Created on October 15, 2015 |
The Minority Business Development Agency applauds the stellar work that the White House Initiative on Educational Excellence for Hispanics has done during the last 25 years. We look forward to a robust partnership as we engage the growing Hispanic community in education excellence and entrepreneurial growth.
According to U.S. Census Bureau, there are roughly 54 million Hispanics/Latinos living in the United States, representing approximately 17% of the U.S. total population, making people of Hispanic origin the nation's largest minority group. Moreover, Nielsen estimated that the purchasing power of the American Hispanic community is $1.5 trillion this year. Aside from population growth and purchasing power, the impact Latinos have made on the American economy is remarkable as the number of entrepreneurs has grown tremendously over the past twenty years. From 1992 to 2012, the number of Hispanic entrepreneurs in America more than tripled, going from 621,000 to more than 3.3 million.
Despite these great achievements, many Latino entrepreneurs still face obstacles in starting and growing their business. Many of the challenges include insufficient startup capital and barriers to contracts and procurement opportunities. Nevertheless, Latinos are no stranger to overcoming obstacles and have developed their drive to succeed.
Studies now show that education is highly correlated with business success. Typically, the beacon of success for many Latinos is to become a businessperson, lawyer, or doctor. However, today’s digital age calls for a paradigm shift in the way we see ourselves achieving the American dream in terms of Science, Technology, Engineering, and Math (STEM) education and entrepreneurship. It is imperative to encourage STEM education among Hispanics who are underrepresented in undergraduate and graduate STEM programs. Hispanic students need to be exposed to a STEM-focused education at an early age and their parents and caregivers need to encourage them to develop their interests in STEM fields.
In our technologically global economy, STEM Education & Entrepreneurship is vital to becoming a viable player in today’s interconnected world. It is to the United States’ benefit to support the prosperity of Hispanic businesses because their growth will create more American jobs and income in the years to come. MBDA is excited to see how the White House Initiative on Educational Excellence for Hispanics and their accomplishments will affect the next 25 years as Hispanics embrace the core American values of opportunity and pave the way to entrepreneurial success.
Related Resources:
Nielsen Perishables Group Fresh Facts, A Fresh View of Hispanic Consumers, April 15th, 2014
The Partnership for a New American Economy, Better Business: How Hispanic Entrepreneurs Are Beating Expectations and Bolstering the U.S. Economy, April 2014.
Posted at 12:29 PM
MBDA Agency