The University of Illinois System on Friday welcomed the second cohort of its Diverse Supplier Development Program, welcoming 35 firms from across the state. The program was created to help business owners from diverse backgrounds grow their companies and increase options for serving as public-sector vendors.
Through this program, small-business owners partner with the University of Illinois System’s student consulting teams to solve business challenges and build their talent pipelines. Company leaders also will have access to educational workshops during the nine-month program.
“The growth in this year’s Diverse Supplier Development Program bodes well, for several reasons,” U of I System President Tim Killeen said. “Not only is a robust pool of diverse vendors crucial to meeting the U of I System’s day-to-day needs, but a vibrant, successful community of diverse suppliers helps purchasers achieve their growth goals while also supporting local economies. This is just one of many ways we are working to build a better future for Illinois.”
Student consulting projects will be delivered by teams from across the U of I System, including the Action Learning Program and Illinois Business Consulting in the Gies College of Business’ Magelli Office of Experiential Learning, and the Brand Hub, all from the University of Illinois Urbana-Champaign; and project teams from the University of Illinois Chicago and University of Illinois Springfield. The workshops will feature experts from across the U of I System and partners that include Bank of America, CBRE, Chase for Business and the Illinois Procurement Technical Assistance Center.
“We showed last year that the Diverse Supplier Development Program is a winning opportunity for everyone involved,” U of I System Vice President for Economic Development and Innovation Jay Walsh said. “The small businesses solve their pressing issues, our students gain real-world experience, and the state benefits by having stronger, more resilient companies and a more talented workforce. DSDP truly hits the mark of transferring knowledge, providing services, and growing the economy.”
Companies participating in the program come from a variety of sectors including agriculture, construction, consulting, information technology, marketing, retail and robotics. More than 90 percent of firms participating in this year’s cohort are Black or Hispanic-owned businesses, while nearly 50 percent of the firms are majority-owned, managed and controlled by women.
“The program’s growth from year one to year two is impressive and very encouraging,” said Aaron Carter, U of I System assistant vice president of procurement services. “We have developed a combination of education and high-level student consulting teams that are clearly in demand throughout Illinois, and I am proud of the system for launching a new DSDP cohort.”
The U of I System accounts for 90 percent of the total dollars spent with minority- and women-owned businesses among all Illinois public universities. Over the last three years, the U of I System has invested more than $100 million annually on goods and services with diverse businesses. The system also is the third-largest state-government customer for diverse vendors.
