By Doug Mayorga, president & CEO of the U.S. Minority Chamber of Commerce
Every year, Hispanic Heritage Month allows us to celebrate the rich tapestry of the Hispanic American culture and its countless contributions to our society, economy, and history.
Hispanic Americans, the fastest-growing demographic in the United States, have played an important role in the American economy through entrepreneurship, startup development and continue their impact through job creation.
In the past decade, Latino-owned businesses have dominated the startup industry with roughly 350,000 businesses generating over $460 billion in annual revenue and employing 2.9 million people from around the world. The tech industry is another industry where Hispanic Americans are gaining a significant share, with 19 percent being Latino-owned and employed.
The United States began as a melting pot and continues this legacy through first-generation families and individuals coming to the United States to harness America’s innovative and entrepreneurial spirit and create opportunities for their families and future generations. The American Dream is alive and well and is reflected in the millions of Latinos living in the United States and creating millions of businesses throughout the country, from coast to coast.
Take Miami, for example, where the U.S. Minority Chamber of Commerce is headquartered and where many Latinos have laid roots to achieve the American Dream. Miami has emerged as one of America’s fastest-growing technology hubs spurred by the Hispanic community, which accounts for 70 percent of Miami’s population. Thanks to Miami’s business-friendly climate, the city has also become a bustling region for small businesses to grow and thrive, with 76 percent of Miami-based businesses having one to four employees.
From restaurants and small businesses to tech startups, the Hispanic community has tapped into technology to create opportunities for their families and communities. Digital tools, e-commerce platforms, and social media advertising have revolutionized small business operations, enabling Latino-owned businesses to operate more efficiently and reach a wider audience. This translates to cost savings, revenue growth, job creation, and community support, and as the technology revolution continues to grow, tech entrepreneurship will continue to be an industry that holds endless opportunities.
Technology will only continue to remain a critical resource for Hispanic-owned businesses, opening up previously unexplored markets and opportunities. Technology has streamlined operations for owners to reach new customers, improved the customer experience, expanded outreach and helped small businesses increase their profit and grow their network.
Our elected leaders must pursue policies that promote innovation and the growth of America’s technology sector rather than hamstringing the tech tools small businesses rely on or the industry that has proven to create opportunities for all. We need to continue to uphold America’s innovative spirit for Hispanic Americans, who play a major role in our country’s economic success.