More Black women are looking to become businesses owners, and launch their own projects – however many still face systematic barriers to entry that can limit their potential in this respect.
That’s according to the latest data from LinkedIn, which surveyed a range of Black female entrepreneurs to glean more insight into why they’re looking to start their own business, and the challenges that they face.
“During the pandemic, 17% of Black women said they were “in the process” of starting a new business compared to just 10% of white women and 15% of white men. While these stats are impressive and show the resilience and determination of Black women, they are 2X as likely to be turned down for business loans; further, only 3% of Black women founders are running mature businesses.”
That’s a disparity that needs to be addressed, and LinkedIn is committed to doing what it can to support and lift Black women in their business journeys.
“For Black women, entrepreneurship is a passion. It is a means to create economic opportunity and to build generational wealth. The outcome we are committed to is equity. If we care about equity, we must overcome long standing systemic issues, investing time, energy, network support and funding. Black women are building remarkable startups with amazing potential and scale. This is the compelling leadership opportunity at the heart of this work.”
To provide more insight on this LinkedIn has published the below infographic, which outlines the key opportunities, and challenges, for Black female founders.