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FOLSOM POINT AWARDED MBE CERTIFICATION
December 13, 2001
(Boulder, CO) - U.S. corporations purchased over a trillion dollars in goods and services during 2000 and nearly $50 billion went to minority business. Tapping into this market, Folsom Point, a Boulder-based strategic consulting firm, was recently awarded Minority Business Enterprise (MBE) certification from the Rocky Mountain Minority Supplier Development Council (RMMSDC). The regional council is part of the National Minority Supplier Development Council, a nonprofit organization that links over 15,000 MBEs with more than 3,500 corporate members including IBM Corporation, Agilent Technologies Inc., Coors Brewing Company and TIAA-CREF.
Minorities represent 26% of the U.S. population, but are poorly represented in business. MBEs account for 11% of all businesses, 6% of gross receipts and 3 to 4% of corporate purchases. Given the changing demographics in the U.S., corporations are establishing supplier diversity programs as a way to build lasting brand loyalty and consumer relationships with minority groups. These supplier diversity programs direct billions of dollars to minority-owned firms through the purchasing process.
"Nowadays, corporations are being held accountable by their customers. They have to "walk the talk" and show that they support diversity through their workforce, their community activities and their purchasing activities," said Carolyn Love, Executive Director of the RMMSDC. "The Council has a thorough and multi-step review process that gives our corporate members confidence in the caliber of MBEs who are granted certification. We help our certified MBEs develop contacts and business relationships that lead to business growth."
"We're honored to be awarded the Council's MBE certification. Our professional marketing and sales consulting services are of value to a wide range of member corporations," said Nicky Lee, CEO of Folsom Point. The MBE certification will provide additional opportunities for Lee, a Korean-American, to access corporate buyers both locally and nationally. "We're already in discussions with Fortune 500 companies that are committed to opening their doors to minority-owned firms," added Lee.
RMMSDC enforces a stringent application and interview process to ensure the quality and long-term viability of all certified MBE organizations. Folsom Point was approved by the Council's Board of Directors after a four-month process thus becoming part of an elite group of growing and successful minority-owned businesses. "By participating in the Council, I can connect with other business owners, exchange ideas and build a network that provides reciprocal support for the continued growth of all MBE companies" said Lee. "It's an important support system in a region where there are so few minority-owned business."
About Folsom Point
Folsom Point, Inc. is a consulting firm providing business-driven strategies that blend marketing insight and technology to help companies target new customers and foster long-term relationships. Folsom Point's services include business and marketing consulting, competitive and customer research, strategic planning, project management and program measurement. Folsom Point is a privately held company founded January 2001 and headquartered in Boulder, Colorado.
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