WEBVTT

1
00:00:00.000 --> 00:00:03.360
<v ->When a business in the US diversifies its supply chain,</v>

2
00:00:03.360 --> 00:00:06.510
it can decrease risks, broaden its customer base,

3
00:00:06.510 --> 00:00:10.410
and address a staggering $44 trillion racial equity gap.

4
00:00:10.410 --> 00:00:12.660
But there are challenges involved.

5
00:00:12.660 --> 00:00:14.460
My name is Frank Palmer,

6
00:00:14.460 --> 00:00:16.083
and this is my Impact in Sixty.

7
00:00:17.820 --> 00:00:20.490
BCG worked with a US-based multinational

8
00:00:20.490 --> 00:00:23.520
to help it direct $1 billion into diverse suppliers,

9
00:00:23.520 --> 00:00:26.940
including $100 million in black-owned businesses.

10
00:00:26.940 --> 00:00:29.460
For a large company to increase supplier diversity,

11
00:00:29.460 --> 00:00:32.280
a central difficulty is finding qualified businesses

12
00:00:32.280 --> 00:00:34.680
with sufficient capabilities and scale.

13
00:00:34.680 --> 00:00:35.610
With this project,

14
00:00:35.610 --> 00:00:37.350
we focused on not just spending money

15
00:00:37.350 --> 00:00:38.640
with diverse businesses

16
00:00:38.640 --> 00:00:40.590
but on helping those companies to grow.

17
00:00:41.670 --> 00:00:43.680
This included formal mentorship agreements

18
00:00:43.680 --> 00:00:46.350
in which smaller diverse suppliers were paired

19
00:00:46.350 --> 00:00:49.980
with established suppliers as part of longer-term alliances.

20
00:00:49.980 --> 00:00:52.920
It's an approach that looks beyond fiscal transactions,

21
00:00:52.920 --> 00:00:55.950
investing in communities longer term.

22
00:00:55.950 --> 00:00:57.543
And that's my Impact in Sixty.