion in fourth quarter 2008. They have steadily increased since then and by third quarter 2010 were up to $1.8 trillion. 5. Real Private Investment has not fully recovered. It was $2.2 trillion in 2006 (height of housing boom) and declined to $1.4 trillion in second quarter 2009. By third quarter 2010 up to 1.8 trillion. 6. Total civilian employment is down from 146 million in 2007 to 139 million in 2010. Total civilian employment is about where it was in 2004! 7. Unemployment Rates bottomed out at 4.6 percent in 2007, peaked at 9.9 percent in 2009 and in December 2010 stood at 9.4 percent. Black UR currently is 15.8 percent, Asian UR is at 7.2 percent and Latino UR is at 13percent. 8. Inflation is up in 2010 compared to 2009 when producer prices actually declined 2.6 percent. A good sign! Same with consumer prices - declined in 2009 by .4 percent up in 2010 by about 2 percent. 9. There is plenty of money out there, but it does not mean it is easy to get. Short term rates are the lowest on record, thirty year treasuries under 5 percent and the prime is at 3.25 the prime was 8 percent in 2007. 10. Federal Deficit has exploded. 1998 through 2001 we had surpluses. War, tax cuts economic stimulus and recession has turn that surplus into a $1.4 trillion deficit. 11. Global trade had slowed as a result of the recession and US exports declined along with imports in 2009 compared to 2008. Also there was a significant decline in the U.S. Balance on Current Account from over $800 billion in 2006 to $378 billion in 2009. Much of this is recession related and has been helped by declines in the dollar. What Does It Mean for MBEs. The ten things MBEs should be doing now. 1. Plan for growth the recession is over 2. Find great partners on the supply side and on the customer side. 3. Lock in talent. 4. Lean out your organization permanently. 5. Revisit your strategic plan. 6. Re establish relationship with bankers. 7. Look to export. 8. Look to source globally. 9. Look to buy companies with customers. 10. Invest in technology. |
GNEMSDC First Quarterly Meeting February 14, 2011 Basketball Hall of Fame 2:00 - 4:30 PM | ||
| The GNEMSDC First Quarterly Meeting will take place at the world famous Basketball Hall of Fame in Springfield, MA on Monday, February 14 from 2:00 to 4:30 with a reception to follow. The corporate host for this event is Northeast Utility Systems and Western Massachusetts Electric Company. In addition to learning about opportunities at NU, there will be an informative program for both MBEs and corporate members. Please register for this event by calling the office, 888-874-7114 or emailing Jerilynn Clarke at jclarke@gnemsdc.org. |
| Rhode Island Regional Advisory Committee to Host Reception Feb.9
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| All Are Welcome to Attend Event at Providence Marriott |
| The GNEMSDC, Rhode Island Regional Advisory Committee (RAC) is hosting its first business reception on February 9 at the Providence Marriott from 6:30 PM to 8:00 PM. Invited guests include all RI based corporate members, all certified RI based MBEs and we have invited prospective corporate members and MBEs as well as the political leadership in the region. Providence elected its first Hispanic Mayor in November, Angel Taveras (pictured above). We will be reaching out to him in the hope of having him drop by for introductions. Even if you are not based in RI, you are welcome to join us for this event. Call the office (888-874-7114) to let us know if you are interested in attending. There will be food and drinks and the event is FREE! |
| Capital and Minority Business Development Event March 3 |
| Full Day Summit at Federal Reserve Bank of Boston |
| The GNEMSDC is holding its first "Capital and Minority Business Capacity Summit" at the Federal Reserve Bank of Boston on March 3 from 9:00 AM to 5:00 PM. The summit will bring together high profile leaders in private equity, public finance, venture capital, investment banking and commercial banking and minority businesses. One of the long term problems of minority business development has been access to capital. This event hopes to solve not only problems of information about MBEs and sources of capital; this event hopes to establish strong and lasting relationships between MBEs seeking capital and organizations with capital.
We already have several outstanding speakers confirmed for the event. Here is the outline for the day:
Preliminary Agenda
8:30 to 9:00 Registration 9:00 to 9:30 Opening Remarks: Continental Breakfast 9:30 to 10:45 Panel Discussion 1: Public Sector Investments in MBE Capacity Building 10:45 to 12:00 Panel Discussion 2: The Roll of Private Equity Firms, Venture Capitalists 12:00 to 1:00 Lunch: Keynote Speaker TBA 1:30 to 2:45 Panel Discussion 3: Effective Relationships with Funding Sources - Commercial Bank 2:45 to 4:00 Panel Discussion 4: Case Studies: the MBE's Perspective 4:00 to 4:15 Closing Remarks |
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Blum and Shapiro Free Tax Webinar
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| Thanks to Christopher Gallo of Blum and Shapiro, the GNEMSDC is able to offer this free seminar to corporate members and MBEs. Here are the details for this event January 26.
"What accounting challenges will your organization face this year? BlumShapiro's complimentary webinar will keep you up-to-date on accounting and auditing changes taking effect. Our discussion will provide an overview of the current standard setting environment including Codification and the recommendations of the blue ribbon panel for private company standards as well as many emerging issues.
Emerging Issues:
Register for our complimentary webinar: January 26, 2011 |
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| There is a line in the movie My Fair Lady where Professor Henry Higgins ponders the question, "Why can't a woman be more like a man?" (Click here for lyrics.) I have to admit that this radically politically incorrect song is incredibly funny even though, perhaps I am not supposed to laugh in public and should definitely not share this view on the Internet for all to see. (I need to prepare for the response.) But never to be one to be intimidated by the dominant social mores of the day, this song has a broader and more nuanced message about diversity. I sometime feel like the professor when others do not see the wisdom of my thought processes. Yet my thought processes are the result of how I have processed information through the lens of my very personal life experiences. Isn't this true for everyone? So as a result, even on simple matters that are as clear as day, we disagree. But this disagreement is not a bad thing. In fact, I believe disagreement is necessary in order for any society or organization to progress. A society or an organization of "yes men" to use another politically insensitive term, is not one poised for growth and development. Yet disagreement is painful to go through as two or more sides struggle to see their points of view dominate and become reality. The new struggles with the old. The established struggles with the disinherited. The powerful struggle with the weak. Buyers struggle against sellers. The Yin and the Yang. These struggles will never cease. Nor should they. And in response to Henry Higgins philosophical boorishness, Liza Dolittle sings, "Just you wait Henry Higgins!" Click here for lyrics.
In your service Dr. Fred, |
And Finally, | |
