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Small businesses across the country have been struggling throughout the pandemic, and—as we have mentioned previously—businesses owned by people of color have been hit particularly hard. One element of this story that seems to have slipped under the radar is the impact of the pandemic on Asian American-owned businesses. Asian American small business-owners saw activity drop by 26% in the first two months of the pandemic and there have been few signs of any substantial rebound. This has led to the highest unemployment on record for Asian Americans and a decline in working business owners at a rate that is twice that of whites.
Asian American communities are disproportionately represented in industries that have been slow to recover from the pandemic and these entrepreneurs have dealt with serious racism and hate-fueled attacks stemming from COVID-19 misinformation. Between March and August 2020, more than 2,500 reports of bias or hate against Asian Americans were filed.
Asian American entrepreneurs are critical to our communities and economy and—especially given the increase in hate crime—we reiterate our support of all entrepreneurs from all places, races and genders to scale creative solutions and expand our economy.
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| This week Jean Case joined National Geographic Explorers Agustina Besada and Gladys Kalema-Zikusoka for an engaging conversation at the #GreenBiz conference about how businesses can play a key role in fighting environmental destruction. Watch the recording here (jump to 26:34). |
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| INCLUSIVE ENTREPRENEURSHIP |
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| North Omaha Entrepreneur Gives Back & Inspires the Next Generation |
| Community activist and entrepreneur Ashlei Spivey reminds us to reflect on how we can celebrate Black History Month. “Go to a place that you wouldn't go to, patronize Black businesses, put them in your rotation throughout the rest of the year,” she said. “I hope this month gives people hope and an intentional deep dive, but they're still committed long term to embracing and understanding Black culture.” |
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| Bumble’s IPO May Be a Feat—but VC Funding for Women is Still Scarce |
| Yesterday when Bumble CEO Whitney Wolfe Herd took her company public, she became one of the few women founders to lead her company to IPO. We applaud her success and leadership while doubling-down on the mission to extend venture capital funding to more people in more places. |
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| From Incarceration to Entrepreneurship for Returning Citizens |
| Panelists from The Brookings Institute, Howard University and more will share research on returning citizens and entrepreneurship. The discussion will focus on returning citizens and the economy—including job creation and innovation, implications for communities and policy priorities. Register for this free event on Feb 25, 2021. |
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