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The State of Black Entrepreneurship

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The State of Black Entrepreneurship examines statistics for black education, entrepreneurship, and investment. Why does black entrepreneurship matter?

Published in: Business, Economy & Finance
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The State of Black Entrepreneurship

  1. 1. STATE OF BLACK ENTREPRENEURSHIP Photographer unknown. North Carolina Mutual Life Insurance Company officers. NCMLI was the largest black-owned insurance company in the world @moniquewoodard @blackfounders
  2. 2. EDUCATION @moniquewoodard @blackfounders
  3. 3. Black people, who make up about 13 percent of the U.S. population, account for only about 3 percent of scientists and engineers. National Science Foundation http://www.nsf.gov/statistics/wmpd/pdf/nsf11309.pdf @moniquewoodard @blackfounders
  4. 4. In 2006, only 2.2% of Masters degrees in electrical engineering were awarded to people who described themselves as "black, non-Hispanic". National Science Foundation http://www.nsf.gov/statistics/wmpd/pdf/nsf11309.pdf @moniquewoodard @blackfounders
  5. 5. 63 percent of African American students don't graduate college within six years. The American Dream 2.0 Report HCM Strategists http://www.hcmstrategists.com/americandream20/report/HCM_Gates_Report_1_17_web.pdf @moniquewoodard @blackfounders
  6. 6. ENTREPRENEURSHIP @moniquewoodard @blackfounders
  7. 7. As long as you are a consumer, you are a beggar. You must become a producer. Camille Cosby @moniquewoodard @blackfounders
  8. 8. AfricanAmericans, now facing a 15.8 percent jobless rate and declining household wealth, lag in small business ownership Bloomberg Businessweek Magazine Wanted: More Black Entrepreneurs @moniquewoodard @blackfounders
  9. 9. The US Census counted 1.9 million Black-owned businesses in 2007, which produced $137.5 billion in revenue. Nearly 1.8 million of those businesses are sole proprietors with no employees. United States Census Census Bureau Reports the Number of Black-Owned Businesses Increased at Triple the National Rate @moniquewoodard @blackfounders
  10. 10. BLACK SELF-EMPLOYMENT ON THE RISE The number of selfemployed blacks grew by 5.7 percent from 2007 through 2009, in contrast to the 3.4 decrease experienced by selfemployed whites. Bureau of Labor Statistics @moniquewoodard @blackfounders
  11. 11. About 2 million of America's estimated 26 million small businesses are owned by African Americans. But only 100,000 of these black businesses have employees. Marie Johns Deputy Administrator Small Business Administration @moniquewoodard @blackfounders
  12. 12. IF EVERY BLACK-OWNED BUSINESS ADDED JUST ONE EMPLOYEE, THAT WOULD CREATE 2 MILLION ADDITIONAL JOBS IN THE U.S. Ron Busby, US Black Chamber, Inc. @moniquewoodard @blackfounders
  13. 13. INVESTMENT @moniquewoodard @blackfounders
  14. 14. Access to capital is particularly important for African American entrepreneurs, because the lack of household wealth in the black community makes it harder for them to invest their own money in a startup or obtain funding from family members and friends. 5 Ways to Help Black Entrepreneurs Close the Wealth Gap Biz Journals @moniquewoodard @blackfounders
  15. 15. Average Net Worth (2009) $120,000 $100,000 $80,000 Black $60,000 Latino $40,000 White $20,000 $0 Black Latino White The average African American household has a net worth of $5,677 compared with $113,150 for the average white household. Pew Research Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics @moniquewoodard @blackfounders
  16. 16. Fewer than 1 percent of venture capital-backed tech companies in California were founded by AfricanAmericans. CB Insights Venture Capital Human Capital Report @moniquewoodard @blackfounders
  17. 17. Internet startups whose founders were black received a median of $1.3 million in venture financing in 2010… Compared with $2.3 million for companies founded by whites and $4 million for those founded by Asians CB Insights Venture Capital Human Capital Report @moniquewoodard @blackfounders
  18. 18. WHY DOES BLACK ENTREPRENEURSHIP MATTER? @moniquewoodard @blackfounders
  19. 19. Photo credit: Flickr danieldoan STEM EDUCATION DECREASES UNEMPLOYMENT @moniquewoodard @blackfounders
  20. 20. THE MORE STARTUPS WE CREATE THE MORE JOBS WE CREATE @moniquewoodard @blackfounders

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