Nasdaq Entrepreneurial Center Releases New Research on Models of Equitable Entrepreneurship Across the United States

Supported by Nasdaq and JPMorganChase, new report highlights the top states fostering inclusive entrepreneurship

SAN FRANCISCO, Oct. 7, 2024 /PRNewswire/ — The non-profit Nasdaq Entrepreneurial Center today announced the release of new research from its multi-year Venture Equity Project (VEP), supported by JPMorganChase and Nasdaq. The research focuses on two key goals: advancing equity in entrepreneurship through data-driven models for ecosystem builders, policymakers, investors, and educators and spotlighting successful programs that catalyze funding for underrepresented entrepreneurs.

The latest findings from the VEP highlight the importance of geography as an ingredient in equity, evaluating how each U.S. state shapes opportunities for Black, Hispanic, and Women founders. Each of the three key research partners advanced the research in a critical way: Penn State University’s Evidence-to-Impact Collaborative analyzed state-level legislative activity and discourse; Heartland Forward evaluated business ownership among Black, Hispanic, and Women entrepreneurs using U.S. Census data; and the Nasdaq Entrepreneurial Center provided qualitative insights from entrepreneurial models being implemented across the U.S. Together, these efforts provide a nuanced understanding of state-level impact on entrepreneurial equity.

Key findings include:

The Top 5 States Advancing Equity for Black Entrepreneurs:

Oregon
Georgia
Arkansas
Texas
Maryland

The Top 5 States Advancing Equity for Hispanic Entrepreneurs:

Florida
Louisiana
Hawaii
South Carolina
Kentucky

Top 5 States Advancing Equity for Female Entrepreneurs:

Washington D.C. (D.C. was the top territory, as included by Census data)
Colorado
Hawaii
Washington
Oregon
Wyoming

Equity Innovation Leaders

The Nasdaq Entrepreneurial Center identified seven states we call Equity Innovation Leaders, based on their commitment to driving systemic change and leading in building inclusive entrepreneurial ecosystems: Florida, Georgia, Illinois, Maryland, Michigan, North Carolina, and Texas.

Three standout states—Florida, Texas, and Georgia—are scoring high for entrepreneurship success equity and emerging as up-and-coming ecosystems for entrepreneurs overall. It may be the case that up-and-coming ecosystems are inherently more equitable than ecosystems established decades ago, and we intend to investigate this hypothesis in future research.

“No state in the U.S. has achieved true equity for entrepreneurs, but our latest research provides important location-based insights mapping how various regions are making strides towards entrepreneurial equity,” said Nicola Corzine, CEO & Executive Director, Nasdaq Entrepreneurial Center. “One thing is for certain: evidence is pointing to the fact that areas with higher rates of underrepresented business success attract more venture capital to those underrepresented businesses.”

“Understanding the role place-based solutions play in fostering inclusive access to venture capital is critical to how JPMorganChase supports entrepreneurs as they start, grow and scale,” said Shaolee Sen, Executive Director, Small Business Global Philanthropy, Corporate Responsibility, JPMorganChase. “We’re proud to support the Nasdaq Entrepreneurial Center and the Venture Equity Project in advancing important research and policy recommendations on how states can foster greater equity in the venture ecosystem.”

The complete findings from the Venture Equity Project can be found at https://thecenter.nasdaq.org/vep/.

About Nasdaq Entrepreneurial Center:

The Nasdaq Entrepreneurial Center is a non-profit committed to growing access and resources for entrepreneurs. The Center meets the real time needs of entrepreneurs through educational programming and then shares its learnings with policy-leaders, capital allocators and academic institutions.

About Heartland Forward

Heartland Forward is a policy think-and-do tank dedicated to being a resource for states and local communities in the middle of the country. We do this by studying broad economic trends and building data-driven and community-tested partnerships, programs, and policies to address the needs of the heartland – all while helping to change the narrative about the middle of the country and kick-starting economic growth.

About Penn State University Evidence-to-Impact Collaboration

“The EIC is a research center and core resource for the science of scientific impact — aiming to improve the relevance, value and use of research evidence to increase societal well-being. The EIC leverages expertise in administrative data, program design and evaluation, and researcher-policymaker relationships to optimize public and private investments. The EIC is a unit of Penn State’s Social Science Research Institute supported by the College of Health and Human Development and the Edna Bennett Pierce Prevention Research Center at Penn State.”

About JPMorganChase

JPMorganChase (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.1 trillion in assets and $337 billion in stockholders’ equity as of March 31, 2024. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq.

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SOURCE Nasdaq Entrepreneurial Center