How To Support Inclusive Entrepreneurship in Local Economies Through the Digital Age

By Stacy Cline
Senior director of corporate sustainability, GoDaddy

As the business world digitized over the last decade, it has become clear[i] that small businesses need help creating a digital presence and those in underserved communities often face unique[ii] and additional barriers[iii] to success. Recent data[iv] shows entrepreneurship is on the rise overall, especially amongst Black Americans who accounted for 26% of all new starts out of the 2.8 million more U.S. microbusinesses founded in 2020 compared to 2019.

Bolstering these businesses would promote equity and economic inclusion in low-income and minority communities and lead[v] to strengthened local, regional and national economies as microbusinesses[vi] make up 92% of U.S. businesses and are responsible for more than 41 million U.S. jobs.

Continue reading the full article here

^Endnotes

^{[i] AEO in partnership with GoDaddy, “Leveraging Digital Resources and Training for Small Business Growth and Community Benefit,” May 3, 2022; https://aeoworks.org/wp-content/uploads/2022/05/Go-Daddy-Empower-Report-2.11.22.pdf}

^{[ii] Jeffrey McKinney, “56% Of Black Entrepreneurs Say Gaining Access To Capital Is A Lingering Challenge, Lessening Their Ability To Grow,” March 1, 2021; https://www.blackenterprise.com/56-of-black-entrepreneurs-say-gaining-access-to-capital-is-a-lingering-challenge-lessening-their-ability-to-grow/}

^{[iii] New Economy Initiative, “Why Supporting Underserved Small Business Matters”; https://neinsights.org/why-supporting-underserved-small-businesses-matters/#why}

^{[iv] GoDaddy Venture Forward, “GoDaddy Venture Forward Report Winter 2021,” (2021); https://www.godaddy.com/ventureforward/wp-content/uploads/2021/12/VF-Winter-2021-Report_20211207-1.pdf}

^{[v] AEO, “Bigger than you Think: The Economic Impact of Microbusiness in the United States,” (2013); https://aeoworks.org/wp-content/uploads/2019/03/Bigger-than-You-Think-Report_FINAL_AEO_11.10.13.pdf}

^{[vi] Milken Institute, “Exploring the Role of Microbusinesses in Economic Growth and Recovery for US Cities,” (2021); https://milkeninstitute.org/sites/default/files/2021-07/Exploring%20the%20Role%20of%20Microbusinesses.pdf}