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. |
How to do Business with Northeast Utilities |
 Northeast Utilities is hosting a very important certified MBEs in the region on Friday, January 20 at their main office in Berlin, CT. NU procurement officials, and senior management will attend to meet one on one with MBEs is a range of areas. Certified MBEs interested in attending should call Jerilynn Clarke at 203-288-9744. Please do not miss this important event.
Who Buys What - NU Purchasing; The attached is the complete list of commodity and service buyers and what they regularly purchase for NU. The buyers and their commodities highlighted in yellow will not be available for one on ones on the 20th. All others will be available. The agenda is as follows:
Agenda:
8:30 am - Coffee &Danish
9:00 to 9:15 am - Welcome NU
9:15 to 10:15 am - How to conduct business with NU
10:15 to 10:30 am - Break
10: 30 to 11:00 am - Vendor Introductions
11:00 to Noon - One on Ones with NU Buyer |
Annual Award Gala 2012 |
 It is not too early to start thinking about and planning for the 2012 GNEMSDC Annual Awards Gala that will take place on Thursday, April 26 at the Aqua Turf in Southington, CT. Corporate members can begin by thinking about the MBEs they worked with who went the extra mile to provide excellent services for them in 2011. These MBEs benefit from the public recognition of a job well done. MBEs can similarly think about the corporate buyers and supplier diversity managers who assisted them to win contracts and to learn more about them and their corporations.
MBEs and corporate members who are interested in assisting us make this year's event fantastic are also welcome to volunteer to serve on any of the sub-committees we have established. Just give Tatiana a call at the office, 888-874-7114. We welcome your participation. |
It is Time to Submit Your Nominations! |
As we close out the old and bring in the new, it is time for MBEs and corporate members to nominate outstanding MBEs, corporate buyers, supplier diversity advocates, and corporations for award recognitions that will be presented at the 2012 GNEMSDC Awards Gala on Thursday, April 26, 2012 at the Aqua Turf in Southington, CT.
Each year, at our Annual Awards Banquet, the Greater New England Minority Supplier Development Council, Inc. (GNEMSDC) recognizes those certified minority suppliers (MBEs) who have distinguished themselves and their businesses by:
Successfully demonstrating growth in sales and employment while overcoming significant obstacles; Consistently providing high quality products and services at competitive prices and offering innovative approaches and cost saving ideas: Continuously growing MBE to MBE purchases; and Significantly contributing to the growth and development of society and their community.
All corporate members are invited to nominate MBEs in each of the following categories:
- Class 1 MBEs - Annual Sales Less Than $1 million
- Class 2 MBEs - Annual Sales between $1 million and less than $10 million
- Class 3 MBEs - Annual Sales between $10 million and less than $50 million
- Class 4 MBEs - Annual Sales greater than $50 million
- Reciprocal MBE - MBEs with their primary office outside CT, MA, RI, NH, ME or VT and must be reciprocally certified with GNEMSDC
By the end of the first week of 2012 all corporate members will receive a form that should be completed by January 31, 2012 with the names of their nominees. Give the office a call if you have any questions about the appropriate category of your nominees. The important thing is to get your nominees in.
MBEs will also be making nominations for the following awards:
- Advocate of the Year - This Award is presented to a supplier diversity manager/director who has done an outstanding job of assisting MBEs for the benefit of both their employer and the MBE
- Buyer of the Year - This award is presented to a buyer from our corporate membership that has gone far and beyond the call of duty to assist MBEs with procurement opportunities and feedback
- MBE Empowerment Award - This award is presented to an MBE who has worked to assist other MBEs
- Corporation of the Year (National Member) - This award is presented to the corporate member who has demonstrated commitment and has delivered results in the area of minority business procurement and development
- Corporation of the Year (Local Member) - This award is presented to the corporate member who has demonstrated commitment and has delivered results in the area of minority business procurement and development
We are requesting that the nominations by MBEs also be back by January 31, 2012. The staff is here to assist MBEs with any questions they have about the process or the categories.
It is appropriate for companies, corporate representatives and MBEs to ask their supporters to consider nominating them for these prestigious awards. Although you cannot nominate yourself, sometimes you have to toot your own horn with a gentle reminder to your friends who you have supported throughout the year. MBEs who believe they are deserving of Supplier of the Year recognition should complete the attached Nomination Form and share it with a corporate member who can complete the process. |
New GNEMSDC Corporate Member - Hinckley Allen and Snyder, LLP |
 On behalf of the board of directors GNEMSDC, I welcome our new corporate member Hinckley Allen and Snyder, LLP.
