Preparing Local Businesses for Local Contracts
12.01.2022
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LISC StoriesEconomic Development
Los Angeles is a hub of diverse cultures and businesses that contribute to the vibrancy of the region. Even though Black and Latinx residents represent 8% and 49% of the county's population, they account for just 2% and 11% of small businesses, respectively. Diverse-owned small businesses bring jobs and opportunities to the communities in which they operate and contribute to the local economy, yet they face barriers to growth and sustainability. LISC LA is committed to closing the racial wealth gap and advancing economic opportunity for diverse small businesses.
Through the Ascend Los Angeles Program, entrepreneurs get access to world-class training and resources, including 16 management education sessions, certification assistance and pitching and contract bid prep, aimed at helping them build their skills and confidence to pursue lucrative government contract opportunities. With a unique cohort-based peer learning and feedback model, participants hone in on their entrepreneurial mindset to be more proactive and innovative. Participants gain critical skills to secure new resources for continued growth, deal with unexpected challenges, build networks, and identify new business directions.
In mid-November, the 2022 cohort of 37 construction and professional service businesses successfully completed the management education program. Participants are now part of the Ascend alumni community and have access to contract matchmaking events nationwide.
Ascend LA Graduates
Developed by the University of Washington Foster School of Business and powered by JPMorgan Chase, Ascend’s holistic and research-driven approach maximizes the unique opportunities that businesses have to access local supply chains across the LA Region. Ascend LA is a partnership between Loyola Marymount University, LISC LA, and CMG Alliance, that prepares diverse entrepreneurs to take their businesses to the next level.
“The Ascend LA Program gave me the opportunity to glean wisdom from entrepreneurship experts and professors and to develop a deeper insight into how to strategically utilize my entrepreneurial mindset and SMARTER Goals, both in my professional and personal life, for overall success and business growth,” said Syreeta Pratt, the CEO, Founder, and Senior Change Manager of Syrenity Consulting, 2022 Ascend LA program participant.
“The 12-month strategic plan that I developed in the program is a roadmap for me. During Ascend LA I learned so much about government procurement and contracting. We used to submit 3 bids per year. Now, we are submitting 2-3 bids per month,” said Dr. Theresa Lu, Founder and CEO of MissionQuest, Inc., 2022 Ascend LA program participant.
“The Ascend LA program provides more than just entrepreneurship training; our instructors and our methodology focus on developing stronger communities,” said Alex Glosenberg, Assistant Professor of Management, Loyola Marymount University’s College of Business Administration Management, and Lead Lecturer of Ascend Program.
“CMG Alliance is proud to partner with Ascend LA and is inspired by the success of the program. The fact that we have closed over $58 million dollars in contracts for small and diverse businesses through the program is reinforcement that this program is making economic impact within the diverse business community,” said Rene Cota, CMG Alliance Founder and President.
Learn more about the Ascend LA program at www.ascendla.org.
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