Many decades ago, it is next to impossible to meet latin women leading their own businesses or company. That era is far gone when Nely Galan decided to launch her own television production company geared towards Latino audiences. It was 1989 and she faced various challenges aside from the fact that executives think her venture will not succeed.
She proved anyone wrong when in 1994 her company was incorporated and was able to produce original programs with reaching 700 episodes. Galan Entertainment then became home to one of the most popular reality series called The Swan. Now, she is the entertainment president of Telemundo.
Galan was an immigrant from Cuba and this is why she established The Adelante Movement half a decade ago. She wanted to help Latina women who dream to become entrepreneurs providing them with training, tools as well as events.
These Latina women under her program are now counted as a huge part of the total numbers of women entrepreneurs within the United States. According to State of Women-Owned Businesses Report in 2016, eight in every 10 businesses owned by women were established by women of color.
Since 2008, the number of businesses owned by Latina has grown by 137 per cent. The report revealed that this is the highest increase among all other demographic group residing in the United States. Within that period, 3.5 million businesses were established by women while only 1.6 million companies were started by men.
Though the numbers are impressive, there is still a hard truth behind these numbers. The truth is that these businesses of women of color are only earning average revenue of $70,000 annually and majority of these businesses are geared towards the service and retail industry. The main reason why almost 3 million of them started their own business is because they were unemployed since the recession happened.
Their businesses are also growing slower compared to companies started by white men because majority of the venture capitalists are comprised of white men. Despite it all, to meet Latin women who are starting to make a name for themselves is already a big leap to what it used to be decades ago.