• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Wednesday, June 7, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
Domenika Lynch, Executive Director of the Aspen Institute Latinos and Society Program

Domenika Lynch, Executive Director of the Aspen Institute Latinos and Society Program

No More ‘Deferred’ Dreams. Latinos are Thriving

by Brenda Rees, Staff Writer, California Business Journal
A A
Share on FacebookShare on Twitter

“Now that we have a road map for the future, this is the time for implementation,” says Domenika Lynch, the Executive Director of the Aspen Institute Latinos and Society Program (AILAS), about the research that has been produced to understand the current economic challenges and opportunities of Latinos in the U.S.

Lynch was recently in Southern California at two separate events that poignantly demonstrate the economic landscape for Latinos. Held in Los Angeles, this year’s Advancing Economic Mobility Summit, hosted by Aspen Institute Latinos and Society, featured the newly released report “The Economic State of Latinos in the U.S.,” from McKinsey & Company, the prominent powerhouse consulting firm and Summit partner. The report was subtitled “Determined to Thrive,” much more upbeat than last year’s “The American Dream Deferred.”

Lynch says that a renewed sense of optimism and resiliency is fueling Latinos despite the reverberating challenges of Covid along with ongoing systemic racial discrimination. Consider that 80 percent of Latino-owned firms had sales return to pre-pandemic levels by mid-2021 and that there was a 14 percent decrease in unemployment for Latinos from the pandemic high. Latino consumers are also back to spending at pre-pandemic levels.

“U.S. Latinos are a driving force of the U.S. economy and account for the fastest-growing portion of the U.S. GDP,” describes the McKinsey report. Lynch explains that with the right support, education, and leadership, “Latinos are poised to really embrace that American Dream.”

Representation and consumer needs

The recent L.A. summit also partnered with the entertainment media outlet Variety; panel discussions examined how Latinos are represented in front of the camera and behind it. Representation of Latinos in the entertainment industry is significant for reasons beyond mere cultural awareness.

“The notion of representation and the lack of representation of people of color, of Latinos, African Americans, Asian Americans, Native Americans, was important to highlight because it does impact at the end of the day,” Lynch says. “It also affects access to capital because people perceive our communities as communities that are not sophisticated enough for a certain loan or a business.”

In addition to advocating for more representation, Lynch is encouraged by “Latino-led production companies and studios who can relay the narrative of our communities and the growth of the business – which provides opportunities and consumption power.”

Indeed, Latinos as consumers are noteworthy; it also was the deep dive focus of the L.A. summit.

Lynch explained that overall, the Latino GDP is about $2.8 trillion annually, but when you examine that statistic through the lens of satisfaction, most of these purchases of products and services were ranked low.

The McKinsey report estimates that currently, the Latino consumer base has unmet needs of more than $100 billion.

“There’s a gap here, an opportunity to grow Latino-owned businesses that could cater to those unique preferences, whether it’s food, health, and wellness, financial products, etc.,” explains Lynch. And consider that Latino culture is not monolithic. “What may work for me would not work for someone who is Cuban American or Venezuelan American. There is a lot of opportunity to grow.”

Domenika Lynch, Executive Director of the Aspen Institute Latinos and Society Program
Domenika Lynch, Executive Director of the Aspen Institute Latinos and Society Program

The Digital Future, Small Businesses Lead the Way

Other discussions involved how COVID accelerated many Latino entrepreneurs to adopt a professional digital presence for the first time or finally develop social media plans they used to shy away from.

“Upskilling is so important for Latinos, especially those who are in service sectors and construction,” Lynch says. “You can’t have a little notebook with all your accounting notes; you really have to use QuickBooks and become more professional.”

ADVERTISEMENT

When it comes to reshoring jobs in America, especially in advanced manufacturing and other high-tech industries, the Latino workforce will also need to be up to speed with these skills. Plus, having young Latinos see a career pathway is important.

Having Latino-owned companies with a digitally-skilled workforce means owners have more leverage when it comes to accessing capital to grow their businesses.

Right now, small businesses are typically left out. “There’s always a Catch-22,” Lynch says. “They are too small to get contracts, or they aren’t in the right sectors. So how do we grow them? Because small businesses could be a weapon to access capital for procurement opportunities.”

