The first study released by the Progress 2020 team covers minority-owned businesses in America.  Minority Business Enterprises (or MBEs for short) are vital to the future of America’s economy.  According to the 2015 Census Bureau, racial minorities will become the majority population in the United States by the year 2044. With this changing demographic, the importance of minority entrepreneurship will continue to increase over time. 

An MBE is a for profit company that is owned, operated, and controlled by a person or people representing a previously identified minority group.  In general, a minority-owned business must be at least 51% owned by the recognized minority group; In most countries with robust diversity programs, the following ethnic groups are recognized as minorities:

• Black or African Descendants
• Asian Descendants (includes West Asian (India, etc.) and East Asian (Japan, Korea, etc.)
• Hispanic – Persons with origins from Latin America, South America, Portugal and Spain.
• Native Peoples (e.g. Native American & Alaska Native (United States), Aboriginals (Canada), Indigenous (Australia), etc.)

After months of research, we have released an all encompassing study that we believe will act as a conduit for the business case for supplier diversity and diverse businesses overall.  The study focuses on the impact MBEs have on the economy as well the growth of these organizations since the 2008-2009 Great Recession, their affect on wealth, future industry prospects, and more.