There is a new group of women taking the business world by storm. According to Time, Latina women are the fastest growing demographic of entrepreneurs in the U.S. For every 10 women-owned businesses launched since 2007, eight were started by women of color, according to the 2016 State of Women-Owned Businesses Report.
Kathryn Finney, founder of digitalundivided, an organization that offers career support and training to women of color, told UnCubed, “Black and Latino women are the fastest-growing group of entrepreneurs in the US. They own 1.5 million businesses between them, up 322% since 1997.”
This is especially amazing considering they get a substantial smaller amount of funding than white male entrepreneurs. “These businesses generate an amazing $44 billion plus a year in revenue. Yet, they aren’t getting the critical financial backing they need,” said Finney. A 2014 study from the Arthur M. Blank Center for Entrepreneurship at Babson College found that companies with all-male teams were four times more likely to receive venture funding compared to teams with at least one woman.
But clearly these women are unstoppable.