IBM, along with six other companies, has rolled out a web-based solution to help small and medium sized business obtain business contracts.
News agency Bloomberg reports that IBM has joined AT&T, Bank of America, Citigroup, Pfizer and United Parcel Service (UPS) to develop a website that will allow small businesses to apply to become suppliers to larger organisations.
"We figured the major way that large companies could affect growth in small or medium-sized enterprises is through our supply chain spending,” said IBM's vice president of corporate citizenship and affairs, Stanley Litow.
Litow, who is also heading the website development process, hopes that many other organisations will join them to pool in money, for making it easier for young and small organisations to establish themselves and save them from applying for multiple bids.
The website, Supplier Connection, is expected to launch in the first quarter of next year, with IBM said to have granted $10 million for its development and maintenance.