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FEDERALhearing transcript

Senate Hearing on Barriers for Diverse Tech Entrepreneurs

Original title: BARRIERS TO ENTRY IN THE TECH INDUSTRY FOR DIVERSE ENTREPRENEURS

January 1, 2020

small businessventure capitaldiversitytechnologyentrepreneurshipSBAlending

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The Frame

What this does

The hearing highlights legislative efforts to address capital access gaps for minority and women-owned tech startups through a proposed Office of Emerging Markets within the Small Business Administration.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Diverse entrepreneurs

They are the primary subjects of the proposed legislation aimed at improving access to capital.

Small Business Administration

The agency would be required to house a new Office of Emerging Markets under the proposed legislation.

What changed

Last recorded activity January 1, 2020.

What's next

Next step not available in the current record.

Summary

This document is a transcript from a 2019 Senate field hearing in Chicago focused on the challenges diverse entrepreneurs face when entering the tech industry. Senator Tammy Duckworth presided over the session, which examined data on disparities and discussed proposed legislation to create an Office of Emerging Markets within the Small Business Administration.

Key Facts

  • The hearing was held on October 3, 2019, in Chicago, Illinois.
  • In 2018, only 1% of private venture capital firms had Black decision-makers.
  • In 2018, only 1.5% of private venture capital firms had Hispanic decision-makers.
  • Black founders represented 1% of venture capital-backed startups, and Latin-x founders represented 1.8%.
  • Women held 15% of partner positions in accelerators and corporate venture firms in 2019, up from 8% in 2017.
  • Women-owned businesses grew by 58% between 2007 and 2018.
  • Women of color-owned businesses grew by 163% between 2007 and 2018.
  • Senator Duckworth and Senator Cardin introduced legislation to create an Office of Emerging Markets within the SBA's Office of Capital Access.

Frequently Asked Questions

What is the purpose of the proposed Office of Emerging Markets?
It would be responsible for ensuring SBA access to capital initiatives and programs, such as the and the Small Business Investment Company program, to better support minority and women entrepreneurs.
Who testified at this hearing?
Witnesses included leaders from the Women's Business Development Center, The Garage at Northwestern University, Small Business Majority, Hacha Products, NUMiX Materials, Inc., and GoNanny.

Why It Matters

The hearing highlights legislative efforts to address capital access gaps for minority and women-owned tech startups through a proposed Office of Emerging Markets within the Small Business Administration.

News Coverage

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Sponsors

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Emerging Markets

The hearing highlights a legislative push to formalize support for diverse entrepreneurs within the SBA structure rather than relying on general programs.

Small Business AdministrationTammy DuckworthBenjamin L. Cardin

Connected Entities

personBenjamin L. Cardin“Ranking Member of the Senate Committee on Small Business and Entrepreneurship.”Map →
personKatie Kollhoff“Witness, CEO of NUMiX Materials, Inc.”Map →
organizationSmall Business Administration“Federal agency responsible for small business support programs.”Map →
personGeri Aglipay“Witness, Midwest Outreach Manager at Small Business Majority.”Map →
personMarco Rubio“Chairman of the Senate Committee on Small Business and Entrepreneurship.”Map →
personKimberly Meek“Witness, Founder and CEO of Hacha Products.”Map →
personPatrice Darby“Witness, Founder and CEO of GoNanny.”Map →
personEmilia DiMenco“Witness, President and CEO of Women's Business Development Center.”Map →
personMelissa Kaufman“Witness, Founding Executive Director of The Garage at Northwestern University.”Map →
personTammy Duckworth“U.S. Senator from Illinois presiding over the hearing.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance60
    How much this matters to a regular citizen
  • Controversy20
    Intensity of disagreement among stakeholders
  • Entertainment10
    Compellingness for a non-policy-wonk reader
  • Buzz15
    Current news / social attention level

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