The MBE Experience: Racing Toward Economic Empowerment

The MBE Experience: Racing Toward Economic Empowerment

Event Date: May 15, 2025
Time: 5:00 PM – 8:00 PM
Location: CFG Bank Arena (Pending)

Event Overview:

The MBE Experience is a high-impact event aimed at addressing the systemic barriers that minority-owned businesses (MBEs) face in procurement opportunities. The event will take place during Preakness Week 2025 in Baltimore, bringing together MBEs, corporate and government procurement leaders, policymakers, stakeholders, and prime contractors. This initiative is designed to enhance supplier diversity, increase MBE participation in contracting, and create actionable pathways for minority businesses in Baltimore and Maryland.

Key Statistics:

• 41% of firms in Baltimore’s market are MBEs or WBEs, yet only 29% of total procurement dollars are directed to them.
• Maryland’s MBE participation goal is 29%, yet participation has ranged from 15-21% in the last five years, resulting in an estimated $8 billion in missed opportunities.

Event Goals:

• Increase MBE participation in public and private sector contracting.
• Address historical and systemic barriers to procurement, such as past discrimination, complex certification processes, limited access to capital, and insufficient awareness of opportunities.
• Create actionable pathways for MBEs to directly engage with key procurement decision-makers.
• Facilitate networking and strategic partnerships between MBEs, prime contractors, government officials, and corporate leaders.

Event Components:

1. Fireside Chats: Interactive discussions featuring MBEs, prime contractors, procurement officials, and legislators on barriers to procurement success and strategies to bridge the gap between MBEs and procurement opportunities.
2. Procurement Matchmaking & Strategic Networking: Opportunities for MBEs to connect with corporate and government buyers, procurement officers, and stakeholders.
3. Certification and Contracting Resource Hub: Guidance on navigating MBE certification processes and government contracting opportunities.
4. Workshops: Expert-led sessions on supplier diversity best practices, accessing capital, and scaling businesses for procurement success.

Impact Metrics:

Short-Term (6 Months Post-Event):

• At least 100 MBEs will submit certification applications.
• Over 200 MBEs will gain exposure to procurement decision-makers.
• 30 MBEs will form strategic partnerships with prime contractors, increasing opportunities for subcontracting and joint ventures.

Long-Term (12+ Months Post-Event):

• Over $1 million in contract commitments secured by attending MBEs.
• Increased MBE procurement participation reported by Baltimore City and Maryland state agencies.
• Sustained economic growth and job creation through increased MBE participation.
• Strengthened corporate and government commitment to supplier diversity.

Projected Attendance:

• 300+ attendees, including MBEs, corporate executives, government officials, and procurement officers.
• 100+ minority-owned businesses seeking procurement opportunities.
• 30+ corporate and government procurement representatives from industries like construction, healthcare, and technology.
• 10+ financial institutions and business support organizations offering capital and technical assistance to MBEs.

Conclusion:

The MBE Experience: Racing Toward Economic Empowerment is designed to provide MBEs with the tools, resources, and opportunities needed to thrive in the procurement ecosystem. By fostering connections, facilitating strategic partnerships, and addressing systemic barriers, this event aims to drive measurable, long-term impact in increasing MBE participation and closing procurement gaps across Baltimore and Maryland.

Eventbrite Registration: Click Here