Latinx Entrepreneurs Are Driving Small-Business Growth
Latinx founders are the fastest growing segment within the U.S. startup ecosystem. According to the Stanford Business Latino Entrepreneurship Initiative, Latinx-led businesses have grown an astounding 34% over the past decade. The tremendous growth of Latinx companies has bolstered the number of small businesses in the U.S. which would have otherwise declined in recent years. Unfortunately, access to resources and capital is still a challenge for many Latinx founders, as the startup ecosystem has been slow to catch on. At Future Founders we want to empower Latinx entrepreneurs with a comprehensive list of resources and funding opportunities to ensure your startup’s success.
Finding Community Is Key
Sometimes founders lack the knowledge, funding, or network to drive their business’ growth. This has been especially true for Latinx founders whose needs remain underrepresented within the startup community. For two years in a row, Latinx owned businesses have outpaced comparable White owned businesses in revenue growth by 6% year over year. These promising figures have led to a recent interest in incubators, accelerators, and organizations geared towards supporting and encouraging Latinx entrepreneurship. Be sure to check out these incredible opportunities for Latinx founders:
Communities And Organizations
Accelerators And Bootcamps
Funding Opportunities Can Be Difficult To Find
For most startups, external funding is needed to start or scale a business. Latinx owned businesses, despite having comparable profit margins, credit performance, and risk as their White counterparts, are significantly less likely to receive funding from traditional sources. In fact, Latinx owned startups are 60% less likely to receive approval for small business loans from national banks when compared to similarly performing White owned startups. These disheartening figures have led to the creation of many minority focused initiatives to bridge the opportunity gap. Check them out below!
Loans and Venture Capital
Refine Your Pitch And Enter A Competition
A great way to practice public speaking and perfect your business pitch is by entering pitch competitions. Due to the uncertainty of the ongoing COVID-19 pandemic, many of them have remained virtual. The flexibility of virtually held events gives founders the ability to attend competitions they may not have had access to before. Competitions are also an incredible opportunity to create brand awareness, find mentors, and get your business in front of an audience of investors. Apply to one of these pitch competitions today!
Self-Care Is Crucial To Startup Success
It is easy to get wrapped up in your business and neglect your own personal needs. Entrepreneurs are led to believe that it comes with the territory, but this can negatively impact your productivity. Neglecting your mental well-being over time can also have detrimental effects on your physical health. The challenges of running a business during a pandemic has left many entrepreneurs feeling burnt out, isolated, and worried about the future. If this sounds like you, remember that you are not alone. Your peers are likely experiencing the same frustrations. Take a moment to self reflect and allow yourself to ask for help if you need to. These mental health resources are a great place to start!
Mental Health Resources
Learn From Others
Over the years many publications, podcasts, and shows have been created to empower the Hispanic community and teach entrepreneurial skills. Latinx representation is critical within the startup ecosystem. Seeing other Latinx founders find success helps Latinx founders believe in themselves and their businesses. Many successful Latinx entrepreneurs want to share their triumphs and missteps with the next generation of changemakers. Check out these resources to learn more about navigating a new business as a Latinx founder.
Publications, Podcasts, and Shows
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