Jeffrey Mosher welcomes Teresa Moon, Director of Business Development and Marketing at Parabilis, McLean, Virginia, recording from Orlando, FL, but the national organization Women Impacting Public Policy is hosting an event in Detroit on June 17th and Teresa will be involved.
Hear Teresa share with Jeffrey about ChallengeHER an event from WIPP coming to Detroit on June 17th, along with the current state of WOSB and the defense industry at this time in the SoundCloud podcast shared below:
Jeffrey had several questions for Teresa in this conversation:
● What are some reasons for small businesses' falling participation in the Defense Industrial Base?
● What can small business owners do to combat those issues?
● Why is small business participation in the federal marketplace so meaningful?
● How do events like ChallengeHER help Women-Owned Small Businesses (WOSBs) enter and learn about the federal contracting space?
● If small businesses do win a prime or sub-contract, how can they make sure they are prepared to execute it on the funding side of things?
● What challenges do small businesses face when it comes to access to capital?
● What other resources are out there for businesses just entering or are early on in their experience with the federal marketplace?
Defense Industry Facts:
● The defense industry in Michigan is worth over 31 billion dollars, offering plenty of opportunities for small businesses to get involved.
● To further grow Michigan's defense industry, businesses should focus on securing set-asides and be prepared to take advantage of growth once they land a federal contract.
● However, there is a great need to address the decline in small business participation in the Defense Industrial Base over the last 15 years and to analyze the underlying reasons for this deficit.
○ Government award allocation figures may not accurately reflect the dollars awarded to meet set-aside goals, posing a challenge for businesses considering further engagement in the federal marketplace.
○ Leveraging contract vehicles to access specific opportunities designated for those vehicles may not always result in cost-effective use of time, emphasizing the need for a strategic approach to pursuing opportunities.
○ Need to emphasize the importance of identifying buyers, cultivating relationships, and engaging in ongoing communication to showcase how a business can provide the necessary resources to support the mission, ultimately leading to increased award dollars.
ChallengeHER Details:
● Teresa Moon will be on a panel at ChallengeHER to discuss Access to Capital for small-to-mid-sized government contractors. At Parabilis, they are uniquely positioned to help government contractors get the funding they need to fund rapid growth, bid with confidence, and protect profits.
● ChallengeHER is put on by Women Impacting Public Policy, Small Business Administration and American Express.
● There will be both basic training for emerging federal contractors and a high-Level track for experienced federal contractors.
● ChallengeHER Detroit is a free federal contract training and matchmaking event specifically designed for women business owners, aimed at providing the necessary information and tools to succeed in federal contracting.
● Matchmaking and Networking opportunities are with primes, agencies, and other Women-Owned Small Businesses (WOSBs).
● The goals are to empower women business owners to navigate and excel in the federal contracting space and to facilitate relationships and collaboration between women-owned businesses, prime contractors, and agencies.
