In 2021, Ernst & Young LLP (EY US) surveyed 1,000 Black and Hispanic/Latino entrepreneurs to understand how they were impacted by the pandemic and the social justice movement. Results showed that while Black and Hispanic/Latino entrepreneurs experienced an increase in attention and strong business performance, many of those surveyed were concerned that this wave of support would be fleeting.
Fast-forward to 2022, and the world has shifted yet again. The pandemic has shifted to an endemic phase, and business leaders are grappling with inflation, economic pressures and geopolitical uncertainties. Amid this landscape, EY US conducted a pulse survey of 250 Black and Hispanic/Latino entrepreneurs to understand any progress or challenges over the past year. Findings show that despite ongoing systemic barriers and other external challenges, Black and Hispanic/Latino entrepreneurs continue to experience revenue growth, but they have noticed a marked decline in offers of business collaboration.