Create a tax incentive for investing in women and entrepreneurs of color
The increasingly fragile nature of work is a new conversation for some, but is old hat for many — especially women and people of color. Disruptive changes in the American economy have disproportionately impacted people demographers believe will be the new majority by 2040. The future of work for this new majority is a specific challenge and opportunity that must be addressed head on. I’m reminded of an insight from @RossBaird: “The entrepreneurs who are best equipped with the knowledge, cultural competency, and motivation to solve big problems are those who wrestle with those problems every day.”
So let’s empower women and entrepreneurs of color to solve familiar challenges faced by disruptions in work.
But how? Only a total of 8 percent of U.S. venture funding goes to women and entrepreneurs of color.
Let’s create an investor tax credit program specific to diverse entrepreneurs. States throughout the country have similar tax credit programs for specific industries, such as biotechnology and life sciences. In Maryland, for example, investors in seed and early stage biotech companies get an income tax credit equal to 50% of an eligible investment in qualified Maryland biotechnology companies.
Why not take a similar approach to diverse entrepreneurs?
