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Entrepreneur Builds on Family’s Example, Grows Successful Business

Blogged By: 
MBDA
Created on August 12, 2014
 

Purnima Voria

Purnima Voria’s story is one of inspiration and achievement.  Growing up in India, Voria watched her father build a successful company importing U.S. farm equipment.  After several years and many business successes, her family came to the U.S. to pursue the American dream.  Inspired by her father’s example, she merged her love for her home and her newly adopted-country, and developed a strong desire to help U.S. business owners bring high quality products overseas to India.

In 2005, Voria founded the National U.S. India Chamber of Commerce (NUICC ), which leads trade missions and delegations to India.  These missions began humbly, with her using her family and social connections to help a U.S. textile machine manufacturer with embroidery computer software to access the Indian market.  Thanks to her connections and know-how, Voria was able to help the U.S. textile manufacturer connect with the top Indian manufacturer of textiles clothing, an exporter to major U.S. clothing stores.  With only a handshake to seal the deal, they were able to sell 100 machines with software packages.  Voria had found her niche and recognized the positive impact that she could have on both countries by serving as a mentor to U.S. businesses and entrepreneurs.

Her efforts did not go unnoticed.  In 2005, she was awarded a Congressional Medal of Distinction for her outstanding leadership in business and her contributions in helping to grow the U.S. economy.  The Wall Street Journal also honored Ms. Voria as Business Woman of the Year.

Intellectual Property Webinar Series: Copyrights, Patents, and Trademarks

Blogged By: 
MBDA
Created on August 6, 2014
 

Register NowThe Minority Business Development Agency (MBDA) and the U.S. Patent and Trademark Office (USPTO) will co-host the second of three complementary three part webinar series to help business owners understand the intellectual property process, starting on Wednesday, August 12.

This webinar series will teach attendees how to electronically file a copyright, patent, and trademark application. Join us as we provide minority business owners and innovators with a wealth of information, resources, and tools to protect and promote their intellectual property. Get answers from USPTO and Copyright Office intellectual property experts Sylvester Simpkins, Craig Morris, and Jeffrey Wong.

While there is no cost for the next USPTO-MBDA webinar, virtual space is limited, so you’ll want to register as soon as you can.

Small Business Innovation Research Program (SBIR): How it Works and How to Qualify

Blogged By: 
SBA
Created on August 5, 2014
 

Originally posted on the SBA.gov Blog

InnovateSmall businesses are the key to advancing America’s economy by bringing cutting-edge, high-impact technologies to the marketplace that improve health care, strengthen our military and protect the environment. However, small businesses often have difficulty competing with larger technology companies due to lack of capital for research and development (R&D) work that is critical for moving products from the planning to deployment stages. 

To help entrepreneurs successfully commercialize their products and services, the federal government established the Small Business Innovation Research/Small Business Technology Transfer program, commonly known as SBIR. Eleven federal agencies including the departments of Health and Human Services, Defense and Energy participate in SBIR, which provide small businesses competitive funding for projects that meet government research needs and boost technological innovation in the public and private sectors. The Small Business Administration doesn’t directly administer the SBIR funding awards, but it oversees and manages the SBIR program by coordinating with other agencies, reviewing progress and reporting to Congress.

A New Strategy to “Drive” Small Business Growth

Blogged By: 
John Spears, SBA Official
Created on August 5, 2014
 

Supply Chain

Originally posted on the SBA.gov Blog

Three years ago, entrepreneur Maurice Brewster made one of the best business decisions of his life: He signed his limousine company, Mosaic Transportation, up for IBM’s Supplier Connection – a collaboration between small businesses and the supply chains of Fortune 500 corporations

It was a wise decision because small firms that enter the supply chains of major corporations grow their revenue by an average of 250 percent and their workforce by an average of 150 percent.

In three years, Maurice has signed contracts with seven major corporations, grown Mosaic from 20 to 46 employees, and tripled his annual revenues. His company had lost half of its business during the Recession, but now it is reaping record profits. Maurice credits this remarkable turnaround to two things: he joined a corporate supply chain, and all seven of his new clients pay him up front with a corporate credit card.

myRA: A Simple, Safe, Affordable Retirement Savings Account

Blogged By: 
MBDA
Created on July 24, 2014
 

ReadySaveGrow myRAThe U.S. Department of the Treasury will develop the myRASM (“My Retirement Account”) program, offering a new retirement savings account for individuals looking for a simple, safe, and affordable way to start saving. Savers will be able to open an account with as little as $25 and contribute $5 or more every payday. myRA balances will never go down, and there will be no fees. Initially, myRA will be made available through employers and the investment held in the account will be backed by the U.S. Treasury.

WHO WILL myRA BE FOR?

myRA will be Roth IRA accounts available to anyone who has an annual income of less than $129,000 a year for individuals and $191,000 for couples. myRA will be for savers who do not have access to an employer-sponsored retirement savings plan. myRA is designed for savers who want an investment with a low opening amount.

HOW WILL myRA WORK?

The myRA investment will earn interest at the same variable rate as the Government Securities Investment Fund in the Thrift Savings Plan for federal employees. Savers may voluntarily roll over myRA to private-sector retirement accounts at any time. Once a saver’s myRA reaches $15,000, or after 30 years, the balance will be transferred to a private-sector retirement account. Treasury will finalize transfer procedures when it launches the myRA program later this year.

Did you know...

The percentage of clients with annual revenues in excess of $500,000 increased over the last five fiscal years.
Graph for MBDA Client Portfolio made up by SGI Clients

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