The recently released 2023 Economic Impact Report by the Billion Dollar Roundtable (BDR) indicates a $6.7 billion impact on service-disabled and veteran-owned businesses (SD/VOBs). The BDR is nonprofit organization whose mission is to drive supplier diversity excellence through best practice sharing and thought leadership. It recognizes corporations that have spent over a $1 billion with diverse suppliers.
The BDR currently represents 39 major corporation partners that spend over $1 billion per year with women, minority, service disabled and veteran owned businesses. Due to the support of many of their members and the advocacy of NVBDC, BDR members have incorporated the NVBDC certification for its diversity spend. These corporations have a strong interest in the veteran owned business community and have made the NVBDC certification the only acceptable SD/VOB certification for Primes, as well as their Tier I and Tier II suppliers.
In recent years, there has been a growing focus on supporting businesses owned by service-disabled and veteran-owned businesses known as SD/VOBs. As a result of this partnership BDR members have spent over $3.3 billion with NVBDC certified SD/VOBs in 2022 as well as:
- $2 billion in payroll.
- $4.3 billion added value to the GDP.
- 44,498 jobs.
- A $6.7 billion total impact on service-disabled and veteran-owned businesses.
In 2012 NVBDC created the rationale for veteran-owned businesses to be included in corporate supplier diversity programs. The presentation included data on economic disadvantages, educational disparity, and career hindrances. NVBDC was established in 2013 to address the growing need to identify and certify both service-disabled and veteran-owned businesses in the commercial marketplace.
Today NVBDC administers a rigorous certification process designed to withstand the scrutiny of governmental and corporate entities seeking to utilize certified SD/VOBs. NVBDC adopted these rigorous standards to align with supplier diversity industry best practices.
To maintain consistency among the 39 members of the BDR, diverse suppliers must be certified by one of these third-party certification agencies: NVBDC; National Minority Supplier National Minority Supplier Development Council (NMSDC); The Women’s Business Enterprise National Council (WBENC); Disability:IN; and National Gay Lesbian Chamber of Commerce (NGLCC)
For BDR purposes, certified means that U.S. suppliers have been confirmed by a third-party certification agency as being at least 51 percent owned, operated, and controlled by one of the five diversity certification organizations above. This is a significant milestone, as it not only highlights the growing importance of supporting diverse businesses but also demonstrates the impact that NVBDC Certified SD/VOBs are having on the economy.
Many NVBDC/BDR members, including companies such as Walmart, Johnson & Johnson, General Motors, Apple, Google, Meta Supplier Diversity, and Amazon have made it a priority to work with NVBDC certified SD/VOBs. They recognize the unique value that these diverse businesses bring to the table, including their agility, innovation, and commitment to quality.
By working with NVBDC certified SD/VOBs, members of the BDR not only supporting a diverse supplier base but also benefiting from the expertise and innovation that these businesses bring to the table. It’s a win-win situation for everyone involved, as SD/VOBs are able to grow and thrive, while corporations are able to tap into new sources of innovation and creativity.
The BDR’s recognition of the impact of NVBDC certified SD/VOBs is a testament to the growing importance of diversity and inclusion in the business world. By supporting these businesses, companies are not only doing the right thing but also benefiting from the unique value that these businesses bring to the table.
