💸💪🏾Moneda Moves (11): Latinas are making moneda moves
Buen día, beautiful people. Today, I'd like to share a little bit about Latina power. ♀ Latinas are often seen as consumers, but they are also a force when it comes to small business creation. Nielsen noted that more than 28 million Latinas represent the next group rising in consumer power and influence. But between 2007 and 2012, the number of Latina-owned businesses grew a powerful 87%, from 800,000 to 1.5 million firms, per Geoscape.
It is so important to celebrate a feat like this, but also crucial to note that Latinx businesses tend to be small and not likely to scale. Per the Stanford Graduate School of Business, scaled firms represent only 2-3% of the Latino-owned firm ecosystem. To me that says, if we are contributing as much money as we are to the American economy now, imagine how much more we could be doing with access to resources and capital?💰
To quote Mexican soccer player Javier “Chicharito” Hernández who coined a catchphrase for El Tri last summer:
(Rough translation: "Just picture something freaking awesome.")
There's no better time to talk about the power Latinas hold. Last week, we spoke about the contribution Latinx businesses make to the American economy -- per the United States Hispanic Chamber of Commerce, that's a whopping $700 billion. For all those interested, here is the report. USHCC's report, however, does cite a more in-depth 2017 read from Geoscape, "Hispanic Businesses and Entrepreneurs Drive Growth in the New Economy." Among its findings? Projected growth in Latinx businesses is highest in the South Atlantic region (from 2012-2017): that includes Florida, Georgia, South and North Carolina.
(Credit: Geoscape)
Onto this week's notita. Like what you read? Send it on to your partner, socio, or just asked them to hit the subscribe button: tinyletter.com/MonedaMoves.
Con poder✊🏽,
Lyanne
The Aspen Institute leads panel on Latina power✊🏽: Latinxs are influencing the nation's economy and Latinas are are leading the change. This blog post from The Aspen Institute echoes much what we've already heard about the power of Latinx businesses. However, if also focuses on identity, inclusion and earlier mentioned issues with scaling business.
If Latina-owned businesses matched other women-owned businesses, they could add $155 billion and 80,000 new jobs to the economy, per the National Women's Business Council. “Latinas are a powerful secret ingredient to the nation’s success,” Latinos and Society’s Executive Director Abigail Golden-Vazquez said.
Puerto Rican professionals settle in Miami🇵🇷: In the eight months after Hurricane Maria, Miami saw an uptick in Puerto Ricans who permanently settled in Florida -- somewhere between 30,000 to 50,000 people. NBC Latino followed a few professionals who have left their home island to make a living in Florida and earlier waves of middle and upper class professionals who made this move pre-2015. The story comes from Luisita Lopez Torregrosa.
Entrepreneur and Colombian immigrant named Hispanic Businessperson of the Year🏆: Lili Gil Valletta, CEO of CIEN+ and CulturIntel was recognized by USHCC for her work at the intersection of culture and business. Valletta helps organizations and Fortune 500 companies turns cultural trends into profits and growth. She and I also spoke at a panel on immigrant art earlier this year and she's been very vocal about equal pay for Latinas.
Emprendedoras empowering other Latinx📷: Latinas highlighted in this piece are all about knowing your worth as a business owner. A HipLatina piece penned by Virginia Isaad highlights business owners who are catering to the Latinx market. Not surprisingly, many of these brands are exploding on social media, from Hija de tu Madre to Viva La Bonita. This piece also highlights how many of these entrepreneurs do launch their businesses self-funded -- when Latinx start a venture, 70% reported that their funding comes from personal savings, according to the Stanford study.
Last weekend, a shop and community for Latinas called Trenza made its debut at the Artists & Fleas shop in Soho. We stopped by to talk with the CEO and learn more about the company's approach to empowering Latinas in business and beyond.
Trenza is making #Jefa (#boss) moves and elevating Latinas as producers, owners and investors of product as opposed to only consumers. The NYC-based company believes in the power of community and that Latinas are stronger together. Rachel Basoco, CEO and Creative Director of Trenza sees the venture as a "three-prong approach" made up of content, commerce and community. The idea is for Latinas to connect while having meaningful conversations, sharing work and investing in each other.
Per its model, when you buy a Latina-made product via Trenza, 70% goes to the creator, 20% to Trenza and 10% to a Latinx-serving non-profit. "Trenza aims to create a space for the community to step into itself," says Basoco.
Want to learn more about Trenza? The company is getting a spotlight written by yours truly on Chicago-based's La Junta made by and for professional Latinas, which is launching a website this week. For now, feel free to go give them a follow!💮
That's all for this week, folks! Hasta la proxima...keep making those moneda moves. 😉