On average, Black-owned businesses start with $35,000 in capital, compared to white-owned businesses, which start with $107,000, according to a McKinsey study. Yet Black-owned businesses could add a potential $190 billion to the economy, according to a new study by Shopify.
Shopify interviewed over 500 Black entrepreneurs to understand the state of Black business in the United States and Canada. Here are its key findings:
“The public’s increased awareness of social justice movements like Black Lives Matter has led to more tangible support for Black businesses, which has Black entrepreneurs optimistic,” said Brandon Davenport, head of equitable commerce for Shopify, in a statement. “For all my fellow dreamers who are sitting on an idea and waiting for the right moment, that moment is now.”