by Ray Hayes
The National Basketball Association (NBA) has always tried to stay above the curve when it comes to championing diversity in the sports industry. From female assistant coaches, initiatives within the urban community, and so much more, the NBA understands that diversity counts. Therefore, it comes as no surprise that the NBA has recently partnered with the National Gay and Lesbian Chamber of Commerce to create more opportunities for LGBT owned businesses. According to Bloomberg, the LGBT community in the US has a buying power of a whopping $1 trillion with an estimated 1.4 million LGBT owned businesses. Besides understanding diversity, the NBA knows that there is money to be made in this untapped market.
The NBA and the NGLCC officially kicked off their partnership last year in December. According to CNBC, “Partnerships like those between the NBA and the NGLCC help LGBT-run businesses bid on contracts to work at major sporting events where they might otherwise be overlooked.” One of the great things about this partnership is that it gives LGBT owned businesses opportunities in the near future, which is always a good thing.