| Program: || New Majority Joint Venture Initiative, New York, NY |
| Contact(s): || John Wang, Project Chief: (212) 483-8898 |
| Purpose: || To bring together business owners from minority communities to improve communications and promote sustainable business relations |
In 1995, John Wang, president of the Asian American Business Development Center (AABDC), met with Congresswoman Nydia Velazquez (D-NY) to discuss his idea of bringing businesses from New York's black, Asian and Hispanic communities together to create economic opportunities within these communities. As a result of the meeting, representatives from the leadership of the Asian American Business Development Center (AABDC), the One Hundred Black Men, Inc. and the National Puerto Rican Business Council developed the New Majority Joint Venture Initiative.
In March 1997, the New Majority Economic Summit was held in New York City. The summit attracted over 1,300 people and allowed black, Hispanic and Asian business people with an opportunity to network and attend workshops on issues such as ethnic market profiles and international trade. Following the summit, the AABDC developed a proposal to implement joint ventures among black, Hispanic and Asian firms in New York City. This project, the New Majority Joint Venture Initiative, has three objectives: to conduct outreach and market research to identify businesses interested in potential joint ventures for development of new markets; to pair businesses with business owners from diverse ethnic groups to form and sustain joint ventures; and to provide participating businesses with technical assistance in financing, marketing and business development.
Outcomes and Significant Accomplishments
The New Majority Economic Summit drew support from numerous corporations and government agencies, including Chase, NYNEX and the U.S. Small Business Administration. In addition, New York's Empire State Development Corporation has provided a small grant to continue the New Majority Joint Venture Initiative and establish a national model for the program. They are currently expanding their membership.