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FOR
IMMEDIATE RELEASE
FROM: Nancy
Gardner (206) 543-2580
nancylou@u.washington.edu
DATE:
November 29, 2005
On the eve of its 7th annual UW Minority Business of the
Year Awards celebration, Business School Dean James Jiambalvo
announced the creation of the school's Business and Economic
Development Center.
"The establishment of the Business and Economic Development
Center will supercharge our efforts to improve the business
practices of companies in economically distressed communities
and those owned by people of color," said Jiambalvo. "Previously,
we've focused primarily on outreach services and curriculum
development. With the new center we're going to add a significant
research component."
This includes the nation’s largest faculty research
group that will focus on minority businesses. Under the leadership
of William Bradford, professor of finance and business economics,
the group will uncover critical data needed to support the
growth of minority-owned businesses. Business School professors
who will serve with Bradford on the research team are Mark
Forehand, Charles Haley, Vandra Huber, Terence Mitchell and
Mina Yoo.
In his latest research report, "The State of Minority-Owned
Businesses in Washington," Bradford found that the number
of businesses owned by people of color has increased significantly
during the last 10 years. The complete report can be found
here.
According to Bradford, in the past decade, people of color
started businesses at a faster rate than the state as a whole.
By 2002 there were 50,599 minority-owned businesses in the
state, which represents a 92 percent growth rate over 1992
figures.
Bradford predicts that people of color will own a greater
share of the state's businesses in 2012 than they did in
2002. But, if they cannot move to closer parity with businesses
as a whole in Washington, the state will face higher unemployment
rates for all residents, state business and occupation tax
revenues will be constrained, and family wealth among the
state's fastest growing population segments will lag, thus
stunting the local economy.
Tomorrow’s ceremony is the largest annual gathering
of successful minority entrepreneurs and business leaders.
Proceeds will be devoted to scholarships for underrepresented
minority students at the UW Business School. James A Bell,
executive vice president and chief financial officer, The
Boeing Co, will give the keynote address.
The Puget Sound Business Journal is co-presenting the event.
Sponsors are The Boeing Co., Washington Mutual, and Bank
of America.
2005 UW MINORITY BUSINESS OF THE YEAR AWARDS
- William T. Bradford Minority Business of the Year Award:
Spokane Produce
(This is the premier award presented each year to the minority-owned
business, which has been judged to have the largest revenues,
highest quality of management, and excellent community service)
- Distinguished Business Achievement
Award: Garry Struthers Associates (Bellevue)
(Presented to a company with sales of between $10 million
and $40 million that has been judged to have a combination
of the largest revenues, highest quality of management, and
excellent community service)
- Emerging Business Award: Grey Poplars (Yakima)
(Presented to a company with sales of between $2 million
and $10 million, which has been judged to have been
successful in growing its revenue, developing superior management and
contributing excellent community service)
- Business of Tomorrow Award: Gloves and Safety Supply
(Fife)
(Presented to a business with less than $2 million in revenue
that is judged to have significant likelihood of
future growth)
- Rising Star Award: Vorsite Corporation (Seattle)
(Presented to the minority-owned business that has experienced
the highest percentage growth in revenue during
the last three fiscal years)
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