ANNUAL REPORT 2006 - MEDA

4
Marilyn Dahl
Board Chair
Leadership Letter
For the past 36 years,
MEDA has helped
even the odds for
entrepreneurs of color
through comprehensive
business development
services. Our track record of
consistent, results-based work
has earned MEDA high credibility
within the community. We have
continually demonstrated that the return on an
investment in MEDA remains steady as measured
by the economic impact of the businesses we assist.
Those entrepreneurs continue to create and grow
businesses that provide new, quality jobs – many
held by people of color – and new economic activity
for our state.
Highlights in 2006 included launching the Next
Step series, a training initiative for Pacesetters
and Pacesetter Alumni; strengthening MEDA’s
management team with the promotion of Sherri
Komrosky to Director of the Procurement Technical
Assistance Center (PTAC) and Scott Ochsner to
MEDA Loan Program Manager; and reorganizing
the Loan Program for efficiencies and new lending
opportunities.
MEDA’s commitment to the Construction Partnering
Program (CPP) continues to provide excellent
capacity-building opportunities for construction
clients, as well as competitive advantages to the
large contractors willing to partner.
As 2006 marked MEDA’s 35th anniversary, we
invested in the production of a 10-minute video
highlighting its history. The production helped
MEDA become one of a handful of partners chosen
by Twin Cities Public Television (tpt) for a new
program entitled Ordinary Heroes, featuring Richard
Copeland (Thor Construction, Inc.) The first in a
series of 10, this inspirational program celebrates
Yvonne Cheung Ho
President & CEO
the professional and
personal paths taken
by ordinary heroes and
the public organizations
that have supported them
along the way. It will also
serve as an opportunity to
heighten MEDA’s visibility in the
metro area and, potentially, in other
markets served by tpt in Minnesota and
nationwide.
2006 also marked the conclusion of our threeyear
strategic plan. We examined and reflected
on past successes, lessons learned, the current
economic environment and future opportunities
for the growth and success of MEDA and its clients.
Doing so challenged us to draft a new plan to better
position MEDA in providing long-term solutions for
its clients.
Led by Board Vice Chair Ward Armstrong, MEDA
staff, Client Advisory Council and Board members
adopted a new strategic plan with a renewed vision
and focus on economic parity. While our mission
to help entrepreneurs of color succeed in the
free enterprise system remains relevant and our
services in demand, our 2007-2009 strategic plan
challenges MEDA and its partners to strive toward
“economic parity for communities of color, driven by
the entrepreneurial spirit.”
During the past year, our Board received new energy
as well as saying goodbye to several of our excellent
Board members. We thank all for their guidance
and leadership as MEDA works toward its vision
of economic parity. Also, we have the privilege
of working with some of the most determined,
persistent and talented people: MEDA clients. We
thank them for allowing MEDA to play a role in
evening the odds.