Company : Hy-Vee, Inc.
Program category : Social Impact

Origins:

Since 1930, Hy-Vee has been deeply rooted in the communities it serves. The retailer continuously strives to offer products and services that support the varied needs, backgrounds and lifestyles of its customers. One way that Hy-Vee continues to elevate its shopping experience – and meet customer demand for more local offerings – is by sourcing products from local minority- and woman-owned businesses. To facilitate this goal, Hy-Vee has hosted four Hy-Vee OpportUNITY Inclusive Business Summits since May 2022. A fifth event is scheduled for September 2023 in Iowa’s Quad Cities. The OpportUNITY Summits provide opportunities for leaders of minority- and woman- owned businesses to network and grow in a supportive environment. Along with keynote speakers, small group workshops and a small-business vendor expo, businesses are invited to apply for a chance to showcase their products or services during a pitch competition during the day. During the pitch competition, 15 companies present to a panel of judges, in front of 200+ attendees. Each company leader is given the opportunity to demonstrate their product or explain their service for the chance to win a small-business grant from Hy-Vee. Local community business experts serve as judges and select the finalists from a pool of an average of 90 applications. Winners are selected from a panel of judges and receive up to $30,000 for future business endeavors. These summits are part of Hy-Vee’s ongoing commitment to diversifying its supplier base and product offerings, as well as supporting minority communities across its eight-state territory.

Contribution:

  • To date, there have been four Hy-Vee OpportUNITY Inclusive Business Summits held in various Hy-Vee communities throughout the Midwest: o May 2022 – Cedar Rapids, Iowa o September 2022 – Kansas City, Missouri o February 2023 – Minneapolis, Minnesota o June 2023 – Madison, Wisconsin.
  • 1,450 entrepreneurs have participated in the OpportUNITY Summits, whether attending the seminars, networking and/or participating in the pitch competition.
  • Prizes are awarded as follows:
    • (1) Grand Prize Winner of $30,000.
    • (3) Category Winners each win $5,000 (Categories include: Food & Beverage; Innovation & Technology; Health, Wellness, Beauty).
    • Judges’ Choice Winners split a $5,000 pot.
    • All prizes awarded total $50,000.
  • Hy-Vee has invested $200,000 in these minority- and woman-owned businesses to re-invest in their businesses.
  • Several of the products from the pitch competition are now carried in at least one Hy-Vee store.
  • More details can be found about the Hy-Vee OpportUNITY Inclusive Business Summits here: https://www.hy-veeopportunitysummit.com/

Objectives:

The overall objective for this initiative is to uplift and advance local minority- and woman-owned businesses by giving them the opportunity to grow and connect with other local businesses. Each Summit has had similar participation goals, as follows:

  • Host an event with more than 150 attendees.
  • Host a small business expo with 15 vendors, including vendors from other large corporate partners in local communities to increase their interaction with minority- and woman-owned businesses.
  • Secure at least 50 pitch competition applications, including a diverse mix of both minority- and woman-owned businesses from Hy-Vee communities.

Impact:

The program has been incredibly successful, and a fifth Hy-Vee OpportUNITY Inclusive Business Summit is being planned and promoted for September 2023 in the Quad Cities. The Summits have created space for entrepreneurs to break into the retail business and gain exposure among local industry leaders. The events each regularly draw in more than 200 attendees, and that number continues to grow and surpass expectations. The pitch competition garners an average of 90 applications, which are then narrowed down to the final 15 companies who present to a panel of judges. The vendor fairs average 16 exhibitors from a variety of small and large local businesses, many of which are interested in furthering their support for local businesses, including minority- and woman-owned businesses. The pitch competitions award a total of $50,000 in prizes as follows: One Grand Prize Winner receives $30,000; Three Category Winners each receive $5,000 (Categories include Food & Beverage; Innovation & Technology; and Health, Wellness, Beauty); and Judges’ Choice Winners split a $5,000 pot. Hy-Vee has invested $200,000 in these businesses since the program was implemented. With continued success, Hy-Vee plans to grow these events to all markets where the retailer operates. Hy-Vee remains committed to supporting small businesses by expanding product and service offerings that appeal to diverse lifestyles and backgrounds.

Quote:

“Hy-Vee is dedicated to being an inclusive company and workforce. Over the past several years, we have been increasing our collaboration efforts with minority organizations, women in business and underserved populations. We’re excited to host these OpportUNITY Summits so we can provide an opportunity to women and those with a diverse background to grow, connect and advance their business,” says Randy Edeker, Hy-Vee’s Executive Chairman of the Board. “Looking back at Hy-Vee, we, too, started as a small business in 1930. At the time, we were just a handful of supply chain stores that were built on a foundation of offering great value and outstanding service, focused on serving and supporting the communities where our employees lived and worked. And that’s what we’re still focused on today and really what the OpportUNITY Summits are all about. We believe it’s important to strengthen our local communities, providing opportunities for small businesses to flourish.”

“The Hy-Vee Opportunity summit was a way for me to get in front of small businesses and connect and network with like-minded entrepreneurs here. I learned so much today from marketing to learning how to accelerate and grow rapidly and even funding opportunities for the company,” said Jonaie Johnson, CEO of Interplay, at the Kansas City event. “It was incredible. Very informational. I thought the panelists did a wonderful job. We learned a lot and made tons of connections, so I am excited to follow up with all of them!” said Amy Woods, owner of Favoryt Brand, at the Madison event. “Hy-Vee provides this platform for us to come out and be a connector. We definitely want to create those relationships for small businesses and bring awareness to the resources available to them,” said Kimberly Stevenson, business development manager for the Iowa Economic Development Center, at the Cedar Rapids event.

Support Statement:

“The Hy-Vee Opportunity summit was a way for me to get in front of small businesses and connect and network with like-minded entrepreneurs here. I learned so much today from marketing to learning how to accelerate and grow rapidly and even funding opportunities for the company,” said Jonaie Johnson, CEO of Interplay, at the Kansas City event. “It was incredible. Very informational. I thought the panelists did a wonderful job. We learned a lot and made tons of connections, so I am excited to follow up with all of them!” said Amy Woods, owner of Favoryt Brand, at the Madison event. “Hy-Vee provides this platform for us to come out and be a connector. We definitely want to create those relationships for small businesses and bring awareness to the resources available to them,” said Kimberly Stevenson, business development manager for the Iowa Economic Development Center, at the Cedar Rapids event.