Via Bizwomen (March 15, 2021) - Recovering from the pandemic’s setbacks is taking women-owned businesses three times longer, on average, than businesses owned by men, according to a recent study by Freshbooks.
The study is yet another that sheds light on how women business owners have struggled to regain their footing following the immediate shock of pandemic lockdowns, with many also managing care for family members, their children’s remote learning and household tasks.
Via Associated Press (February 22, 2021) — President Joe Biden announced changes Monday to target more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color.
Biden says a lot of these mom and pop businesses “got muscled out of the way” by larger businesses seeking federal money in the early days of the pandemic. He said changes taking effect Wednesday will provide long overdue aid to these smaller enterprises that he says are being “crushed” by the pandemic-driven economic downturn.
“America’s small businesses are hurting, hurting badly and they need help now,” Biden said.
SEATTLE, WA (October 15, 2018) - Green Business Advocate Stephanie Gowing created an ecosystem map of Seattle displaying all green energy businesses in the region and how they connect to each other, to encourage further entrepreneurship and collaboration in the clean energy sector.
Image courtesy of the Center for American Entrepreneurship
WASHINGTON, DC (October 11, 2018) - American businesses’ share of global venture capital funding has declined from 95% in the 1990s to 50% today, and is continuing to diminish quickly.
China’s share is growing fastest, reaching nearly 25% of the global total in 2018. Thailand has also become a leader, seeing nearly 600% growth.
While Asia’s growth is skyrocketing, the US continues to thrive and break records. American companies received more venture capital investments in the first six months of 2018 as they did in the past ten years total, according to PitchBook.
OAKLAND, CA (October 8, 2018) - Oakland will establish the first city-owned public bank in the United States, with ownership shared by Oakland, Richmond, Berkeley and Alameda County. Local residents’ distaste for corruption on Wall Street inspired this initiative, to avoid spending millions on debt servicing and transaction fees at big banks and reinvest money into the community.
The Bank of North Dakota is the only other public bank in the US and has proved to be a success thus far, earning $136 million for the state last year in its thirteenth consecutive year of profits. $30 to 50 million of these profits fund education, infrastructure projects and disaster relief programs each year.
CHICAGO, IL (October 3, 2018) - Chicago has proven to be fertile ground for business as growing numbers of tech companies, including Amazon, have recently put down roots in the Windy City.
Chicago mayor Rahm Emanuel launched the ChicagoNEXT program in 2013 to promote the city’s appeal for the tech world, by building relationships and community as well as improving the city’s IT infrastructure and STEM education. In July, the state of Illinois established the Department of Innovation and Technology for similar purposes on a state-wide scale.
"Unlike Silicon Valley, Chicago's startups and other tech companies have been developing new business models from scratch and getting them to thrive on their own without necessarily having them acquired by someone else," said Todd Thibodeaux, CEO of the tech trade association CompTIA.
"It's the Chicago DNA," Andy Cohen, COO of Snapsheet said. "The people here aren't afraid to get their hands dirty and get companies going.”
Image courtesy of The Opportunity Atlas via NPR
CAMBRIDGE, MA (October 2, 2018) - A new interactive map designed by Harvard University economists and based on Census data exhibits the economic mobility patterns and challenges of neighborhoods across the United States.
The accompanying report determined that family stability, social networks, early childhood development, and college and career readiness were essential elements spurring upward mobility. Segregation was identified as a major obstacle.
“You see that for kids turning 30 today, who were born in the mid-1980s, only 50 percent of them go on to earn more than their parents did,” Harvard economist Raj Chetty says. “It’s a coin flip as to whether you are now going to achieve the American dream.”
BOSTON, MA (October 1, 2018) - Fewer than 10% of venture capital-backed startups had a female co-founder, and fewer than 1% had an African-American female cofounder in 2017, according to a recent report by Pitchbook. The study also determined that 75% of all venture capital went to companies in California, Massachusetts and New York.
Increasing access to venture capital is imperative in 2018, to empower and maximize the potential and impact of entrepreneurs of all genders and races throughout the United States.
Despite the lack of venture capital funding, companies with a woman on the founding team outperformed all-male companies by 63% in a ten-year study by First Round Capital. Racially diverse companies outperformed industry norms by 35%, according to a McKinsey study.
WINSTON-SALEM, NC (September 28, 2018) - Small business owners in North Carolina affected by Hurricane Florence face an uncertain path to recovery.
The Small Business Administration offers disaster loans specifically for victims of Hurricane Florence.
"I'm doing some research now about (Federal Emergency Management Agency) grants, disaster loans, and claiming flood insurance so I'll be prepared to advise clients in the aftermath," said financial planner Matt Stevens.
