The tech industry is growing in enthusiasm for working with minority and woman-led businesses. There are many benefits to working with female-led companies. V-Soft Consulting is a WBENC, Women's Business Enterprise (WBE) Certified technology company. V-Soft is run by CEO Radhika Veer.
Why Women-Owned Business Certifications are Important
According to the Women’s Business Enterprise National Council (WBENC), the Women-Owned Business Certification validates that a business is at least 51% owned, operated, controlled, and managed by women. This means that at least one or more women have unrestricted control of the business and its various operations and processes, and a proportionate investment of capital. This certification is considered the gold standard for women-owned business certifications.
Types of certifications
• Women-Owned Small Business (WOSB)
• Economically Disadvantaged Women-Owned Small Business (EDWOSB)
• Women’s Business Enterprise (WBE)
In 2017, 1.1 million employer firms were owned by women and
1.0 million by minorities.
-U.S. Census Bureau
*2017 data was officially released May 2020
Benefits of the WBENC Certification
There are many advantages to being WBENC certified.
- WBENC provides better visibility to certified companies so that they can compete with other larger organizations in the same industry.
- WBENC allows companies access to networking opportunities in order to build relationships with clients.
- WBENC provides avenues for increased lead generation.
Benefits of Working with a WBENC-Certified Company
Working with WBENC-certified and minority-owned firms can enable tax breaks and incentives provided by the Minority Business Development Agency. State tax incentives vary by state when working with WBENC-certified vendors.
New Opportunities for Revenue
Working with WBENC-certified companies can be helpful in boosting productivity and lowering overall operating costs. The Kauffman Fellows found that private technology companies led by women are more capital-efficient, achieving 35% higher ROI.
Diversify Your Suppliers
Working with a WBENC-certified company gives access to several channels that are useful when purchasing goods and services. This also allows companies to analyze different criteria to find the best suitable solutions for their business.
Promotes Innovation and Creativity
Innovation is the key for any business, small or large. With WBENC certification, companies can be more flexible and employ creative techniques and resources to improve business. WBENC also provides its members with advanced executive training.
Companies that reported above-average diversity on their management teams also reported innovation revenue that was 19 percentage points higher than that of companies with below-average leadership diversity.
- Boston Consulting Group
Making a Difference in the Community
Working with WBENC-certified companies optimizes purchasing power for the benefit of women-owned businesses, which in turn has an economic ripple effect to underserved communities. Working with woman-owned businesses has also proven to shorten the gender pay gap.
Meet Your Diversity Spend Goals
Just as companies have pledged to be more intentional about their inclusive hiring practices, many are also promising to be more deliberate about purchasing services and equipment from woman-owned and minority-owned vendors. As companies chose to foster diversity and inclusion within the company’s culture, diversity spending requirements and goals are put in place.
V-Soft Consulting is a proud woman-led and diverse organization. V-Soft holds many diversity and woman-owned certifications.
- Women's Business Enterprise - WBENC
- Women's Business Enterprise - NWBOC
- Minority Business Enterprise - TSMSDC
- Diversity Owned Staffing Firm - SIA
- Innovative Technology Firm of the Year - MBDA