In honor of Pride month, StartOut is proud to announce a new collaboration with JPMorgan Chase in the development and launch of the StartOut Pride Economic Impact Index, as part of JPMorgan Chase’s $150 million Small Business Forward initiative to invest in underserved entrepreneurs. StartOut is the largest national non-profit organization to support LGBTQ entrepreneurs.
An industry first, the StartOut Pride Economic Impact Index (SPEII) will be an agile online tool for governments (especially municipalities), investors, ecosystem builders, and founders to collaborate on improving enabling environments for founders of diverse backgrounds, and make informed decisions based on their predictive economic impact. By leveraging massive online datasets in as close to real-time as possible, the SPEII will demonstrate the economic contributions and growth opportunities through the creation of more welcoming environments; and conversely, the profound negative impact of discrimination on job creation, angel and venture funding, and other metrics.
There is no reliable data on the contributions of LGBTQ entrepreneurs. However, the gender gap between privileged men and underprivileged groups in terms of pay, e.g., has been well documented and continues to hinder innovation and job creation in the US. Moreover, the Wall Street Journal in late 2018 reported on the equity gap between women and male employees at start-ups, with the former earning just 47 cents on the dollar. To address disparities like these, JPMorgan Chase is working with StartOut to bridge that gap and provide equal access for underrepresented groups.
Ted Archer, head of Small Business Forward for JPMorgan Chase, stated: “Creating an environment where all Americans have a chance to share in economic opportunity requires collaboration of business, government, nonprofit and other civic organizations. Getting reliable data in near real-time will enable decision-makers to make data-driven investments to spur growth, and we are proud to support StartOut in this ground breaking endeavor.”
Andres Wydler, StartOut’s executive director, added: “Mayors, investors, and founders want to support our community, but there is no data available to quantify the tremendous contributions of LGBTQ entrepreneurs. We are most excited about JPMorgan Chase’s generous support, as the SPEII will fill that critical gap and provide a powerful tool to level the playing field.”
The StartOut Pride Economic Impact Index is scheduled to launch later in the year. The adaptive, interactive website will be widely accessible on www.startout.org.