One of the ways corporate America can encourage and invigorate diverse communities is by giving them purchasing and procurement opportunities. We run a vast supply chain, and it's one of the critical engines of continued entrepreneurship and business development.
Last year, Verizon spent one-and-a-half billion dollars with minority-, women-, persons-with-disabilities-, and veteran-owned businesses. In fact, we're a charter member of the Billion Dollar Roundtable, a select group of companies recognized for spending at least that amount with diverse suppliers.
But I want to tell you that we don't wait for these suppliers to come to us. We have a team that actively seeks qualified minority suppliers to submit bids for company business. We also mentor these suppliers to assure that they have the skills and knowledge we're looking for.
More, we work through key advocacy groups dedicated to business development. One is our wonderful host tonight. Others include the Women's Business Enterprise National Council, the United States Hispanic Chamber of Commerce, the United States Pan Asian Chamber of Commerce - and many regional purchasing councils and local chambers.
For our part, we're trying to make the bidding process as simple and streamlined as possible - by putting it online. At our site devoted to diverse suppliers, businesses can submit proposals and track them through the process. I believe it's this combination of human and electronic touches that makes the whole system as powerful as it is.
Now, what I've been describing here is past and present. For a moment I want to turn to the future - and understandably, many people are concerned about the fallout from the economic slowdown we've just been through, and are still experiencing.
The question facing many minority suppliers is, will businesses cut back on their spending with us, when the going gets a little tough? Of course there are no guarantees - for minority or indeed for any suppliers - but I want to assure you that as much as diversity is a business strategy with us, it's also a moral commitment - an expression of who and what we fundamentally are.
In good times and bad, we're going to maintain the team that courts and cultivates minority suppliers, and we're going to do our level best to assure that minority suppliers are not disproportionately hurt when things get tight, as they are right now. This is my personal commitment to you, as CEO of Verizon.