STANFORD, CA (September 27, 2018) - Stanford University topped the list of universities with the most venture capital-backed startups in 2018, according to a new report by PitchBook. The University of California - Berkeley, Massachusetts Institute of Technology and Harvard University followed in this category.
Stanford’s 1.178 entrepreneurs raised $28.8 billion in funding over the last ten years.
PROVIDENCE, RI (September 26, 2018) - The state of Rhode Island invested in numerous small business development and funding programs and is enjoying a subsequent boom in small businesses and startups.
The state government recently launched a small business funding program providing capital to 125 new businesses, as well as initiatives to help new and existing businesses on product development, research and recruiting new talent.
“Providence seemed like a place where people could really follow their passions and open the store of their dreams,” said Emma Ramadan, owner of Riffraff Bookstore and Bar. “Every person we turned to for help or assistance, whether in government or the small business association or our lender, helped us so much along the way.”
WASHINGTON, DC (September 25, 2018) - Latino small businesses earned $700 billion last year and grew 31.6% since 2012 - more than double the average growth rate of small businesses in that period - according to a new study by the US Hispanic Chamber of Commerce.
"Providing access to better and faster financing options will allow Latino-owned businesses to build upon this momentum," Manuel Chinea of Popular Bank said.
GARDNER, MA (September 17, 2018) - GFA Federal Credit Union will become the first credit union to bank for the newly legalized marijuana industry in Massachusetts.
“When the Commonwealth legalized medicinal and recreational cannabis, we knew the multi-millions generated by this fast-growing industry would soon become a safety issue, if unbanked,” CEO Tina Sbrega said. “Our board of directors recognizes the need to provide banking services for the safety of our citizens in reducing the cash on the streets, and I applaud them for their vision and commitment to providing public safety.”
LITTLE ROCK, AR (September 10, 2018) - Arkansas business owner Erin Hohnbaum launched an Instagram social movement to highlight the success of entrepreneurs.
“There are so many fascinating women doing really cool things and there needs to be a place where we can showcase that,” Hohnbaum said. “I feel like a lot of the women we look up to followed a similar path, but there are so many different paths out there for women nowadays.”
LAKE COUNTY, IN (September 7, 2018) - The Lake County Economic Development Commission is awarding $750,000 in grants to support small businesses, specifically targeting rural and minority-owned ventures.
The initiative’s goal is to create as many jobs as possible, while also providing new buildings and industrial equipment for food processing and manufacturing companies.
ANCHORAGE, AK (September 6, 2018) - A new business accelerator Launch Alaska is funding alternative energy ventures to explore solutions for the state’s high energy usage.
“Alaska is the ideal place for an alternative energy start up today,” said Isaac Vanderburg of Launch Alaska. “It’s a great place to prove your concept and get some traction.”
MADISON, WI (September 5, 2018) - The women-led Doyenne Group hosted the 5x5x5 pitch contest last week as part of the Forward Festival celebrating Wisconsin entrepreneurs.
“While I agree it’s been a banner year for women, in general and in Madison, female entrepreneurs still face steep challenges in the startup space, especially in tech,” said CEO Abigail Barnes, of Allergy Amulet.
BISMARCK, ND (September 3, 2018) - The Massachusetts Institute of Technology launched the Oceti Sakowin Fellowship this year to connect the MIT community with entrepreneurs from the Sioux tribes with a focus on clean water, economic prosperity, affordable housing and renewable energy.
“In the Dakotas, creativity and ingenuity abound, yet so often entrepreneurs in these regions have been far too under-resourced. Together we can drive abundant collaboration for all doers in Oceti Sakowin and beyond,” tech entrepreneur Megan Smith writes.
KEANE, NH (September 1, 2018) - The new Radically Rural Conference, hosted on the streets of Keane, New Hampshire, will highlight culture, entrepreneurship and business development resources opportunities in rural New England.
“How do we have an event that emphasizes how cool it is to live in rural areas and what wonderful things are going on? That they’re great places to live, but also how do they become great places to work?” asked organizer Mary Ann Kristiansen, in her quest to establish a new approach to this subject.
NEW ORLEANS, LA (August 31, 2018) - A $6,000 Partnership Grant to New Orleans nonprofit Urban Conservancy will fund programming to educate business owners in the greater New Orleans area.
“Receiving the grant enabled us to be creative in our programming,” Abigail Sebton of Urban Conservancy said. “It is incredibly important to both create programs and to strengthen relationships between local organizations and their banking partners in the Greater New Orleans area.”
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