It's becoming more commonly known that supplier diversity and woman-owned business enterprises (WBEs) are essential for economic success. Let’s look at a few numbers to see why.

Minority business enterprises (MBEs) are a cornerstone of supplier diversity. Companies partner with these third parties to provide important opportunities to the community, secure government incentives, and, ultimately, increase operational efficiency to boost their bottom lines.

The 2026 World Cup was announced June 13, 2018. The much-awaited announcement declared that the United Bid - a combined bid from the US, Mexico, and Canada - had won, cementing a 2026 World Cup in North America. The United Bid denied Morocco the chance to host The ‘Cup by winning a vote of 134 to 65 by FIFA, world soccer’s governing body. The locations are still in flux, but the World Cup is coming to North America.

But 2026 feels like a lifetime away. So why are we talking about it now?

Women-owned businesses are an undeniable, impressive contributor to the American economy. No examination of the current state and future path of supplier diversity would be complete without assessing how women’s business enterprises (WBEs) drive innovation, growth, and opportunity for themselves, the companies they partner with, the people they employ, and the communities they support.

Approximately 99.9 percent of all U.S. businesses are small businesses - nearly 30 million —and eight million of those are classified as diverse businesses, including veteran-owned firms.

According to the Small Business Administration and census estimates, veteran-owned firms showed receipts of $1.14 trillion, an aggregate annual payroll of $195 billion, and employed over five million people in 2012. Approximately 7.3 percent of those veterans reported having a service-connected disability.