ICIC Joins Forces with Local Leaders in Boston’s Supplier Diversity Compact for Economic Growth

By ICIC | November 6, 2023

In a significant milestone for economic growth in Boston, Mayor Wu and eight local economic development leaders, including ICIC, signed a Compact to Build Local Economic Growth on October 30, 2023. This transformative compact solidifies the commitment of the City of Boston and its partners, including ICIC, to implement initiatives aimed at increasing awareness, engagement, and opportunities for local minority-owned enterprises (MBEs), women-owned businesses (WBEs), veteran-owned businesses, and LGBTQ+-owned businesses.

The benefits of supplier diversity extend far beyond business transactions; they reverberate throughout communities, fostering economic resilience and empowerment. Supplier diversity initiatives, such as those outlined in the Compact to Build Local Economic Growth, bring a myriad of advantages. By tapping into a diverse pool of suppliers, businesses gain access to a wealth of perspectives, innovative solutions, and specialized expertise. This not only enhances the quality and competitiveness of goods and services but also stimulates economic growth by broadening market participation. Moreover, supplier diversity initiatives contribute significantly to job creation, particularly within historically marginalized communities, promoting a more equitable distribution of wealth. As diverse businesses flourish, they become pillars of local economies, strengthening community ties and generating a positive ripple effect that extends beyond the boardroom. In embracing supplier diversity, the City of Boston and its partners, including ICIC, are not just fostering economic growth—they are cultivating a more inclusive, resilient, and thriving community for generations to come.

The Compact outlines a strategic approach focusing on five key principles:

• Awareness: The City will create business, training, and networking opportunities to enhance exposure for local, diverse small businesses seeking contract awards. This initiative aims to expand the avenues for diverse businesses to explore opportunities that align with their expertise.
• Certification: Efforts will be made to strengthen the pipeline of qualified businesses ready to engage with the City by increasing the number of certified diverse and small companies. This will ensure a robust pool of businesses prepared to contribute to Boston’s economic growth.
• Engagement: Collaborative efforts with trusted organizations are crucial to reaching eligible local, small businesses. By fostering partnerships, the City aims to increase participation in procurement opportunities and diverse business initiatives.
• Policy: To sustain and institutionalize supplier diversity efforts, the Compact emphasizes the need for legislation and other means to codify successful practices. This proactive approach will pave the way for greater participation of small, local businesses in the long run.
• Transparency: Regular evaluation of supplier diversity efforts will be conducted to identify areas for growth and build upon successful examples. This commitment to transparency ensures continuous improvement and informed decision-making.

ICIC is proud to be one of the organizations participating in this groundbreaking initiative. By collaborating with local leaders, ICIC reaffirms our commitment to fostering economic growth, creating generational wealth, and providing opportunities for local businesses. As the City of Boston and its partners implement the principles outlined in the Compact, a more inclusive, diverse, and economically vibrant future awaits.