The CEO of digitalundivided notes, ‘Don’t underestimate the potential of these new brands and businesses, because many of them are created by a new C-suite of Black and Latinx female entrepreneurs who are delivering value, influence, and driving the next economic recovery.’
As we recap the past year, we are seeing an undeniable surge in the creation of new businesses led by Black and Latinx women. This reflects the broader trend that pandemic-fueled entrepreneurship—and possibly even survivalist entrepreneurship—is on the rise. The workforce trend of survivalist entrepreneurship has been known to define businesses that are created quickly, not by choice but in response to a lack of employment, and amid extreme conditions, like this pandemic. They are often counted out as unsustainable businesses that will struggle to make profits in the long term.
Don’t underestimate the potential of these new brands and businesses, because many of them are created by a new C-suite of Black and Latinx female entrepreneurs who are delivering value, influence, and driving the next economic recovery.
The pandemic throttled the American economy and created what is widely known as a shecession, an economic and career fallout disproportionately impacting women. Last year, millions of women left the workforce in the United States, almost half of them were Black or Latinx, evidence that both the health and careers of women of color were disparately impacted. As both employees and entrepreneurs, Black and Latinx women are overrepresented in the industries hardest hit by the COVID-19 pandemic, including hospitality, leisure, and healthcare. The pandemic continues to exacerbate existing inequalities and derail decades of progress for women in the workplace.
