This 10th annual State of Latino Entrepreneurship (SOLE) Report provides a comprehensive analysis of Latino/a-owned businesses (LOBs), exploring a decade of growth, challenges, and future opportunities. Drawing on the 2024 Stanford Latino Entrepreneurship Initiative (SLEI) Survey of U.S. Business Owners, comparative benchmarks (i.e. White-owned businesses), and census data, the report highlights trends and insights regarding the changing entrepreneurial landscape. With over 10,000 survey responses, this report underscores the significant role Latino entrepreneurs play in shaping the U.S. economy.
Currently, Latinos account for over 70% of the overall increase in the U.S. population (U.S. Census, 2024). Economically, the value of goods and services produced by Latinos in the U.S. reached $3.6 trillion in 2022, making it the fifth-largest economy globally, surpassing the GDPs of the United Kingdom and India. Driving this economic impact is the rapid growth of Latino-owned businesses, which significantly contribute to job creation and economic diversification.
The SLEI survey includes Latino-owned employer businesses (LOBs), with at least one paid employee aside from the owner, generating at least $10,000 in annual revenue, and White-owned employer businesses (WOBs) with the same criteria.
In this report, we explore trends related to a post-pandemic rebound and the resilience of the Latino business segment. Key themes include:
- Funding challenges, procurement opportunities, and resilience in the face of obstacles.
- Trends in technology adoption and green practices driving operational advancements.
- Employment trends and the quality of jobs created by Latino-owned businesses.
- Insights into industry distribution and business performance metrics.
This milestone report reflects on the evolution of Latino-owned businesses, reveals critical progress, identifies persistent gaps, and provides insights to guide business leaders, policymakers, and investors in supporting the continued development of this vital entrepreneurial segment.
Additionally, the Latino Business Action Network (LBAN), our partner in developing this report and the SOLE Summit, has published a companion white paper based on the research findings. It offers insights on policy and business actions to level the playing field for all firms, including Latino and minority-owned businesses, and drive U.S. economic growth. For more information, access the white paper here: bit.ly/SOLE-KeyStrategies.