CHICAGO, Nov. 24, 2020 /PRNewswire/ -- Chicago MBDA Export Center, the organization that brokers export opportunities between minority businesses and countries outside of the U.S., provided curated content, opportunities, and 1:1 networking (B2B Match) at its first-ever virtual Diaspora Investment and Trade Deal Event (DITDE), September 21-25th. As a result, 800+ people were in attendance, 100+ relationships were formed, and 30+ minority-owned businesses participated in discussions about contracting with enterprises in Africa.
"The Chicago Minority Supplier Development Council (CMSDC) is the major certifying organization that grants access to its nationwide network of business centers including the Chicago MBDA Export Center, to cultivate a large pool of contract opportunities with countries all over the world," said CMSDC President and CEO J. Vincent Williams. "At the DITDE this fall, we were the one-stop-shop that could provide education, networking, idea exchange, advocacy, markets, and capital for business ecosystems interested in growing strategically and specifically with Africa."
The United States is comprised of nearly two million African immigrants with direct kinship ties to the African continent and spending power of $40 billion. Many among this contemporary Diaspora have gained prominence professionally and contribute economically to the U.S. and African economies, particularly through remittances in billions of U.S. dollars. Sub-Saharan Africa represents one of the fastest growing regions in the world and with Africa's population expected to double by 2025 to 1.2 billion people, U.S. companies recognize Africa as a powerful partner in trade.
The theme of this year's DITDE, Building the Economic Bridge between the United States and Africa, showcased the offerings that Chicago MBDA Export Center provides, including education about financing and bonding resources, connecting businesses with commercial and government buyers, and cultivating domestic and global teaming partnerships. "Diverse and minority-owned businesses gain a thorough understanding of African trade agreements and programs, and then are paired with comparable companies with a goal for all involved to scale and grow," said Williams. "DITDE is a value-add, an essential resource for those businesses that may need assistance on everything as high level as export capital and risk insurance, to understanding exactly what it feels like to partner with enterprises in Africa."
Chicago MBDA Export Center partnered with VentureLift Africa (VLA) an advisory firm based in Nairobi, Kenya for its digital marketplace that allowed for one of the highlights of the program, business match-making (B2B Match) in the Deal Room. In this virtual Deal Room, a U.S. or African company was able to present about a business opportunity seeking partners, then be matched to align with other businesses for global contracting, trade, supply chain, tech transfer and investment opportunities. "Traditionally, DITDE is conducted through trade missions with just a handful of qualified companies being able to travel with us to Africa where we made in-person connections," said Chicago MBDA Export Center Director Pat Hanes, "Due to travel restrictions and social distancing requirements related to COVID-19, the virtual event was a unique and efficient way for us to transition our business model, while simultaneously multiplying interactions and connections almost effortlessly between continents."
The entire 5-day exposition was presented through a cloud-based platform in a simulated virtual reality world similar to what some registrants said was reminiscent of an elevated video game culture. Registrants entered a lobby where they could explore sponsors, virtually walk to the auditorium, check out a workshop, step to the lounge or exhibitor hall, or stop by the help desk for technological assistance in real-time. Similar to a traditional conference, registrants also were able to nudge other attendees privately to exchange or pitch ideas, or leave the auditorium or workshop altogether and roam around the exhibition hall staffed with live chats or other areas of the virtual conference.
The Chicago MBDA Export Center is operated by The Chicago Minority Supplier Development Council and is funded by the U.S. Department of Commerce Minority Business Development Agency (MBDA). As part of a nationwide network of business centers, the Chicago MBDA Export Center links minority-owned businesses with the capital, contracts and markets they need to grow. Serving as subject matter experts and advocates for the minority business community, we conduct high quality research and cultivate domestic and international relationships.
VentureLift Africa (VLA) is an advisory firm based in Nairobi, Kenya that connects African businesses to the financial and non-financial resources needed to grow and scale their enterprises. Known for supporting entrepreneurship ecosystems, VLA offers connections to trade partners, supply chains, tech transfer enterprises, talent, advisors and Diaspora users.
SOURCE Chicago MBDA Export Center
