The recently released 2022 Economic Impact Report by BDR Members indicates a $6.7B Impact on Service-Disabled and Veteran-Owned Businesses.
The Billion Dollar Roundtable (BDR) is an organization that recognizes corporations that have spent over a billion dollars with diverse 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, Billion Dollar Roundtable members have spent over $3.3 billion with NVBDC Certified SD/VOBs in 2022, creating a significant impact on the U.S. economy as shown below:
- $3.3B Tier I Spend.
- $2B Payroll.
- $3.7B Added value to GDP.
- 44,498 # of jobs.
- $6.7B 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. The National Veteran Business Development Council (NVBDC) was established in 2013 to address the growing need to identify and certify both service-disabled and veteran-owned businesses (SD/VOBs) in the commercial (corporate) marketplace. The NVBDC administers a rigorous certification process designed to withstand the scrutiny of governmental and corporate entities seeking to utilize certified SD/VOBs. The NVBDC adopted these rigorous standards to align with supplier diversity industry best practices.
In April 2014, NVBDC completed its Certification process testing in conjunction with representatives from GM, Ford, Stellantis, Kellogg’s, WBENC, NMSDC, VBOC, SCORE, and the VA. RECEIVING THEIR COLLECTIVE APPROVAL, NVBDC launched its certification program while it worked on completing its online certification program which was released nationally in June 2015.
In 2017, the BDR governance committee evaluated NVBDC’s certification process and recognized its program as the only accepted service-disabled and veteran-owned businesses certification that meets the BDR audit standards.
To maintain consistency among the 32 Members of the Billion Dollar Roundtable, diverse suppliers must be certified by one of these third-party certification agencies:
- National Minority Supplier Development Council (NMSDC)
- The Women’s Business Enterprise National Council (WBENC)
- National Veteran’s Business Development Council (NVBDC)
- Disability:IN
- 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% 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 all of whom 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.
Moreover, the impact of this spend goes beyond just the businesses themselves. When SD/VOBs are supported, they are able to create jobs and opportunities within their communities, such as the $3.7B Added value to GDP and 44,498 jobs created.
This impact can have a ripple effect, as more veterans are able to enter the workforce and contribute to the economy, and reinforces our view that entrepreneurship is another form of employment and helping our veterans succeed in business helps them, their families and the communities in which they reside.
In conclusion, 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. Let’s hope that this trend continues, and more and more businesses recognize the value of working with SD/VOBs.
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