Title

DNP-VYT - AWS re:Invent 2023 - (IDE203)

Summary

Dotye Tosan, a senior account manager at AWS, introduces the session on increasing supply diversity with ScaleUp founders Rayford and Basile.
Rayford Davis, CEO of ScaleUp and former AWS employee, discusses leveraging technology to drive commercial equity through supplier diversity.
Basile Udodo, head of technology at ScaleUp, expresses his passion for software architecture and supporting diverse small businesses.
The session focuses on the racial wealth gap in the U.S. and how entrepreneurship can help close this gap, benefiting the entire economy.
Rayford highlights the challenges diverse-owned businesses face in scaling, including personal wealth gaps, systemic bias in growth capital, and underrepresentation in commercial decision-making networks.
The talk references Andy Jassy's (CEO of AWS) commitment to addressing racial inequity and Amazon's support for scaling black-owned businesses.
Rayford outlines the role of supplier diversity in closing the wealth gap and the shortfall in diverse-owned businesses capable of meeting corporate spending targets.
ScaleUp's mission is to 10x the number of black-owned businesses generating $100 million in revenue by leveraging technology to connect businesses with customers, capital, and champions.
Basile discusses the difficulties diverse suppliers face in accessing new customers, capital, and champions, and how ScaleUp aims to address these challenges.

The racial wealth gap is a significant issue in the U.S., and closing it can have a substantial positive impact on the GDP, benefiting society as a whole.
Supplier diversity programs have historical roots in the civil rights movement and are essential for promoting equity through commerce and entrepreneurship.
There is a significant market opportunity to fill a $300 billion gap in corporate spending on diverse-owned businesses by 2025.
Technology and innovation can play a crucial role in scaling diverse-owned businesses by efficiently connecting them with the necessary resources for growth.
ScaleUp's approach to accelerating the growth of diverse suppliers involves focusing on businesses that are ready to scale and have a leadership team in place.
Amazon's support and partnership with ScaleUp demonstrate a commitment to social entrepreneurship and the potential for large corporations to foster diversity and inclusion in the business ecosystem.