Hola, Latinx Founders
Where we are today and moving forward.
By Backstage Principal Lolita M Taub
I am a Latina who cares deeply about her community and I feel compelled to support Latinx founders.
When we launched Backstage Accelerator, an entrepreneurship program that supports underrepresented founders in building their businesses, it dawned on me that I should reach out to the Latinx startup community and do what I can to support.
I did some research on the Latinx startup community and Latinx in business. I was surprised by some of what I discovered, in a good way and in a bad way. I share more of both in the body of the post. What I’d like to highlight is that today, Latinx people own more businesses, have room to grow, and support of new programs like Accelerator.
I hope you find this post encouraging and decide to apply to programs and join communities that amplify your success.
The Latinx Business Community
Where are Latino-owned businesses in the US?
What does the Latino business landscape look like?
Take a look at this infographic.
What’s the Latino business opportunity gap?
According to the 2017 State of Latino Entrepreneurship report, the dollar measure added to the US GDP if Latino businesses earned at the revenue-level of non-Latino-owned firms, has grown from $1.38 to $1.47 trillion.
There’s a lot of reasons for this, but one of the biggest reasons has to do with lack of capital.
At this time, only 3% of Latino businesses generate $1M in annual revenue. With the access to capital, Latinos can grow their companies, scale, and improve annual revenues.
Imagine: Latinos have the ability to generate an additional $1.47 trillion dollars for the economy.
What’s the Latina Entrepreneur experience and what’s holding it up?
Imposter Syndrome is real.
According to the State of Latino Entrepreneurship Report, Latina entrepreneurs are experiencing high levels of inadequacy (AKA “imposter syndrome”).
You may be wondering, “why should Latinas and Latinos feel confident and worthy of capital for their businesses?” It’s because they’re worth it.
Tips for Latinx Founders
You are worth it! As like everyone else, you have a right to build a business and grow it! You can do anything you set your mind to. You know it. Where there is a will, there is a way.
As one of my childhood heroes used to say, “¡Sí se puede!”
And, you can do this!
So, go ahead.
1. Get inspired by reading about 3 Latina women who are kicking butt here.
2. Be emboldened by the work of our community: know that you stand strong among us. Just take a look at these numbers. Latinos have the most businesses in the US among minorities.
3. Launch your business.
4. Get to know the ecosystem that’s here to support you. Zoom into the ecosystem map below and learn about our allies. Also, check out Latinx Collective newsletter, Latinas in Tech, and Latinx Tech Alliance.
5. Join programs that can support you.
- If you’ve founded a business, check out the Backstage Accelerator. Applications are open through October 15, 2018. You can apply here.
- If you’re growing your business, check out Stanford Latino Entrepreneurship Initiative-Education: Scaling Program.
6. Ask for capital. Here’s a list of Latina VCs that you can reach out to.
7. Give it your all because el camarón que se duerme se lo lleva la corriente. Y porque donde hay gana, hay maña.
I’d like to leave you with this: Latinx entrepreneurs are a strong force to be reckoned with! With capital and support, we can grow our businesses to produce in the trillions. Trillions that can better the lives of our families, ourselves, and the world.