Latino Entrepreneurs Step Up to Build Economic and Financial Growth
*From the article: Latinos entrepreneurs lack access to capital and financial know-how. Only about 1 percent of all Latino-owned businesses created between 2007 and 2012 received venture capital or angel investments. VL
By Marlena Fitzpatrick, Gozamos (5 minute read)
Richard Montañez grew up in Guasti, a small town close to Ontario, California, and barely spoke English. Montañez dropped out of high school and worked as a janitor. But he had an idea — an invention of sorts. Hoping to create something for the Hispanic community, Montañez developed his own recipe, and pitched his idea to his company’s CEO. Montañez’s recipe later became the Flamin’ Hot Cheetos, and his fearless pitch not only landed his creation in supermarket shelves worldwide, but also earned him an executive position in Multicultural Sales & Community Promotions across PepsiCo’s North American divisions.
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The Latino community is filled with stories like Montañez’s: inventors and dreamers curating life-changing and profitable ideas, while fostering an impeccable work ethic. However, the sluggish economic growth within this sector of the U.S. population poses a threat to the nation’s economy. “The Ever-Growing Gap: Without Change, African-American and Latino Families Won’t Match White Wealth for Centuries,” a study published by CFED & Institute for Policy Studies, reveals that over the past 30 years, “the average wealth of white families has grown by 84 percent, three times as fast as the rate for African-American families and 1.2 times the growth rate for Latino families.” The result? American families in financial distress reset their economic contributions into survival mode, preventing the much needed capital and entrepreneurial injection into our nation’s growth. READ MORE
