STATE OF BLACK ENTREPRENEURSHIP

Photographer unknown. North Carolina Mutual Life Insurance Company officers. NCMLI was the largest black-owned insurance company in the world

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EDUCATION

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Black people, who make up about 13 percent of the U.S. population, account for only about 3 percent of scientists and engineers.

National Science Foundationhttp://www.nsf.gov/statistics/wmpd/pdf/nsf11309.pdf

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In 2006, only 2.2% of Masters degrees in electrical engineering were awarded to people who described themselves as "black, non-Hispanic".

National Science Foundationhttp://www.nsf.gov/statistics/wmpd/pdf/nsf11309.pdf

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63 percent of African American students don't graduate college within six years.

The American Dream 2.0 ReportHCM Strategistshttp://www.hcmstrategists.com/americandream2-0/report/HCM_Gates_Report_1_17_web.pdf

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ENTREPRENEURSHIP

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As long as you are a consumer, you are a beggar. You must become a producer.

Camille Cosby

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African-Americans, now facing a 15.8 percent jobless rate and declining household wealth, lag in small business ownership

Bloomberg Businessweek MagazineWanted: More Black Entrepreneurs

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The US Census counted 1.9 million Black-owned businesses in 2007, which produced $137.5 billion in revenue.

United States CensusCensus Bureau Reports the Number of Black-Owned Businesses Increased at Triple the National Rate

Nearly 1.8 million of those businesses are sole proprietors with no employees.

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The number of self-employed blacks grew by 5.7 percent from 2007 through 2009, in contrast to the 3.4 decrease experienced by self-employed whites.

Bureau of Labor Statistics

BLACK SELF-EMPLOYMENT ON THE RISE

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About 2 million of America's estimated 26 million small businesses are owned by African Americans. But only 100,000 of these black businesses have employees.Marie JohnsDeputy AdministratorSmall Business Administration

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IF EVERY BLACK-OWNED BUSINESS ADDED JUST ONE EMPLOYEE, THAT

WOULD CREATE 2 MILLION ADDITIONAL

JOBS IN THE U.S.

Ron Busby, US Black Chamber, Inc.

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INVESTMENT

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Access to capital is particularly important for African American entrepreneurs, because the lack of household wealth in the black community makes it harder for them to invest their own money in a startup or obtain funding from family members and friends.

5 Ways to Help Black Entrepreneurs Close the Wealth GapBiz Journals

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The average African American household has a net worth of $5,677 compared with $113,150 for the average white household.

Pew ResearchWealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics

Black Latino White$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

Average Net Worth (2009)

Average Net Worth (2009)

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Fewer than 1 percent of venture capital-backed tech companies in California were founded by African-Americans.

CB InsightsVenture Capital Human Capital Report

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Internet startups whose founders were black received a median of $1.3 million in venture financing in 2010…Compared with $2.3 million for companies founded by whites and $4 million for those founded by Asians

CB InsightsVenture Capital Human Capital Report

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WHY DOES BLACK ENTREPRENEURSHIP

MATTER?

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STEM EDUCATION

DECREASES UNEMPLOYMENT

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Photo credit: Flickr danieldoan

THE MORE STARTUPS WE CREATE

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THE MORE JOBS WE CREATE