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Are You Left Behind?

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April 28, 2020

There’s no race to the top, no prize awarded to the founder or businesses who who finishes first, has the most visibility, or survives under the largest amount of pressure.  

Among the many lessons, this unprecedented period has taught us is that:  innovation is not a zero sum game. The problem lies in equity of access. 

So this week we’re wondering: how might we create more points of entry to entrepreneurship and innovation?

Experts suspect that up to 90% of minority and women business owners were left behind from the recent tranche of federal incentives, namely, the Paycheck Protection Program. According to Brookings, even absent a pandemic-induced economic tailspin, these firms have 30% fewer employees compared to male- or white-owned businesses and yield about 50% to 90% less in average sales than majority counterparts.

Indeed, neither success nor survival depends upon someone else’s failure.  Rather, what truly matters is how we distribute resources, capital, and the opportunities. 

So, let’s start by changing how we view our entrepreneurial ecosystem.  Does it leave innovators out, or let them in?  Do we support when review skyrockets, then find greener pastures when funding dries up.  Do we limit the supply and redirect the demand towards a select few firms?  It’s up to us to acknowledge that we all have a shared responsibility to create an economy that’s inclusive, equitable and access to all.  A marketplace that is enhanced by coordination and collaboration.

Whether you fall under the category have or have not, we’re eager to connect you with the support, community and helpful partnerships to move beyond just staying afloat.  Join us for the #VCMVirtual Gathering this Thursday and don’t forget to keep the conversation going in our Slack channel.

Cheers,

Leigh-Ann / Venture Cafe Miami

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