Supported by Nasdaq and JPMorganChase, new
report highlights the top states fostering inclusive
entrepreneurship
SAN
FRANCISCO, Oct. 7, 2024 /PRNewswire/ -- The
non-profit Nasdaq Entrepreneurial Center today announced the
release of new research from its multi-year Venture Equity Project
(VEP), supported by JPMorganChase and Nasdaq. The research focuses
on two key goals: advancing equity in entrepreneurship through
data-driven models for ecosystem builders, policymakers, investors,
and educators and spotlighting successful programs that catalyze
funding for underrepresented entrepreneurs.
New Venture Equity Report highlights the
top U.S. states fostering inclusive entrepreneurship
The latest findings from the VEP highlight the importance
of geography as an ingredient in equity, evaluating how each
U.S. state shapes opportunities for Black, Hispanic, and Women
founders. Each of the three key research partners advanced the
research in a critical way: Penn State
University's Evidence-to-Impact Collaborative analyzed
state-level legislative activity and discourse; Heartland Forward
evaluated business ownership among Black, Hispanic, and Women
entrepreneurs using U.S. Census data; and the Nasdaq
Entrepreneurial Center provided qualitative insights from
entrepreneurial models being implemented across the U.S. Together,
these efforts provide a nuanced understanding of state-level impact
on entrepreneurial equity.
Key findings include:
The Top 5 States Advancing Equity for Black
Entrepreneurs:
- Oregon
- Georgia
- Arkansas
- Texas
- Maryland
The Top 5 States Advancing Equity for Hispanic
Entrepreneurs:
- Florida
- Louisiana
- Hawaii
- South Carolina
- Kentucky
Top 5 States Advancing Equity for Female
Entrepreneurs:
- Washington D.C. (D.C. was the
top territory, as included by Census data)
- Colorado
- Hawaii
- Washington
- Oregon
- Wyoming
Equity Innovation Leaders
The Nasdaq Entrepreneurial Center identified seven states we
call Equity Innovation Leaders, based on their commitment to
driving systemic change and leading in building inclusive
entrepreneurial ecosystems: Florida, Georgia, Illinois, Maryland, Michigan, North
Carolina, and Texas.
Three standout states—Florida, Texas, and Georgia—are scoring high for
entrepreneurship success equity and emerging as up-and-coming
ecosystems for entrepreneurs overall. It may be the case that
up-and-coming ecosystems are inherently more equitable than
ecosystems established decades ago, and we intend to investigate
this hypothesis in future research.
"No state in the U.S. has achieved true equity for
entrepreneurs, but our latest research provides important
location-based insights mapping how various regions are making
strides towards entrepreneurial equity," said Nicola Corzine, CEO & Executive Director,
Nasdaq Entrepreneurial Center. "One thing is for certain: evidence
is pointing to the fact that areas with higher rates of
underrepresented business success attract more venture capital to
those underrepresented businesses."
"Understanding the role place-based solutions play in fostering
inclusive access to venture capital is critical to how
JPMorganChase supports entrepreneurs as they start, grow and
scale," said Shaolee Sen, Executive Director, Small Business Global
Philanthropy, Corporate Responsibility, JPMorganChase. "We're proud
to support the Nasdaq Entrepreneurial Center and the Venture Equity
Project in advancing important research and policy recommendations
on how states can foster greater equity in the venture
ecosystem."
The complete findings from the Venture Equity Project can be
found at https://thecenter.nasdaq.org/vep/.
About Nasdaq Entrepreneurial Center:
The Nasdaq Entrepreneurial Center is a non-profit committed to
growing access and resources for entrepreneurs. The Center meets
the real time needs of entrepreneurs through educational
programming and then shares its learnings with policy-leaders,
capital allocators and academic institutions.
About Heartland Forward
Heartland Forward is a policy think-and-do tank dedicated
to being a resource for states and local communities in the middle
of the country. We do this by studying broad economic trends and
building data-driven and community-tested partnerships, programs,
and policies to address the needs of the heartland – all while
helping to change the narrative about the middle of the country and
kick-starting economic growth.
About Penn State University
Evidence-to-Impact Collaboration
"The EIC is a research center and core resource for the science
of scientific impact — aiming to improve the relevance, value and
use of research evidence to increase societal well-being. The EIC
leverages expertise in administrative data, program design and
evaluation, and researcher-policymaker relationships to optimize
public and private investments. The EIC is a unit of Penn State's Social Science Research Institute
supported by the College of Health and Human Development and
the Edna Bennett Pierce Prevention Research Center at Penn State."
About JPMorganChase
JPMorganChase (NYSE: JPM) is a leading financial services
firm based in the United States of
America ("U.S."), with operations worldwide. JPMorganChase
had $4.1 trillion in assets and
$337 billion in stockholders' equity
as of March 31, 2024. The Firm is a
leader in investment banking, financial services for consumers and
small businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan and Chase
brands, the Firm serves millions of customers in the U.S., and many
of the world's most prominent corporate, institutional and
government clients globally.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company
serving corporate clients, investment managers, banks, brokers, and
exchange operators as they navigate and interact with the global
capital markets and the broader financial system. We aspire to
deliver world-leading platforms that improve the liquidity,
transparency, and integrity of the global economy. Our diverse
offering of data, analytics, software, exchange capabilities, and
client-centric services enables clients to optimize and execute
their business vision with confidence. To learn more about the
company, technology solutions and career opportunities, visit us
on LinkedIn, on X @Nasdaq.
Media
Nasdaq Entrepreneurial Center
thecenter@extensionpr.com
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SOURCE Nasdaq Entrepreneurial Center