The Bowie Business Innovation Center’s accelerator program for government contractors has launched its third startup cohort with nearly two-dozen women and founders of color, all in an effort to add diversity to a sector in sore need of it.
It’s the first time the seven-week program will be held virtually, due to the Covid-19 pandemic. But the mission of helping underrepresented businesses score more federal contracts hasn’t changed, said Lisa Smith, founding executive director of Bowie BIC, a nonprofit founded by the city and based on Bowie State University’s campus.
The amount of federal contract dollars awarded to women and minority businesses grew nearly 46% across the last four years to $77.6 billion in 2019, according to the Small Business Administration’s most recent data on prime contracting. But, even with that increase, that still amounts to less than 16% of total government contracting dollar volume.
The relatively young companies in Bowie’s program benefit from mentorship and networking with past graduates, as well as help and lessons in better capturing contracts and, normally, office space in its building, Smith said. The program, which costs $395 for participants and is part of a partnership with the SBA’s D.C. office, received funding from Capital One Financial Corp. (NYSE: COF).
