Economic opportunity will be one of the biggest deciding factors for Americans heading to the polls next week. There are obvious choices. Only one candidate presented a detailed and streamlined plan for American businesses and entrepreneurs. But in convincing the American public, Kamala Harris will have overcome the same hurdles that countless black women entrepreneurs face.
Black women have long faced an uphill battle when it comes to proving their economic power. Last year, only 2% of venture funding in the U.S. and Europe went to startups founded by women. Black-founded startups receive even less, at just 0.5% of U.S. venture funding. The U.S. Department of Commerce reports that minority-owned businesses are more likely to avoid applying for loans for fear of rejection and are less likely to be approved. They apply. A study by the Federal Reserve Board found that black entrepreneurs are nearly twice as likely to be denied a loan than white entrepreneurs.
This is a huge disadvantage for the entire U.S. economy. S&P Global estimates that the United States has missed out on more than $500 billion over the past few decades because of economic obstacles faced by Black women, and trillions of dollars because of obstacles faced by all women. I am doing it.
To unlock the full potential of the U.S. economy, we need to unleash the power of minority and women business owners, many of whom have been slow to recover post-COVID-19.
Kamala Harris is redefining economic policy with a focus on equity and opportunity for entrepreneurs. Her campaign recently launched a new plan focused on supporting businesses and economic growth. She is proposing increasing the tax break for startups from $5,000 to a whopping $50,000. This is part of a wider strategy aimed at stimulating business creation as well as highlighting Mr Harris’ commitment to an opportunity-driven economy.
This is not a new position for Harris, who has worked diligently to build bridges with the business community. As financial experts in the venture world, we see Harris as genuinely committed to fostering innovation and entrepreneurship. She is often a central figure in President Biden’s efforts to support minority- and women-owned businesses.
During her term as vice president, Harris helped create the Coalition for Economic Opportunity, a public-private partnership to address economic disparities between communities of color and the rest of the nation. The coalition of 24 companies has committed more than $3 billion in capital to community development financial institutions (CDFIs) and minority depository institutions (MDIs).
It’s no surprise, then, that over 825 of the nation’s top venture capitalists rallied behind her vision and publicly signed a pledge entitled VC for Kamala. Signatories include major hitters such as Vinod Khosla, Fred Wilson, Chris Sacca, Brad Feld and Steve Westley, as well as legendary technology founders Reid Hoffman and Mark Cuban. It will be done.
I also signed on. As a venture capitalist, I share the expectation that Vice President Harris will implement economic policies that foster innovation and lift a thriving startup ecosystem.
But as an African American venture capitalist, I see more than that. A Harris-Waltz administration will usher in an era of dramatically increased support for minority and women founders. These groups have long struggled to succeed without the support and advisory networks that traditional founders have enjoyed.
This stimulus to action from the executive has never been more important than now. Fearing political backlash and emboldened by right-wing dog whistles, companies on both the left and the right are running diversity, equity, and inclusion (DEI) programs and programs designed to uplift employees of color. Policies are being gradually reversed and abandoned. Companies like John Deere, Ford, and even Google have scaled back their DEI programs to the detriment of their employees.
Diversity is being weaponized. Given that research shows that corporate DEI programs generally work by bringing more diverse perspectives into decision-making roles, and that companies that implement them are more successful than those that do not. And that’s a strange and troubling reality.
America cannot afford to take a step back from progress. In the run-up to the election, voters need to actively take back power by fighting for democracy and against the growing divisions across the country.
Harris’ track record suggests she will maintain this inclusive approach if elected. Political polarization can pose challenges, but she has the potential to unite both parties around a common goal of boosting economic growth.
Few policies support policies that promote business and innovation as passionately as venture capitalists. Therefore, nearly a thousand of them support a candidate who uplifts the visionary and helps those who support them achieve and sustain success. This is a strong indication that they are thinking that way.
Harris is being watched as someone who could bring about change this November. The potential to bring opportunity and prosperity to economically challenged groups and communities, combined with America’s track record of support for our world-class innovation ecosystem, lays the foundation for deep prosperity across America. may be built.
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