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

SOURCE: GoDaddy

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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.

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^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}

Tweet me: Inclusive entrepreneurship means that anyone, regardless of their circumstance, should have the opportunity to pursue their own independent venture. Read the latest article by Stacy Cline, senior director of sustainability @GoDaddy to learn more. https://bit.ly/3alDYWr

KEYWORDS: NYSE: GDDY, DEI, inclusive business, Small Business Currents, Stacy Cline