💸Moneda Moves (36): If Latino GDP were its own country...
Feliz viernes, mi gente! Hispanic Heritage Month has descended upon us and it's a good a time as any to engage in conversations about the community's role and contributions to the American economy. Spoiler alert -- they're big ones. Let's start with the numbers:
If Latino GDP were its own country, it would be the seventh largest in the world, according to the Latino Donor Collaborative
In 2015, Latinos were responsible for $2.13 of gross domestic product, per the Latino GDP Report
87% of Hispanic entrepreneurs plan to expand their businesses this year, according to a Bank of America Report. Reminder: Hispanics also lead the way in small business creation
(Credit: Latino Donor Collaborative)
Personally, I am an advocate of honoring Hispanic and Latinx Heritage Day 365 days a year, but this month proves to be effective for engaging corporate companies in conversations about how to work with and uplift the community. I'd encourage Latinx and those supporting the community to attend these discussions and see what projects they can get rolling for the rest of the year to effect change in representation, education and raising capital for the community. A bonus feature: In today's newsletter we have some food for thought at the bottom on the very term "Latino." I'd love to hear your thoughts on a Latinidad piece published in The Nation earlier this week.
In the meantime, onto this week's moneda highlights.
Con poder✊🏽,
Lyanne
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Keep tabs/cuentas on what's happening at the intersection of Latinx and money.
Companies in Dallas and beyond sign on to the Hispanic Promise: If you work in corporate America, you have probably heard of this pledge floating around: The "Hispanic Promise." So what is it promising exactly? Here's the skinny: Big companies are signing the promise to commit to hire and retain more Latinos in leadership positions within the workplace. The pledge was launched at this year's World Economic Forum by Claudia Romo Edelman, the Mexican-Swiss diplomat and founder of We Are All Human, a nonprofit dedicated to to advancing equity, diversity and inclusion.
Edelman touts the initiative as a way to start conversations about diversity in leadership roles in corporate America. (Full disclosure: Nasdaq, which I work for, has also signed this initiative.) Advancement in this area would be crucial for Dallas, where Latinos make more than 40% of the population, The Dallas Morning News writes.
Workers are fleeing "The Poultry Capital of the World": You may know Georgia as a top producer of peaches and peanuts...but perhaps it is a lesser-known fact that it is also the largest poultry producing state in the nation. That's because Gainesville is surrounded with poultry plants producing day in and day out. Most of the workers here are Latino. It should come as no surprise given that Gainesville's Hispanic population today represents 40% of city's residents. But with recent ICE raids and increased deportations, workers have decided to take precautionary measures, meaning money loss at large for local plants. Fieldale Farms, a local poultry company, has estimated that about 400 workers fled last month following rumors of an immigration enforcement raid. The story comes from Jeremy Redmon at AJC.
Know the powerful/potentes Latinx and up-and-comers in the money world.
What it takes to get buy in from a tiburona on Shark Tank Colombia: Earlier this month, a new season of Shark Tank Colombia made its debut on television. I spoke with one of the sharks on the show, born and raised in Colombia on how she identifies companies that have the potential for exponential growth. Andrea Arnau, CMO of the idea-to-exit company Rokk3r, is all about investing in companies that are thinking about technology and how to take it global. We also talk about the need for more Hispanic investors. In 2018, only one percent of the VC industry was Hispanic, according to a recent report from investor Richard Kerby. The article written by yours truly for The Mujerista.
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Put your money/monedita where your mouth is! Some money updates for thought.
The Latino community's role in the American economy: Exactly how much does the Hispanic community contribute the U.S. economy? We cover a few of the stats you saw earlier in this newsletter and the need increased access to financial education. We kicked off Hispanic Heritage Month in New York City at Nasdaq in conversation with Global Markets Reporter Jill Malandrino. Watch our full discussion here: https://twitter.com/TradeTalks/status/1171090572255186944
(Credit: Trade Talks)
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🔥HOT TAKE🔥: For some, this month is also a fit time to challenge our perceptions of identity. In conversations taking place during Hispanic Heritage Month, note that sometimes Latinx/Latinos/Hispanic is used interchangeably in conversations about the community. If we point to the textbook, these terms (Hispanic and Latino) each mean something different, but when it comes to discussions especially during this month, does the difference come across? Studies, for instance, tend to use both terms in single reports to measure the impact of the population. Bigger picture question: In what ways does this ethnic identity of Latinidad serve and not serve the community? Is there a problem with Latinidad?
You may have seen an article by The Nation's Miguel Salazar floating around this week and if you're interested in these questions that challenge Latinidad, it's a fascinating read. He hosted an interview with a few folks with backgrounds from Latin American countries who had varying opinions on the term itself and whether they identified as being part of the Latino community. You won't agree with everyone in the forum, but it's interesting to see how folks identify and informs their politics.
(Credit: The Nation)
What's your take on Latinidad? Eager to hear your thoughts. Drop me a line.
That's all for this notita! If you like what you read, pass it on! Our subscription link: tinyletter.com/monedamoves. Hasta la proxima...
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