We know that entrepreneurs across the United States – women, men, Black, Latine, Veterans, LGBTQ+ and more – are contributing enormously to the success of our economy. But do we know how much? And how many more jobs could they have created or raised capital with equal access to resources?
Do you want to know? And do you want your community to get the recognition and respect it deserves for its hard-earned achievements? Then please participate in this important project.
All entrepreneurs with U.S. based startups are invited to participate. You can easily complete the survey in 2-4 minutes on this link. Participation is voluntary and all responses are held in strict confidentiality as only aggregated and anonymized insights are shared publicly.
It’s like voting, get counted HERE!
Why It’s Important
We at StartOut and Socos Labs are excited to team up with 500 Startups. This applied D&I research project reflects our joint emphasis on the power of an inclusive economy – especially as we all want to help jumpstart it after Covid-19: Create jobs, innovate, be successful – and give back.
The Indexes’ first iteration – covering female, all, and LGBTQ entrepreneurs – is live and you can gain some powerful and certainly surprising insights there – and marvel at some super fancy visualizations. The second iteration of the indexes will deepen and broaden the view, covering additional underrepresented communities and introducing intersectionality.
Every founder who has contributed to the U.S. economy counts. We are thus grateful to 500 Startups for offering their broad reach and passion for their entrepreneurs and helping us count as many entrepreneurs as possible. The goals are first to have enough insights to get a reliable picture of where we are today – always an important starting point! – and second to understand what programs and policies may help remove systemic barriers to success – with your participation in close to real-time.
Check out the U.S. Inclusion Impact Index MAP
How We Started
Socos Labs collaborated with non-profit StartOut to launch the first iteration of the Inclusion Impact Indexes, the StartOut Pride Economic Impact Index (SPEII). It provides insights on All, Female, and LGBTQ+ entrepreneurs’s economic impact to quantify the economic value of under-utilized LGBTQ+ entrepreneurs. The goal of the SPEII is to identify the unrealized potential of “out” high-growth LGBTQ+ entrepreneurs, for the benefit of the US economy at large. Now we want to do the same for other communities.
The research was initially funded by JPMorgan Chase as part of its $150M Small Business Forward philanthropic initiative to invest in underserved entrepreneurs with additional support from Ogilvy, Google, Crunchbase, Reaching Out, and the Movement Advancement Project.
To give you an example from the current SPEII, all LGBTQ+ entrepreneurs based in San Francisco have raised over $5B over the last 20 years, while their counterparts in New York have raised only $700M. And other areas of course much less. So there’s a great imbalance that investors in NY can address. There are so many more LGBTQ+ entrepreneurs in NYC who provide a great investment opportunity.
Check this out for yourself. The Inclusion Impact Indexes cover all the metropolitan areas with at least 50 high growth entrepreneurs, no matter from which community. You can explore our insights in many different ways.
The purpose of the next iterations of the Index is to understand the broader impact of economic inclusion on the lives of everyone by all entrepreneurs. It is simultaneously a dataset, an algorithm, an economic model, and a website, revealing the underappreciated impact of marginalized entrepreneurs.
Free for anyone to view and dynamically updated at least monthly, the current Index map encompasses data from volunteer founders, Crunchbase, Pitchbook with data from the US Patent Office, the Census Bureau, and numerous other sources. And most importantly, self-identified metrics from YOU!
With much gratitude for your participation,
Founded in 2009, StartOut, a national 501(c)(3) non-profit organization, is the largest national organization to support LGBTQ+ entrepreneurs with 17K members nationwide. Its mission is to increase the number, diversity, and impact of LGBTQ+ entrepreneurs and amplify their stories to drive the economic empowerment of the community. StartOut helps aspiring LGBTQ+ entrepreneurs start new companies; supports current entrepreneurs as they grow and expand their existing businesses; and engages successful entrepreneurs as role models and mentors, on its online portal and through targeted events nationwide. For more information, please visit www.startout.org.
About Socos Labs:
Socos Labs was created by Dr. Vivienne Ming after a career founding companies and nonprofits to overcome challenges in education, the workforce, and health. Socos Labs is a mad science incubator that explores messy human problems. Socos experiments with whole new visions of work, education, innovation, and inclusive economies to inform more human-centered policy. To learn more about Socos Labs, email us at email@example.com.
500 Startups programs (including accelerator programs), investor education services, strategic partnership consulting services and events are operated by 500 Startups Incubator, L.L.C. (together with its affiliates, “500 Startups”) and the funds advised by 500 Startups Management Company, L.L.C. do not participate in any revenue generated by these activities. Such programs and services are provided for educational and informational purposes only and under no circumstances should any content provided as part of any such programs, services or events be construed as investment, legal, tax or accounting advice by 500 startups or any of its affiliates.
The views expressed here are those of the individual 500 Startups personnel, or other individuals quoted and are not the views of 500 Startups or its affiliates. Certain information contained herein may have been obtained from third-party sources, including from portfolio companies of funds managed by 500 Startups. While taken from sources believed to be reliable, 500 Startups has not independently verified such information and makes no representations or warranties as to the accuracy of the information in this post or its appropriateness for a given situation. In addition, this content may include third-party advertisements or links; 500 Startups has not reviewed such advertisements and does not endorse any advertising content contained therein.
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, tax or accounting advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation, offer to sell or solicitation to purchase any investment securities, or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by 500 Startups. (An offering to invest in an 500 Startups fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by 500 Startups, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.
Charts and graphs provided herein are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Unless otherwise expressly stated, figures are based on internal estimates and have not been independently verified. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. All logos and trademarks of third parties referenced herein are the logos and trademarks of their respective owners and any inclusion of such trademarks or logos does not imply or constitute any approval, endorsement or sponsorship of 500 Startups by such owners.