PALO ALTO, Calif., March 27, 2024 (Globe Newswire) — Today, Latino Business Action Network (LBAN), in collaboration with the Stanford Graduate School of Business (GSB), releases the 9th annual State of Latino Entrepreneurship (SOLE) report, highlighting the latest trends in Latino entrepreneurship across the United States. . The results will be presented at today's lecture. State of Latino Entrepreneurship 2024 (SOLE) Summit.
This study provides valuable insight into the contributions and opportunities that Latinos bring to the U.S. economy and highlights the continuing challenges faced by Latino business owners. This year's report aims to better understand the diversity and complexity of Latinx entrepreneurship, focusing on three distinct subgroups: women-owned businesses, technology-focused businesses, and immigrant-owned businesses. There is.
Important points:
Latino Opportunities for the U.S. Economy
This study shows that Latino-owned businesses are a dynamic and growing segment of the United States. More than 5 million companies generate his $800 billion in revenue, creating a huge opportunity for the United States. In fact, the number of Latino-owned businesses is growing 10 times faster than white-owned businesses. Between 2007 and 2022, Latino-owned businesses in the United States increased by 57%, significantly exceeding the 5% increase in white-owned businesses over the same period. Latinos continue to have higher growth rates than white entrepreneurs. As shown in the graph, the median compound annual growth rate over a three-year period (2020-2023) was 8.7% for Latino-owned businesses, compared to just 5.6% for white-owned businesses. % was.
Not only are Latinos starting businesses faster and experiencing higher revenue growth rates, but they are also creating more jobs with better benefits. Between 2007 and 2022, annual salaries at Latino-owned businesses more than doubled (123% increase) and had consistently higher growth rates compared to white-owned businesses. When you consider how Latinos are creating and growing businesses and creating more jobs, it's clear that Latinos are having a positive impact on the economy.
But in addition to these sheer numbers, Latinos continue to face challenges from systemic biases that limit their growth. If Latino entrepreneurs had fair access to capital and contracts, it would add trillions of dollars of additional economic growth to the U.S. economy, benefiting us all. That's why LBAN focuses on building an ecosystem. Central to their mission is building the ecosystem that Latinos and everyone else deserves. The Latino Entrepreneurship Summit is a testament to their commitment, bringing together more than 1,000 direct participants from business owners, policy makers, capital providers, elected officials, students, and other ecosystem builders. Participants come together to network, collaborate, and foster meaningful connections. within the community.
Split report
This report takes a deeper dive into Latino-owned businesses and technology-focused businesses. It's important to emphasize that Latinos are starting new businesses and growing revenue faster than men. When looking at technology-focused companies, Latinos are over-indexed in technology, which is leading to accelerated adoption of AI technologies. If you would like to learn more please visit: www.lban.us
Industry leaders such as Jose E. Feliciano, managing partner and co-founder of Clearlake Capital Group and Stanford Trustee, and Julián Castro, CEO of the Latino Community Foundation and former Secretary of Housing and Urban Development; The SOLE Summit is an insightful and engaging event packed with impactful discussions and strategic insights. The event will feature a variety of panel discussions on topics ranging from AI, access to capital, redefining the VC landscape for Latinx startups, investing in immigrant entrepreneurship, and mergers and acquisitions.
“At LBAN, we are fortunate that some of the largest financial institutions and companies are actively working with us to unlock this Latin American opportunity, and we are proud to encourage all other financial institutions to join us in unlocking this Latin American opportunity. and companies are welcome.” said Arturo Cazares, CEO of Latino Business Action Network. “The SOLE Summit at Stanford is a pivotal gathering that brings together diverse stakeholders, including other ecosystem builders, academics, and government representatives, to share ideas and generate collaborations that expand economic opportunity for our nation. It works.”
LBAN, the sponsor of the SOLE Summit, is supported by Bank of America, Wells Fargo, JPMorgan Chase, Srdna Foundation, Dell Technologies, Latino Community Foundation, Prosperity Now, Immigrants Rising, and more.
About the Latino Business Action Network (LBAN):
LBAN is a dynamic Silicon Valley-based nonprofit organization with a mission to strengthen the U.S. economy by strengthening Latino entrepreneurship across the country through a network of entrepreneurship research, education, and resources. Masu. For more information about LBAN, please visit: www.lban.us
For media inquiries, please contact us below.
marian garcia cruz
LBAN Marketing Manager
marian@lban.us
(408) 384-9389
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