Bid4Impact aims to simplify & diversify the 501(c)3 supplier chain.
Two months after announcing her departure from Detroit-based grantmaking foundation McGregor Fund, millennial entrepreneur TeQuion Brookins has launched an online procurement exchange tailored to nonprofits. The only national procurement exchange dedicated solely to the for-impact sector, Bid4Impact was designed to simplify the supplier procurement process for foundations while promoting diverse, minority-led businesses and entrepreneurs.
“We help connect BIPOC owned and founded organizations with foundations who are committed to dismantling systemic racism and oppression with their dollars” TeQuion explains. “By investing in the economic development and growth of the Black and Brown entrepreneurs and changemakers, foundations can extend their missions and impact beyond their grantmaking.” TeQuion expressed that despite her extensive background and experience as a foundation staff member and entrepreneur, including membership in local, state, and national chambers of commerce, she too has faced difficulties tapping into supply chains as a Black, woman business owner.
Based on a membership subscription model, Bid4Impact will increase access to training & support services ranging from procurement to business funding and business credit building. The platform, launching in February in honor of Black History Month, will provide foundations and nonprofits with tools and resources to (re)define their procurement processes. Government agencies, municipalities and corporations already have portals and software assisting their procurement and supplier diversity initiatives. However, the foundation sector has lagged in adopting a uniform approach to procuring goods and services, often relying solely on word of mouth referrals. Not only does this place strain on foundation staff when the requested services are new or unconventional, it creates barriers to access for minority-led businesses & resource-strained nonprofits who could serve them.
BId4Impact will work to eliminate the antiquated practices of “relationship-buying” and even the playing field by connecting diverse vendors and suppliers representing all industries to foundations needing goods and services to operate. Membership organizations catering to BIPOC businesses and nonprofits are strongly encouraged to join the partner network to amplify Bid4Impact’s impact and reach.
For further information or to join the network, visit www.bid4impact.com.
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