At the 2023 State of Latino Entrepreneurship Summit, AllCode will present on the topic of using technology to empower Latino entrepreneurs.
San Francisco, Calif., March 1, 2023 (Issuewire.com) – The SLEI research team presented the latest findings of the 2022 study at the 8th Annual Hispanic Entrepreneurship Symposium on February 16, 2023.
This year’s eighth annual State of Latino Entrepreneurship survey provides an update on business practices, development potential, and ongoing issues faced by Latino entrepreneurs in the United States. Each year, the Stanford Latino Entrepreneurship Initiative (SLEI) and the Latino Business Action Network (LBAN) at the Stanford University Graduate School of Business (GSB) publish a survey titled The State of Latino Entrepreneurship (SOLE). . usa. Research shows that Hispanics in the United States continue to contribute to economic growth by starting companies that employ a higher percentage of employees than white business owners. These companies are also generating more income and new jobs at a faster pace than white companies.
The eighth annual SOLE report highlights a number of outstanding achievements, including the rapid expansion of new businesses, the creation of new jobs, and the ability to adjust business practices after the pandemic. To address the obstacles that keep Latino business owners from reaching their full potential, we must first address Latino and white businesses in terms of raising funding and securing government and corporate contracts. We need to turn our attention to the gap between the Lords. This year’s survey mirrored the results of last year’s national survey of more than 5,000 Latino-owned employer companies and more than 5,000 non-Latino white-owned employer companies conducted this year. poll results are compared.
Latino-owned businesses add twice as many jobs as white-owned businesses
The percentage of Latino-owned businesses increased by 34% between 2007 and 2019, while the percentage of white-owned businesses decreased by 7%. During the same period, Latino-owned businesses had faster revenue growth and annual salary growth than white-owned businesses. revenue increased 25% over the same period, while white-owned businesses increased 9%.
The 2022 report also includes key themes and conclusions related to:
- Latino-owned companies had a much lower approval rate for large loan requests ($50,000) and a much lower approval rate for small loan requests ($50,000) when asked for loans from national banks. High, with business metrics equal to or better than white-owned businesses. He is 50% more likely to seek funding from a business run by a Latino compared to a company run by a white man.
- Contracts from corporations and governments are difficult to obtain for Latino-owned firms and are much smaller in scale than those obtained by white-owned firms.
- About 37% of white-owned businesses and 20% of Latino-owned businesses that received government contracts in 2022 reported a negotiation process of less than six months. Three-quarters of his Latino business owners said it took him more than a year to complete the deal, while only 27% of his white business owners said the same.
For-Profit Disaster Relief:
- Compared to white-owned businesses, Latinx-owned businesses say the mass resignations have made it harder to retain and find new employees.
- Our findings provide an important understanding of the significant progress made by Latino entrepreneurs and the consequences of the systemic barriers many Latino business owners have encountered. helps inform data-driven policies and programs that support Latino entrepreneurs who have had a significant impact on the American economy.
- About 19% of the current population of the United States is Latino. That number is over 62.5 million. There are about 5 million Latino companies in the United States, with annual sales exceeding her $800 billion and contributing her $2.8 trillion to the country’s Gross Domestic Product.
Hispanic Entrepreneurship Research Program at Stanford
Through conducting research, disseminating research findings, and fostering partnerships, SLEI explores and learns more about the Hispanic entrepreneurial community in the United States. Co-sponsored by the Latino Business Assistance Network (LBAN) and the Center for Entrepreneurship Studies at Stanford University Business School, the program conducts an annual national survey to assess the state of Latino entrepreneurship in the United States and identifies trends. We compile a large panel of Latino business owners to facilitate longitudinal research.
The SLEI-Ed program is a collaboration between Stanford GSB Executive Education and the Latino Business Association of the United States, with annual gross revenue exceeding $1 million or $500,000 in external capital. This nine-week hybrid program at Stanford GSB teaches participants how to raise and manage capital, grow their professional network, and mentor young entrepreneurs. Today, there are over 1,000 former CEOs and COOs in Latino-owned businesses, over 900 scaling program graduates, 150 mentors, 50 lending providers, and Latino-owned businesses. We have an ecosystem of multiple non-profit organizations dedicated to accelerating business growth. A total of 39 states and Puerto Rico are represented as alums in the scaling program, which together exceed his $5.4 billion annual revenue.
In addition, it evaluates the effective methods Latinx-owned businesses use to attract new customers, retain existing customers, and retain and recruit staff in a post-pandemic economy.
Network with hundreds of influential business people across the country and hear the latest findings from cutting-edge research on issues affecting Latino-owned businesses at this year’s Latino Research Summit.
The summit was attended by many companies including AllCode. It brought together the best speakers from all kinds of companies to discuss the challenges they face today and their achievements. LBAN’s goal is to strengthen America by fostering an environment in which Hispanics are more likely to start and grow successful businesses. Arturo Cazares is CEO, Victor Arias, Jr. is Chairman, and Professor Jerry I. Porras is Chairman Emeritus.