Qualification Criteria and Benefits of Minority & Women Owned Business
September 09, 2021
by a searcher from Harvard University - Harvard Business School in Greenwich, CT, USA
Can anyone provide detail on the specific qualification criteria and benefits of getting certified as a minority & women owned business as it relates to search acquisitions?
Per Funding Circle, "To qualify as a WBE, your business must be for-profit and at least 51 percent women-owned and controlled. That means a woman can’t just have majority ownership — she also has to be responsible for the day-to-day decision-making and long-term direction of the company. Individuals who apply also need to be U.S. citizens, and have been in business for about a year before applying."
How is day-to-day decision making determined? Does the time-in-business requirement reset post acquisition? and finally - is it worth it? Seems like a tedious process to be certified and not sure what benefit it confers.
from University of Denver in San Francisco, CA, USA
Selling to government or government contractors, the benefit is set-aside dollars. They each have their own certification rules.
The benefit to you is going to depend on what you're selling and to whom.
Importantly, be mindful of the purpose of these designations. The supplier diversity community has a keen nose for businesses that are "structured" as minority- or woman-owned and operated but don't meet the smell test.
If it's a good fit and you can take advantage of the opportunities, you will find that it can be a valuable. Good luck!
in Virginia, USA