It’s no secret that Asian Americans are a driving force in the U.S. economy. Consider these staggering statistics:
- Asian Americans are 20.5 million strong and remain the nation’s fastest-growing population segment.
- Their buying power was estimated at $825 billion and forecast to reach $1.1 trillion by 2020.
- They are the wealthiest segment of the U.S. population on a per-household basis and their economic clout is expected to expand.
- Nineteen out of 87 U.S. startup companies valued at over $1 billion were founded by Asian American immigrants.
- Asian-American businesses had the largest growth and sales increase of any ethnic group between 2007 and 2012.
Asian American-owned businesses comprise approximately 46.6 percent of SCMSDC’s database, representing a wide array of industries and generating over $1.9 billion in revenue. Among the Asian American entrepreneurs making an impact in business and in the community:
- Bill Imada, founder and chief connectivity officer of IW Group, a marketing and communications firm that specializes in reaching the growing multicultural market in the U.S. For more than 25 years, he has represented some of the top companies in the U.S., including American Airlines, Coca-Cola, Farmers Insurance, Godiva Chocolatier, McDonald’s, Southern California Edison, Walmart Stores and others.
In addition to serving on various boards, he co-founded the Asian & Pacific Islander American Scholarship Fund and established the Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship. Imada was also invited to meet President Barack Obama with 12 other Asian/Pacific Islander American leaders and was later appointed to the President’s Advisory Commission on Asian Americans and Pacific Islanders. In 2014, he received SCMSDC’s Leadership Excellence Award, which is given to an outstanding individual who has advanced diversity efforts within the Southern California community and beyond. This marked only the second time in 30 years that an MBE received this honor.
- Bruce Geier, founder, president and CEO of Technology Integration Group (TIG), an IT product, solutions and services provider and a Corporate Plus® member of the National Minority Supplier Development Council (NMSDC). While building his highly successful company, which includes 24 branch locations with a global network to support 170 countries, Geier has steadfastly remained committed to growing purchases with MBEs and mentoring them.
The company has the TIG Alliance Program (TAP), which identifies, on-boards and mentors qualified diverse companies for future partnership opportunities. In 2016, he was the first minority entrepreneur to receive SCMSDC’s Spirit of Supplier Diversity Award, given to an individual who is committed to helping diverse suppliers develop, grow and become sustainable.
- Nikki Barua, founder and CEO of BeyondCurious, which specializes in transforming brands by creating mobile and digital experiences. Since its founding in 2011, BeyondCurious has won SCMSDC and the National Minority Supplier Development Council’s 2015 Supplier of the Year awards. Barua was named 2014 Entrepreneur of the Year by ACE, 2015 EY North America Entrepreneurial Winning Woman, 2016 LA Woman of Influence by The Business Journals and 2017 Women of Entrepreneurship by LA Lakers and Comerica Bank.
In her new book, “Beyond Barriers,” Barua provides the framework for success, showing readers how to knock down barriers, embrace adversity and unlock potential through clarity, courage, and conviction. She is also the global ambassador and co-author of the book, “Innovating Women: Past, Present & Future” – supporting women’s participation in innovation, science and technology and their impact in the innovation economy.
SCMSDC proudly salutes the accomplishments of these leaders and other Asian American business owners for their contributions to the council and the community.