DATA | ENTREPRENEURIAL GROWTH
Equitable Entrepreneurial Growth
Some of the largest barriers that minority entrepreneurs face are lack of financial capital and awareness or access to markets in which to sell products. Adopting an equitable economic strategy that prioritizes growing minority-owned business in St. Petersburg is paramount to reducing the enormous wage gaps that exist between St. Petersburg’s White and Minority communities.
Growing Minority businesses have proven direct economic effects:
- More likely to hire minority employees
- More likely to increase economic activity in low-income communities
St. Pete's entrepreneurial ecosystem
Although numbers of minority-owned firms have increased, very few have employees—meaning most are one-person businesses. In fact, only about 2 out of 200 Black workers own a business in St. Petersburg that has paid employees—a rate lower than both the Florida average for Black workers and far below all other race/ethnic groups.
Out of all race/ethnic groups in St. Petersburg, White businesses with paid employees are the only category which exceeds the state averages for annual receipt value. White business owners with employees in St. Petersburg claim nearly 6 times more value in annual receipts than that of Black and Latinx businesses.