Hinckley, Allen & Snyder LLP is a multi-service law firm of more than 130 lawyers with offices located throughout New England. Our multidisciplinary approach to problem solving allows us to provide legal service to both individuals and businesses, including many of the region's publicly-held corporations and emerging businesses with both domestic and foreign operations, financial institutions, several of the nation's largest real estate developers and construction companies, major hospitals, state and local governments and agencies, and privately-owned businesses and partnerships.
When you choose Hinckley, Allen & Snyder LLP, you'll receive knowledgeable, personal attention from our lawyers and support staff, ensuring your legal needs are met in an efficient, effective manner.
We look forward to working with Hinckley Allen and Snyder, LLP. |
Corporate Member Showcase - Aetna |
 This week we feature Aetna.
Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. View Presentation |
MBE Showcase - Skycom Courier |
 This week we feature Skycom Courier a courier and logistics company from the Greater Boston area.
Skycom Courier is a locally-owned company with over 20 years experience in the express delivery business. Skycom is a full-service delivery company, providing time-sensitive services at cost-effective prices.
Same Day, Next Day DeliveryAs a leader in the transportation and courier business, Skycom offers same day bike, car, van and truck delivery throughout Greater Boston and New England, as well as same day and next day air service to any location in the U.S. View Presentation. |
Events That MBEs Should Not Miss |
There are several events coming up on our calendar that are designed specifically for MBEs to learn about corporate opportunities. We know how busy everyone's schedule is, but these are events often hosted by our corporate members with the expressed purpose of finding out more about you and your business with the ultimate aim, to make you a valuable supplier to their companies. Here are some events you should consider: - January 20 - Northeast Utilities - How to do Business with NU
- February 3 - MBEIC Kick off Lunch
- February 8 - Public Service of New Hampshire, Meet and Greet - Special Guest Governor John Lynch
- February 9 - Sikorsky Aircraft, United Technologies Corporation - GNEMSDC Quarterly Meeting
- February 24 - National Grid MBE CEOs only for CEO Roundtable and Doing Business with National Grid
- March 26 - PepsiCo - Doing Business with PepsiCo and their Prime Contractors
- March 27 - Blue Cross Blue Shield of MA - 2nd Annual Capital Summit featuring MA Commonwealth Treasurer Steve Grossman. For more details see the updated calendar below for times locations and directions.
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| MBE Capital Summit 30 sec PSA.mov |
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NMSDC/GNEMSDC Activities and Information |
Please take a close look at the events listed below. The links will take you to detailed information about the events. We will have more information for those events that do not currently have live links, but please mark your calendars and call the office.
Events and Activities: Information and Presentations: |
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Connecticut Offers Small Business Jobs Credit |
Connecticut businesses can be eligible for tax credits of $500 per month for each new full -time job created. If the new employee is receiving vocational rehabilitative services from the Bureau of
Rehabilitative Services, receiving unemployment benefits, or is a veteran employee who, at the time of hiring by the taxpayer, is a member of, was honorably discharged from or released under honorable conditions from active service in the armed forces, then the tax credit is increased to $900 per month.
These credits will be available for each new employee hired between January 1, 2012 and prior to January 1, 2014 for period of three years. The credit may be applied against the following taxes:
- Insurance premium tax under chapter 207 of the general statutes
- Corporate business tax under chapter 208 of the general statues
- Utilities company tax under chapter 212 of the general statutes
- Income tax under chapter 229 of the general statutes
For more information about eligibility contact the Connecticut Department of Economic and Community Development or call Lindylee Gold at 860-270.8073. |
Opportunities with Corporate Members |
- U.S. Postal Service Sources Sought Notice Network Optimization
- O&G Industries, Inc., Invitation to Pre-qualify Project #901373, Due January 20, 2 pm
- We are looking to identify a MBE developer that can handle a $40 million mixed use housing project for the Norwalk Housing Authority. Please view the attached RFQ for more details. If you know or can meet a project of this size, please call the office
- The Dorchester Bay Economic Development Corporation, in collaboration with Quincy-Geneva CDC, Project RIGHT, and other key stakeholders, is working in a board effort to promote comprehensive community revitalization in the Grove Hall neighborhood of Boston. This effort will bring more than $70 million of investment in affordable housing, small business development, job creation, job training and youth arts programming to the area in the next 2-3 years. Quincy Corridor is located along a key east-west connector between Blue Hill Ave. and Columbia Road, almost 3/4 mile from the new Dour Corners rail station, and adjacent to the location of a proposed new station along the Fairmount commuter rail. More information visit, www.dbedc.org
- Greater Boston area corporate member is looking for Janitorial Service. Call GNEMSDC office for more information. (GNEMSDC certified MBE only)
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MBEIC News |
 MBE Input Committee kick off Lunch, Feb 3, from 10 am -2 pm at The MATLET Group, Pawtucket RI.
