History
The National Institute of Minority Economic Development (The Institute) was founded in 1986 as the North Carolina Institute of Minority Economic Development with a grant from the Z. Smith Reynolds Foundation and N.C. Association of Minority Businesses to diversify North Carolina’s business base as a strategy for expanding economic opportunity.
Business, government, and community leaders recognized then that globalization, changing demographics, and technology were changing the game, replacing traditional industries and markets with new ones that required different skills and strategies for business success.
Engaging significant untapped segments of the population – racial minorities, women, people with disabilities, rural residents, and others – became a business and economic imperative. The Institute would lead the way.
Today, more than 35 years later, the Institute remains the only organization of its kind in the country focused on business and economic growth through effective business diversity. North Carolina's model of collaboration and its exceptional ecosystem are recognized as a model by other states and regions.
The Institute continues to work with small businesses, large multinational corporations, local governments and state leaders to open doors of opportunity and create an environment where businesses of all kinds grow and thrive.
What Sets Us Apart
- Focus on Diversity – The Institute -- the only organization of its kind in the country -- offers over 35 years of experience helping clients harness the power of diversity to achieve business and economic objectives.
- Business Knowledge and Expertise – We bring deep industry knowledge of how to help businesses of all kinds start and grow; business owners turn barriers of race, gender and disability into opportunity; companies diversify their supply chains; and communities broaden their business base.
- Proven Methods – We help clients develop the three core elements -- money, markets and management -- required for business success. Uniquely, we integrate critical diversity management strategies every step of the way, helping clients connect with broader pools of high-quality vendors and suppliers, and successfully enter new high-potential markets.
- Broad Networks – Our extensive network of investors, partners and clients developed over three decades connects clients with business assistance and opportunity for achieving their business objectives.
- Passion and Commitment – As a nonprofit, our bottom line is helping clients become more successful and America become more prosperous by getting business diversity right.
- Opportunity – The Institute will seize every opportunity to be of service to those of us in the greatest need, such as minority groups, under represented and under-served populations, low to moderate income communities and individuals. We consider it a privilege to be of service.
Contact the Institute to learn more or get help growing your business and diversifying the marketplace.
Our Parrish Street Building
The Institute's headquarters in downtown Durham, N.C. anchors the heart of what was once known as "Black Wall Street," home to some of the nation's largest minority-owned financial and related institutions.
Placed on the National Register of Historic Places in 1974 and later designated a National Historic Landmark, the building remains one of only a handful of landmarks owned by a minority organization.
The North Carolina Mutual Life Insurance Company built the neoclassical, revival-style structure at 116 West Parrish Street in the center of Durham's business district as the company's second home. The building was officially dedicated on Saturday, December 17, 1921 after its completion in October of that year. In 1922, Mechanics and Farmers Bank moved its headquarters to the first floor.
The Institute purchased the building in 1999 and in 2008 restored the building's facade – windows, frames, and balconies – with a $100,000 grant from the U.S. Department of Housing and Urban Development and a $500,000 appropriation from the North Carolina General Assembly. A capital campaign is under way to continue renovations to restore the exterior entryway to its original condition and to upgrade interior spaces and infrastructure.
Today, the Institute shares this historic space and Parrish Street attraction with a M&F Bank branch, the first floor anchor tenant, and several other businesses.
Leadership
The Institute's leadership team of nationally recognized experts brings deep knowledge, broad networks and strong commitment to the work of creating companies that are stronger and more profitable because of their diversity.