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For decades, Silicon Valley has held a monopoly on the tech startup industry. Some of the most successful companies of recent decades have come out of the Valley, and more startups spring from the area than anywhere else in the world. However, launching a startup in the Valley has always had severe limitations, especially for Black and brown founders. The most obvious limitation is the prohibitive cost of living in Silicon Valley. With an average house price near $1 million and the average rent inching closer and closer to $3000 , merely surviving has been a significant stress factor for most young entrepreneurs in the city. Silicon Valley’s enduring legacy of racial and gender discrimination has made everyday life particularly uncomfortable for many non-male, non-white startup founders. Over the past few years, the tech industry in cities like Seattle, Austin, and, more recently, Atlanta, have exploded. Yet, the industry seems to have overlooked one city with enormous potential:...
Minority-led businesses are thriving in California, according to a recent report from Lending Tree . Four California cities (San Francisco, San Jose, Los Angeles, and Sacramento) made it to the top 10 list of cities for minority-owned businesses. Washington, D.C., and Atlanta, which both have significant African American populations, were ranked third and ninth on the top 10 list, respectively. Photo: Lending Tree The Midwest is one of the worst regions for minority-owned businesses. Some of the region’s top cities including Cleveland, St. Louis, Milwaukee, and Detroit made their way to the bottom of the list. St. Louis came in the last place for the list of 50 cities. The report cites unregulated suburban development and discriminatory housing practices as factors for its dismal rates in long-term success for minority-owned businesses. Only 27.3 percent of these businesses last more than six years. Here’s Lending Tree’s full list of cities where minority-led businesses are succeeding.