The Power of Inclusion as an Economic Tool for the Region

The world of inclusion is interesting to say the least. The subject is arguably one of the most controversial and misunderstood topics of our time. From a purely economic standpoint, I'd like to offer a few facts, figures and thoughts for consideration: It is now commonly understood that one-half of our nation's population will consist of major ethnic minority groups over the next 25+ years - that's over 150 million people! Corporate America (to pick one audience) has recognized this fact as its customer base is changing, and to demonstrate its commitment to inclusion is aggressively looking to do business with more diverse firms. This commitment translates to tens of billions of dollars in business opportunities at play on an annual basis. Competitive and global pressures on our nation's corporations however, force supplier diversity efforts to target the kind of diverse firms that can take on much larger projects and opportunities than has been the case traditionally. For many well-documented and historical reasons, few diverse firms currently exist that have the necessary capacity and infrastructure to take on these larger assignments. The result? A classic case of supply & demand: billions of dollars in economic opportunities on the demand side, and a relative few larger scale diverse firms on the supply side. It can be argued that the region or state that begins producing and developing larger scale diverse firms will attract a significant and disproportionate share of the aforementioned billions, which stands to create a positive economic ripple effect for not only the minority communities in the region but all citizens. One possible scenario of the economic ripple effect follows: • As more diverse firms begin to scale, they require investment dollars to support their growth (these investment opportunities are available to all citizens) • As the diverse firms expand, they will require strategic alliances with existing businesses (owned and operated by all citizens) • As more diverse firms experience growth, more employment opportunities are provided (for all citizens), which in turn enhances overall consumer spending • A more robust and thriving economy attracts tourism to the region from various cultures and ethnicities which provides an economic stimulus for area hotels, eateries, arts, and entertainment venues • Prosperity for all citizens also helps to attract the best and brightest minds to the region from various cultures across the globe which addresses "brain-drain" and other talent related challenges Sooner than later some region will recognize this unique opportunity, make the necessary investment and reap the benefits. Why not Ohio? Darrin is Chief Economic Inclusion Officer of JumpStart. He founded and ran his own strategic planning and management assistance firm and spent 16 years in the commercial banking and finance industry. Darrin has an MBA from Baldwin Wallace College and an undergraduate degree from Mount Union College. He has led a series of workshops and seminars on matters of economic development and diversity.