Catalyzing Opportunities For Small and
Midsize Businesses In
The New Economy
Catalyzing Opportunities For Small and
Midsize Businesses In
The New Economy
The Opportunity
Nearly $2 Trillion
in investments in climate, infrastructure, and manufacturing is set to transform the US economy as part of the Investing in America agenda.
The Opportunity
Nearly $2 Trillion
in investments in climate, infrastructure, and manufacturing is set to transform the US economy as part of the Investing in America agenda.
$ 1.2 Trillion
Bipartisan Infrastructure Law
$ 278 Billion
CHIPS and Science Act
$ 394 Billion
Inflation Reduction Act*
$ 628 Billion
Private Investments**
* Includes climate spending only from the Inflation Reduction Act
** As of Nov 2023
$ 1.2 Trillion
Bipartisan Infrastructure Law
$ 278 Billion
CHIPS and Science Act
$ 394 Billion
Inflation Reduction Act*
$ 628 Billion
Private Investments**
* Includes climate spending only from the Inflation Reduction Act
** As of Nov 2023
Why small and midsize businesses matter
Small and midsize supplier businesses are critical for the industrial strategy as drivers of the supplier economy accounting for:
50% of the US industrial production
75% of the workforce in supply chain industries
As drivers of inclusive growth these businesses create quality jobs, foster economic mobility, and build community wealth.
68% of small business revenue stay in local communities through employment and taxes
$10 million in procurement spending toward small and diverse suppliers can create as many as 100 new jobs in local communities where the suppliers operate
Offer workers higher wages and better benefits and job accessibility compared to businesses in other sectors.
Working with government and corporate partners, Next Street aims to ensure that small and mid-sized businesses stand to benefit through procurement opportunities to compete in growth industries as they drive positive economic impact.
Why small and midsize businesses matter
Small and midsize supplier businesses are critical for the industrial strategy as drivers of the supplier economy accounting for:
50% of the US industrial production
75% of the workforce in supply chain industries
As drivers of inclusive growth these businesses create quality jobs, foster economic mobility, and build community wealth.
68% of small business revenue stay in local communities through employment and taxes
$10 million in procurement spending toward small and diverse suppliers can create as many as 100 new jobs in local communities where the suppliers operate
Offer workers higher wages and better benefits and job accessibility compared to businesses in other sectors.
Working with government and corporate partners, Next Street aims to ensure that small and mid-sized businesses stand to benefit through procurement opportunities to compete in growth industries as they drive positive economic impact.
Systemic Challenges and ongoing hurdles faced by Small and Midsized Businesses with diverse backgrounds
Breaking From the Past
Without intentional planning, the large investments will continue to benefit existing stakeholders and expand the country’s racial wealth gap.
BIPOC-owned businesses in these growth industries represent 1%.
Black and Latino-owned businesses account for less than 4 percent of all federal contracts in fiscal year 2020.
Small businesses in legacy industries face significant risks of being displaced, especially acute in select industries like the evolving automotive industry with disproportionate numbers of BIPOC-owned businesses and their workers.
Addressing Current Hurdles
In addition to systemic issues, small and mid-sized businesses must contend with underlying hurdles including access to capital, lack of tailored business support and resources, and a broken procurement and supplier diversity ecosystem that favors larger institutional firms.
Systemic Challenges and ongoing hurdles faced by Small and Midsized Businesses with diverse businesses
Breaking From the Past
Without intentional planning, the large investments will continue to benefit existing stakeholders and expand the country’s racial wealth gap.
BIPOC-owned businesses in these growth industries represent 1%.
Black and Latino-owned businesses account for less than 4 percent of all federal contracts in fiscal year 2020.
Small businesses in legacy industries face significant risks of being displaced, especially acute in select industries like the evolving automotive industry with disproportionate numbers of BIPOC-owned businesses and their workers.
Addressing Current Hurdles
In addition to systemic issues, small and mid-sized businesses must contend with underlying hurdles including access to capital, lack of tailored business support and resources, and a broken procurement and supplier diversity ecosystem that favors larger institutional firms.
