PALO ALTO, Calif., March 27, 2024 (GLOBE NEWSWIRE) — Today, Latino Business Action Network (LBAN)In collaboration with the Stanford Graduate School of Business (GSB), the company released its ninth annual State of Latino Entrepreneurship (SOLE) survey report, featuring the latest developments among Latino entrepreneurs across the United States. The survey results were released today: 2024 State of Latino Entrepreneurship (SOLE) Summit.
The survey provides valuable insight into the contributions and opportunities Latinos bring to the U.S. economy while shedding light on the continuing challenges facing Latino business owners. This year's report aims to better understand the diversity and complexity of Latino entrepreneurship by focusing on three subgroups: women business owners, tech-focused companies, and immigrant-owned businesses.
Highlights:
Latino Business Opportunities for the U.S. Economy
Research shows that Latino-owned businesses are dynamic and growing in the United States. With over 5 million businesses generating $800 billion in revenue, it represents a huge opportunity for the country. In fact, the number of Latino-owned businesses is growing 10 times faster than white-owned businesses. Between 2007 and 2022, the number of Latino-owned businesses in the United States increased by 57%, significantly outpacing the 5% increase in white-owned businesses during the same period. Latinos have maintained a higher growth rate than businesses owned by 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 only 5.6% for white-owned businesses.
Latinos are not only starting businesses faster and experiencing higher revenue growth, but they are also creating jobs with better benefits. Between 2007 and 2022, total annual payroll at Latino-owned businesses more than doubled (123% increase), demonstrating consistently higher growth rates compared to white-owned businesses. When you consider how Latinos are starting and growing their businesses and creating more jobs, it's clear that Latinos are making a positive impact on the economy.
But beyond these big numbers, Latinos continue to face challenges from systemic biases that limit growth. If Latino entrepreneurs had equitable 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 is so focused on ecosystem building. At the heart of their mission is building the ecosystem that Latinos and everyone else deserves. The State of Latino Entrepreneurship Summit is a testament to their commitment, bringing together over 1,000 attendees – business owners, policymakers, capital providers, public officials, students, and other ecosystem builders – to network, collaborate, and foster meaningful connections within their community.
Report Segmentation
The report looks more closely at Latino-owned businesses and technology-focused businesses. It is important to highlight that Latinos are launching new businesses and growing revenues at a faster rate than men. When looking at technology-focused businesses, Latinos are overinvesting in the technology sector and are seeing an accelerated adoption of AI technologies. For more information, translation:
Featuring industry leaders such as Jose E. Feliciano, Managing Partner and Co-Founder of Clearlake Capital Group and Stanford University Trustee, and Julián Castro, CEO of the Latino Community Foundation and former Secretary of Housing and Urban Development, the SOLE Summit promises to be an insightful and engaging event filled with impactful discussions and strategic insights. The event will feature panel discussions on a variety of topics including AI, access to capital, redefining the VC landscape for Latino startups, investing in immigrant entrepreneurs, and mergers and acquisitions.
“At LBAN, we are fortunate to have some of the leading financial institutions and corporations actively working with us to develop Latino opportunities, and we welcome all others.” “We're not going to let it go,” said Arturo Cazares, CEO of the Latino Business Action Network. “The SOLE Summit at Stanford University is a vital gathering to bring together a diverse range of stakeholders, including other ecosystem builders, academics and government representatives, to share ideas and generate collaborations that will expand economic opportunity for our nation.”
LBAN, the driving force behind the SOLE Summit, is supported by many organizations, including Bank of America, Wells Fargo, JP Morgan Chase, SurDona Foundation, Dell Technologies, Latino Community Foundation, Prosperity Now, and Immigrants Rising.
About the Latino Business Action Network (LBAN):
LBAN is a dynamic nonprofit based in Silicon Valley with a mission to empower Latino entrepreneurs nationwide and strengthen the U.S. economy through a network of entrepreneurship research, education and resources. For more information about LBAN, please visit www.lban.com/. translation:
For media enquiries please contact:
Marian Garcia Cruz
Marketing Manager, LBAN
marian@lban.us
(408) 384-9389
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