Organizations that are committed to diversity are committed on all levels: employees, customers and vendors. While much of the focus is on employees, vendor diversity can have a powerful effect on reaching the societal goals we strive for.
The difficulty in raising venture funding and investment capital by diverse groups is well documented. Women founders only receive 2% of venture capital and founders of color less than 1%.
Without seed money, it can be challenging to build product, staff and market presence. The disadvantage of limited resources is compounded when better funded companies grab the attention of buyers and grow disproportionately fast. Investors are less inclined to fund diverse founders because they don’t generate the results and the cycle repeats itself.
But you can make a difference. The HR solution providers include a strong contingent of top products and services owned by diverse individuals. As you consider where to spend your budget, make sure you consider a diverse slate of vendors.
Ask your agency to include women and minority owned solutions in all their recommendations. Find the best solution for your organization and recognize that quality work doesn’t necessarily come in the slickest packages.
To help you identify and consider women and minority owned vendors, we have put together this guide. If a product or solution aligns with your needs, ask for a meeting and evaluate the offering.