Building a Profitable Future for You!
Welcome to MINWO’s very first blog post! By the end of this post, you will have a clear understanding of who MINWO is and the company’s vision, which in a nutshell is to help minority and women business owners like you to elevate your business operations, revenue streams, and profits. If you are currently seeking additional resources that will help you to grow and sustain your business for long-term success, then keep reading!
Let’s begin with some insight on how MINWO was founded. In September 2015, the Pew Research Center completed an analysis of data released from the U.S. Census Bureau (you can view the complete analysis report by clicking here) which highlights a painful and shocking truth: despite the fast and consistent growth of businesses owned by women and minorities, there is a monumental lag in revenue share for these businesses in comparison to white- or male-owned firms. How much of a lag you ask? Let’s take a look at the numbers in the infographic below.
Houston, we have a problem! At least that’s what our CEO, Melanie, believed after she saw these figures. Out of $14 trillion dollars worth of revenue generated by 27.6 million firms in America, minority-owned businesses receive less than 1% while women-owned businesses only receive 8%. She immediately contacted a few trusted friends and together they began to brainstorm on a business idea that could potentially solve this huge gap. Thus the frameworks for MINWO, LLC was created. The moniker MINWO is a portmanteau for MINorities and WOmen. Since the official launch of the company in January 2016, the makeup of the team has gone through a few changes and currently our team is comprised of four co-founders: Melanie Akwule, Jasmine Kent, and Jermaine Brownlee.
Throughout all of 2016, our team completed several rounds of market research (including calls, in-person conversations and surveys) to understand the pain points that our customers, women and minorities business owners, are constantly faced with and to determine which type of products we can offer to help them alleviate these pain points. Based on the information that we gathered, we were able to establish our product roadmap. We will launch these products progressively so that we can really focus on providing value that our customers, affectionately known as MINWOwners, will appreciate.
Are you wondering how we define a minority- or woman-owned business? Ownership here is defined as a business that is at least 51% owned, operated and controlled by a person from an ethnic minority background (Asian Pacific American, Black or African American, Hispanic American, Native American, or Subcontinent Asian American) or a woman. If you are a business owner who falls under this category and you are seeking to increase the sustainability and profitability of your company, we would love the opportunity to work for you to achieve those goals!
So how exactly can you get the ball rolling you ask? Well first things first, go check out our website today! There you can let us know what your company needs specifically, you can access various business resources, you can view our recent blog posts, and you can even submit upcoming events that we will share on our site. Also make sure you go and follow our Facebook and Twitter pages to stay connected with us on a regular basis. We look forward to working with you!