ORGULLO LATINOReading time: 3 minutes
Over recent years, Latin American businesses and entrepreneurship have emerged as significant contributors to the dynamic business backbone of the US economy.
And why might this be? Well, from small-scale startups to multinational corporations, Latin American entrepreneurs have a unique edge on many existing entrepreneurs: cultural heritage, alongside a growing passion and commitment to serve underrepresented communities.
María Rodríguez, a first-generation Mexican immigrant, is on a journey to bring her passion for traditional Latin American cuisine to the American market. With her grandmother's treasured recipes, María recently opened a small restaurant, "Sabores del Sur," which offers a Latin American fusion cuisine. But María is just one of many examples of Latin American entrepreneurs bringing new influences to the US market.
Driving Economic Growth through Innovation
Latin American businesses have played a crucial role in driving economic growth and fostering innovation in the United States. In sectors such as technology, finance, and consumer goods, Latin American entrepreneurs have introduced groundbreaking innovations that have permanently altered the industry. According to a recent study conducted by the Latino Business Action Network, Latinx-owned businesses in the US contribute over $500 billion to the economy annually (USA Today, 2020).
Brazilian fintech startup Nubank has disrupted the traditional banking model by offering digital financial services, providing greater access to financial tools for millions of underserved and traditionally underrepresented individuals. Roberto Gómez, co-founder of Nubank, expresses his perspective on the impact of Latin American businesses, "We bring a fresh perspective to the table, challenging established norms and driving innovation. Our commitment to inclusivity and addressing unmet needs has resonated with consumers, propelling us to success."
Job Creation and Empowering Local Communities
Latin American entrepreneurs have been instrumental in creating job opportunities and empowering local communities across the United States. Latinx-owned businesses employ over 3 million workers nationwide (US Hispanic Chamber of Commerce). The contributions of Latinx-owned businesses have been particularly significant, providing employment and economic stability across multiple regions. One such company is Goya Foods, which has become so successful that it’s one of the largest employers in the Bronx, New York.
This not only fuels economic growth but also fosters socio-economic mobility within our Latin American communities. In an interview with Forbes, entrepreneur and philanthropist Natalia Oberti Noguera emphasizes
the transformative power of Latin American businesses: "By creating jobs and investing in local communities, we have the opportunity to break cycles of poverty and create lasting change."
Cultural Influence and Market Expansion
Latin American businesses and entrepreneurship have not only contributed to economic growth but have also enriched the cultural landscape of the United States. From fashion to restaurants and new palates, Latin American entrepreneurs have introduced diverse offerings, creating vibrant marketplaces that reflect the nation's multicultural identity. For example, the Colombian-born designer Esteban Cortázar has made a significant impact in the fashion industry, merging Latin American aesthetics with global trends.
The influence of Latin American businesses extends beyond our own communities, as we successfully tap into mainstream markets. Research by the Association of Latino Professionals For America reveals that Latinx entrepreneurs have been particularly successful in sectors such as e-commerce and entertainment, attracting the attention and loyalty of diverse consumer groups. By leveraging our cultural heritage and experiences, Latin American entrepreneurs have expanded market opportunities and created innovative business models.
As noted by prominent business leader Adriana Cisneros, "Latin American businesses bring a distinct flair and perspective to the American market. Our ability to connect with consumers on a deeper level sets us apart and opens doors for growth."
Latin American businesses and entrepreneurship have emerged as powerful drivers of the US economy, fueling innovation, creating jobs, and shaping cultural narratives. Through their unwavering determination and unique perspectives, Latin American entrepreneurs have brought forth successful ventures that contribute to the nation's economic prosperity. As the United States continues to embrace diversity and foster an inclusive business environment, the invaluable contributions of our Latin American businesses will undoubtedly shape the nation's economic landscape for many years to come.