Meeting the Moment
We need to foster procurement and industrial reforms and build a renewed supplier development infrastructure.
Public agencies and private companies will need to institute new procurement and sourcing practices.
Small and midsize suppliers need new financial and management support tailored to these new industries.
Public-private partnerships must form to coordinate regional industrial strategies and reduce fragmentation across purchasers, capital providers, and supplier development organizations.
Meeting the Moment
We need to foster procurement and industrial reforms and build a renewed supplier development infrastructure.
Public agencies and private companies will need to institute new procurement and sourcing practices.
Small and midsize suppliers need new financial and management support tailored to these new industries.
Public-private partnerships must form to coordinate regional industrial strategies and reduce fragmentation across purchasers, capital providers, and supplier development organizations.
Why Next Street
Project Spotlight
- Learn how Next Street equipped underrepresented and disadvantaged business enterprises in the OSW and waterfront industries become prequalified and competitive for NYCEDC.
Next Street has a 20-year history of fostering small business and supplier solutions, working with public and private institutions to build inclusive small business ecosystems.
Next Street has leveraged its experience to create a comprehensive approach in the new procurement economy.
- Delivering supplier development programs in next-gen industries.
- Coordinating regional industrial strategies.
- Developing a technology platform designed to scale these efforts across geographies and sectors.
Next Street has been playing a thought leadership role in advocating for small and mid-sized businesses within the procurement economy.
- Read Co-CEO Charisse Conahan Johnson’s latest op-ed in Fortune, co-authored with Xavier De Souza Briggs of Brookings Metro, and Bruce Katz of Drexel University.
- Our team has presented and given remarks at key events including The White House Economic Opportunity Coalition and The Resilient Michigan Investment Strategy Summit (part of The Milken Institute’s 10,000 Communities Initiative).
Why Next Street
Next Street has a 20-year history of fostering small business and supplier solutions, working with public and private institutions to build inclusive small business ecosystems.
Next Street has leveraged its experience to create a comprehensive approach in the new procurement economy.
- Delivering supplier development programs in next-gen industries.
- Coordinating regional industrial strategies.
- Developing a technology platform designed to scale these efforts across geographies and sectors.
Next Street has been playing a thought leadership role in advocating for small and mid-sized businesses within the procurement economy.
- Read Co-CEO Charisse Conahan Johnson’s latest op-ed in Fortune, co-authored with Xavier De Souza Briggs of Brookings Metro, and Bruce Katz of Drexel University.
- Our team has presented and given remarks at key events including The White House Economic Opportunity Coalition and The Resilient Michigan Investment Strategy Summit (part of The Milken Institute’s 10,000 Communities Initiative).
Project Spotlight
- Learn how Next Street equipped underrepresented and disadvantaged business enterprises in the OSW and waterfront industries become prequalified and competitive for NYCEDC.
What Next Street Can Deliver
What Next Street Can Deliver
Ecosystem building:
Build tech-enabled ecosystems connecting diverse suppliers with institutions
Capital catalysts:
Mobilize investments for diverse suppliers to compete in the New Procurement Economy
Supplier diversity solutions:
Deliver best-in-class supplier diversity solutions for institutional buyers
Supplier Program Innovations:
Design and implement scalable tech-enabled programs preparing small diverse suppliers in the New Procurement Economy
Ecosystem building:
Build tech-enabled ecosystems connecting diverse suppliers with institutions
Capital catalysts:
Mobilize investments for diverse suppliers to compete in the New Procurement Economy
Supplier diversity solutions:
Deliver best-in-class supplier diversity solutions for institutional buyers
Supplier Program Innovations:
Design and implement scalable tech-enabled programs preparing small diverse suppliers in the New Procurement Economy
Contact us
Contact us
To learn about our capabilities and solutions, or explore partnership opportunities
Please email : Andi Crawford
For partnership opportunities
Please email : Jocelyn Walters
To learn about our capabilities and solutions,
Please email : Andi Crawford