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When it comes to diversity in business, location could have an impact. Compared to all of the other states, Georgia had the highest number of African-American owned businesses with a little over 256,000. Florida was a close contender.

The metropolitan city with the highest percentage of African American-owned businesses was Detroit at 77 percent. Memphis was the next closest at 56.2 percent. When it comes to sheer numbers of firms led by Hispanic, Asian and African-American entrepreneurs, New York and California had the highest numbers.

Perhaps the lack of diverse entrepreneurs is reflective of the lack of diversity in funding and venture capital. When VC firms with over $160 billion in assets were analyzed by Social Capital and The Information, they found that:

  • 78% of senior invest members are white
  • 29% are Asian
  • 1% are either Black or Hispanic

Of the 71 firms studied, 21 had only white teams. Venrock investor Richard Kerby conducted an analysis of 200 venture firms and found similar results.

What does the lack of minority entrepreneurs mean for business?

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