Strengthening the circular economy will help grow Latino businesses that can target those unmet needs of Latinos and, according to Lynch, strengthen local communities and economies.

Off the Ground in San Bernardino

The City of San Bernardino is one such community. It’s experienced a long bankruptcy, high unemployment, and an unsteady economic future. More than 60 percent of the population is Latino.

It’s been a year since the AILAS launched its City Learning and Action Lab here as a partnership with the Biden/Harris administration. It’s an initiative to spur economic growth using a committee approach: gather diverse local leaders to innovate and prioritize projects that can boost and sustain the local Latino business economy. Local funders are coming forward to connect to a national network (the “Build Back Better” Framework) for implementing solutions.

It’s the first program of its kind – taking place also in various cities like Chicago, San Antonio, Atlanta – and could be a model for other communities.

After the LA summit, Lynch traveled to San Bernardino to hear U.S. Education Secretary Miguel Cardona speak at the final White House Initiative Latino Regional Economic Summit of the year at Cal State University San Bernardino.

“The cabinet secretary talked about having strategic partnerships and to be your own problem solvers,” Lynch says. “The government can allocate funds, but it’s your responsibility to ensure that you can implement the solutions.”

Lynch pauses to take it all in.

“I had a lovely time at the summit in L.A., and conversations stemming from the McKinsey report were really important,” she says. “To come from that out to San Bernardino to visit with local leaders about their neighborhoods, their children, and how they want to see this moment, that gives me a lot of hope. This can really happen.”

Related Posts

5 Business Travel Tips To Make Your Trip Easier
5 Business Travel Tips To Make Your Trip Easier
Five Steps to Creating an Experiential Marketing Plan in the Tech Space
Commentary: Five Steps to Creating an Experiential Marketing Plan in the Tech Space
Fostering Growth for African Companies
Fostering Growth for African Companies
Davis Brimer, CEO, Gamisodes
Gamisodes Unites Television, Online Gaming and Digital Collectibles To Launch An Innovative Gaming Platform
nChain announces the appointment of Christen Ager-Hanssen as its new Group CEO
nChain announces the appointment of Christen Ager-Hanssen as its new Group CEO
Tags: accountingAmericanbusinessesCaliforniaconsumerscultureeconomyentrepreneursfinancialfirmfocusgrowthInstitutejobsLatinoLatinosloanlocalLosmanufacturingnetworkplansQuickBooksSanSan BernardinoSouthernSouthern Californiatargetthe current economic challenges and opportunities of LatinosUniversity
ADVERTISEMENT
Brenda Rees, Staff Writer, California Business Journal

Brenda Rees, Staff Writer, California Business Journal

Related Posts

Fostering Growth for African Companies
Fostering Growth for African Companies
5 Business Travel Tips To Make Your Trip Easier
5 Business Travel Tips To Make Your Trip Easier
nChain announces the appointment of Christen Ager-Hanssen as its new Group CEO
nChain announces the appointment of Christen Ager-Hanssen as its new Group CEO
Five Steps to Creating an Experiential Marketing Plan in the Tech Space
Commentary: Five Steps to Creating an Experiential Marketing Plan in the Tech Space
Davis Brimer, CEO, Gamisodes
Gamisodes Unites Television, Online Gaming and Digital Collectibles To Launch An Innovative Gaming Platform
ADVERTISEMENT

CBJ Newsletter

Facebook Twitter LinkedIn Instagram LinkedIn

Advertise With CBJ

Contact Rick@CalBizJournal.com

CBJ Rates and Demographics

ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN
Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • More Truth About Temu: Is Temu A Chinese Company?

    The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • 30 Best Temu Alternative Apps To Buy from Online

    2 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0

Latest Articles

Courtesy: Pexels

The Evolution of Gambling: Exploring the Future of Crypto Betting and Technological Advancements

How to Get 1,000 YouTube Subscribers (for Free!)

Why Music Sounds Better Under the Influence of Cannabis?

How Affiliate Marketing Truly Works

A Game of Chance and Destiny: Delve into the Intriguing Universe of Casinos

Courtesy: Unsplash

Why Do You Need Data Protection Software?

Mostbet brand in 2023

Exploring the Growth Potential of Delaware Statutory Trust Properties

How To Practice Self-Care When You’re Struggling With Infertility

An 8-Step Guide to Make a Music Video Like a Pro

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR