The Minority Businesses Matter Europe Report, the most comprehensive study ever done on the effects of minority-owned companies in Europe, was published a couple of weeks ago.
Minority-owned businesses, of which there at least 800,000, are making a significant contribution to the innovation economy in both the U.K. and the European mainland. These businesses contribute at least 570 billion euros to the economy and create wealth, jobs and innovation in sectors ranging from sustainability to healthcare.
The biggest challenges detected for minority owned businesses in Europe are;
- discrimination on the basis of their race or ethnicity;
- disconnection from mainstream business networks, and so lack contacts, contracts and capital;
- disproportionate levels of doubt about their abilities – and in particular about their ability to succeed in business.
Profiles of minority- owned businesses out of these eight European countries were covered in the report: Germany, France, Italy, Spain, the Netherlands, Sweden, Belgium and Ireland.
One big reason for success is the strengths that minority entrepreneurs tend to have, in addition to their individual qualities:
- a burning drive to succeed.
- the determination to overcome the many challenges they face and the resilience to bounce back from setbacks;
- their diversity: their diverse skills, foreign contacts, different experiences and original perspectives can also be a source of business advantage.
Additional key findings of the report include:
- The first-ever list of the top 50 minority businesses in Europe.
- Studies of the contribution of dynamic minority entrepreneurs in the tech, healthcare and sustainability sectors.
Find all details including recommendations & conslusion in the report.
Philippe Legrain, Founder of OPEN and lead author of the report, said: “Despite the huge challenges they face, minority businesses in Europe are leaders across tech, sustainability and healthcare and their contribution to the economy through valuable jobs, wealth and innovation will only continue to grow. While such successes are remarkable, ethnic minority entrepreneurs still do not enjoy equal treatment in Europe, an issue obscured by the lack of transparency around data and reporting on ethnicity in Europe. It is both smart business and a moral imperative to tackle this challenge and ensure minority businesses thrive across Europe, which is why we have compiled this report as a call to action for European governments and corporations.”
Mayank Shah, Founder and CEO MSDUK and the European Supplier Diversity Project (ESDP), said: “Minority communities and immigrants play an ever more important role in European societies, and this report shows their significant contribution to the economy. The economic inclusion of ethnic minority entrepreneurs would only ensure more resilient, lower cost and higher quality supply chains which can tap into new innovations and additional markets, it would also bolster socio-economic equality and justice, which are vital given the current economic uncertainties facing Europe.”
What about your company? Are you including your supply chain & suppliers in your D&I efforts ?
Check out these LinkedIn posts on the same topic from:
- OPEN Network; https://www.linkedin.com/posts/open-political-economy-network-open_minoritybusinessesmatter-activity-6977970190454005760-L6kA?utm_source=share&utm_medium=member_desktop
- MSDUK (Minority Supplier Development UK): https://www.linkedin.com/embed/feed/update/urn:li:share:6980090602184962048