2016 Philadelphia Minority Enterprise Development (MED) Week Hosts Numerous Events to Help Minority Businesses Connect to ContractsOn October 3, Philadelphia business and community leaders will kick off the 32nd Philadelphia Minority Enterprise Development (MED) Week, which celebrates minority enterprises in the region and highlights efforts to help minority businesses grow. For one week, business leaders from across the region will host various events focused around this year’s theme, Philadelphia: The Center of Opportunity, Building Capacity for Prosperity.
MED Week, which will run through Friday, October 7, is chaired by the City of Philadelphia’s Department of Commerce, the African-American Chamber of Commerce of PA, NJ & DE, The Asian American Chamber of Commerce of Greater Philadelphia, The Greater Philadelphia Hispanic Chamber of Commerce and The Minority Business Development Agency. MED Week 2016 will feature 30+ events, including educational workshops, interactive panel discussions, one-on-one coaching, and more. Philadelphia’s City Council will recognize MED Week during a public session on September 29.
According to the City of Philadelphia’s Fiscal Year 2015 Annual Disparity Study, minorities received $290 million from City contracts for the FY15, up from $256 million in FY14. This includes contracts for professional services, public works and services, supplies and equipment. The average contract size also increased in FY15 to $210,000, up from $170,000 the previous year.
The organizations involved in MED Week seek to provide the next level of building blocks to support the advancement of minority business leaders. This year, the focus will be on building capacity for greater prosperity by offering new trends in procurement, forecasts of contracting opportunities that work, connections with key decision makers, business to business synergy, and technical resources.
Partners working with the Philadelphia MED Week are making continuous efforts to improve minority business development. According to research, while minority businesses add economic stability to endangered community sectors and significantly contribute to the overall regional tax base, many are solo entrepreneurs who do less than $100,000 in annual revenue.
For additional information and the full list of workshops and events, please visit https://business.phila.gov/medweek.