Call Boston Office to RSVP: 617-578-8900 by January 27 so that we have an accurate count for lunch.
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Boston MBDA Business Center Client Profiles - Brocorr, LLC |
 BROCORR, LLC is an emerging Service Disabled Veteran Owned (SDVO) Construction Company that was formed by three veterans in 2009 with the goal of providing our customers with unmatched performance and customer service in the construction arena. The ownership group of BROCORR, LLC has over 50 years of experience within the private, state and federal government sector and has reach capability beyond what is expected from a traditional emerging construction provider in terms of management and strategic partnerships with all various construction trades. Not only is BROCORR, LLC a SDVO, we are also certified by the State of Massachusetts as a Minority Business Enterprise (MBE) in the construction trades.
BROCORR, LLC's capabilities and experience encompass primarily single and multi-family construction projects beginning from estimating costs through the entire close-out of the building project. However, we have also executed numerous private renovation projects ranging from small scale bathroom and kitchen renovations through gutting and re-framing homes for additions. We have also executed roofing, siding, window replacement, decking and many other efforts. |
Bain Capital, Private Equity and Capitalism |
The current debate within the Republican establishment on the virtues of capitalism is fascinating from the perspective of an economist. The American people, for the most part, have a basic understanding of the "free enterprise" system, but I think there is a significant gap in understanding the way the world really works. Even the public debate taking place has failed to distinguish between 17th and 18th century merchant capitalism from 18th and 19th century slave capitalism from 19th and 20th century industrial capitalism from today's information and financial capitalism. As a result, when some commentators or political figures are talking about capitalism they may have in the back of their minds the capitalism of a bygone era.
Economic theory and the history of economic thought can assist the quality of this debate on the virtues of capitalism that is sure to continue to be a major theme of 2012. The lighting rod that brought us here is candidate Romney's work at the private equity firm Bain Capital. (Bain Capital is actually a neighbor of ours in Boston.) Bain Capital like other private equity companies play an important role in the way markets work today. But let's start with some basic principles. The first economic principle that is relevant here is that individuals are insatiable. That is to say that no matter how much wealth or income a person has, they will want more. The second principle is that owners of companies are seeking to maximize their wealth. If we are talking about corporations with shareholders that might include managers, it means that management is tasked with maximizing shareholder value. That shareholder value comes in the form of cash flows generated by profits and increases in share prices that can be converted to cash once those shares are sold. Private equity comes into this by collecting wealth from investors and their own management team. This concentrated wealth is then focused on market opportunities that are characterized by firms/management that are not performing in a way that maximizes shareholder value. The opportunity private equity companies offer their investors is to buy underperforming assets, convert them through better management into higher performing assets and reap the rewards of greater wealth usually through an initial public offering of the recapitalized company.
The public relations problem private equity companies like Bain face is when this approach does not work, and sometimes even when it works best. In some cases, private equity comes in, reorganizes the company, often this translates into cutting employment, eliminating "non-core" divisions or exploring top line growth. Even when private equity is successful, it might mean that companies are downsized, re-engineered, right-sized, or otherwise transformed. There is a human cost to these actions. In the defense of this process, it is not clear that in the absence of the private equity intervention, that there would not have been an even worse outcome for the employees and original shareholders of the company. What is most troubling from a PR perspective is that regardless of whether the outcome is positive or not, the private equity company is likely to walk away with in the very least some very high fees. Economists have a concept called "moral hazard" which occurs when individuals, investors, or firms have incentives to do the wrong thing, or to not care about outcomes because there are no consequences. I believe the problem with private equity is the appearance of this type of moral hazard. Now they would argue that the consequences of making bad decisions come in the form of their inability to attract future capital. This is true, but they are still unlikely to lose money because of the management fees they charge on the front end.
There is one more economic theory relevant to this debate and that is the concept of "creative destruction". The late 19th century early 20th century German economist, Joseph Schumpeter argued that capitalism works because the old structures and industries are destroyed by new structures and industries. Think of how the automobile industry destroyed the horse and buggy industry, or the I-Pad destroyed the retail music store, or in the case of Bain Capital, Staples destroyed the corner stationary store. It is the pursuit of greater wealth while simultaneously providing benefits to consumers that motivate these changes. As in all cases of change, there are positives and negatives. As a believer that capitalism is the best method of allocating resources, these costs have to weighed against the benefits not only to the investors in private equity, but ultimately to consumers. The great 18th century economist Adam Smith argued in the Wealth of Nations that the consumer is king. The question being debated in America to day is whether this is still the case. It was Churchill who said, "Democracy is the worst form of government, except for all those other forms that have been tried from time to time." The same might be said for capitalism in its current form today. |
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