The US Federal Government is one of the world's largest customers of products and services and is required by law to provide opportunities for small businesses, especially those owned by people from disadvantaged backgrounds, such as Black, Indigenous, and People of Color (BIPOC), women, disabled people, and military veterans.
While federal contracting is a good source of revenue for many small businesses, many are unaware of the opportunities it provides or are finding it difficult to navigate the various requirements and paperwork to qualify as a government contractor.
Having experienced these difficulties himself before, Derrick Surratt created the Federal Forecasting App, a digital platform that contains a wealth of resources on government contracting. It provides a wishlist of potential federal contracting opportunities, known as forecasts, across various federal agencies, such as the General Services Administration, Department of Defense, Department of Veterans Affairs, Department of Agriculture, and many more. The wishlist is updated and finalized once the end-user has determined their yearly budgets. It also provides direct hyperlinks to Office of Small Business and Disadvantaged Business Utilization (OSBDU) personnel, who are the people assigned to work with small businesses.
According to Surratt, the platform makes things easier for contractors by eliminating the need to search multiple government department websites and review various forecast guidelines to check their eligibility. It also provides a comprehensive amount of information for individuals and businesses interested in government contracting, giving them a headstart on their journey.
Surratt shares that after finishing his service in the US military, he returned to his hometown in Arkansas and finished his college education. He applied to be a police officer but was turned down. One day, Surratt was in the middle of searching for a job when he had a conversation with the father of his son's friend and was introduced to government contracting. Surratt sought guidance from him, and he also researched online, including from the website of the Small Business Authority.
However, Surratt says that things weren't completely smooth sailing when he became a contractor. He initially wanted to become a freight broker for the government, but the cost of required insurance was prohibitive, so he shifted to general contracting and earned his GC license. He shares that the first few years as a general contractor were quite hard at times, as he was still learning the ropes. In the meantime, he earned more certifications, including the 8(a) program for disadvantaged small businesses, which he is eligible for as an African American from a disenfranchised background.
According to Surratt, it's very important to know the rules set by the SBA when engaging in government contracting. For example, in general construction, contractors are obligated to actually perform at least 15% of the project, meaning only a maximum of 85% can be subcontracted out. When it comes to specialty construction projects, the minimum self-performance requirement rises to 25%. For services, such as IT or facilities maintenance, the limit is 50%.
This information and more is easily accessible on the Federal Forecasting App, and Surratt also established a YouTube channel to further disseminate knowledge on this topic.
The Federal Forecasting App platform is looking to add more members, especially those from disenfranchised or disadvantaged communities. There are various programs from the government that prioritize entrepreneurs from these backgrounds providing opportunities to escape from poverty and attain generational wealth, Surratt says.
Surratt wants to bring more procurement technical advisors, such as APEX Accelerators, onto the platform, allowing them to share more knowledge with people who want to learn about government contracting. Suppliers and prime vendors are also welcome on the platform, where they can find and get in touch with the contractors they need to complete a project.
The Federal Forecasting App is also looking to work with technical partners to expand the platform's capabilities, including the implementation of AI technology to automate important processes and improve the user experience.
"I believe this can help out people from disenfranchised communities, as we understand the concept of flipping and hustling," Surratt says. "Becoming a government contractor uses the same skills and principles, but formalized with the required paperwork from the SBA and other government agencies. I believe that my mission from the Lord is to help others, and my goal is to help people see that their disadvantage has value, and they can turn it into opportunities to earn from federal contracting."
