Part of: #GalswithLEI

Small businesses have long been touted as the lifeblood of the global economy. Representing 90% of businesses worldwide, small and medium sized enterprises (SMEs) are important contributors to local and national job creation, innovation, and tax revenue. The COVID-19 pandemic and resulting economic downturn, however, hit SMEs exceptionally hard, particularly those owned by women and minorities. According to the Global State of Small Business Report which surveyed 35,000 small business owners across 27 countries, women-led small businesses were 6% more likely to close compared to their men-led counterparts while minority-owned businesses were disproportionately affected and suffered from a higher rate in closures, reduced employment, and a sharper decline in revenue. Although governments across the globe acted swiftly to support small businesses and entrepreneurs, women and minority-led businesses experienced greater difficulty accessing financial assistance and continue to face an unequal path to recovery. With the number of women and minority-owned businesses rapidly growing in recent years, these businesses play a vital role in community development and help contribute diversity to the business landscape. Their ability to acquire information, build networks, and access human and financial capital is critically important to promoting economic growth and opportunity, and their success is at the heart of an inclusive, equitable, and sustainable economic recovery.

Learn from experts, investors, and businesses leaders as they discuss the state of women and minority-owned businesses, the challenges they have faced, and the collaborative efforts and supportive measures needed for women and minority-owned businesses to not only survive, but thrive in the new post-COVID economy. Panelists will also provide insight on how to expand professional networks and access more diverse types of financing.

Panelists:

• Pocket SUN, Founding Partner, SoGal Ventures, Singapore @pocketysun
• Anna GUENTHER, CEO, PledgeMe and Changing Faces Seminar Alum, Wellington, New Zealand @where_is_anna
• Sruti BHARAT, Interim CEO, All Raise and Co-Founder, FutureMap, San Francisco, California, USA @srutful
• Marla Momi MUSICK, Business Development Manager, YWCA Oahu MBDA Enterprising Women of Color Business Center, Honolulu, Hawaiʻi, USA @mbda.ewoc.ywca.oahu

Moderator:

• Ayanna FREEMAN, CEO, Ayanna Denise Ltd. Co. and Changing Faces Seminar Alumna, Albuquerque, New Mexico, USA