Closing the Gap: How Government Funding Can Help Minority-Led Tech Startups Succeed in the U.S.

• Author(s): Elisha Oloruntobi Adeboye ; Ekere Victor Ifeanyi ; Gbemisola Labisi
• Paper ID: 1709191
• Page: 522-529
• Published Date: 31-07-2020
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 5 Issue 1 July-2021

Abstract

Against the backdrop of rapidly shifting technology, startups are emerging at record pace. With this, capital access remains skewed toward them, particularly for groups of entrepreneurs that are underrepresented, such as minorities, and veterans. This article discusses how government grants can be a game changer in leveling the playing field, affording these entrepreneurs an equal opportunity to succeed. We look into the status of public investment in US startups and explore the systemic barriers that keep minority-owned businesses from accessing them. These range from laborious application procedures to inadequate outreach in marginalized communities. The argument is laced with real-life success stories of startups that have thrived with the help of government and offers practical recommendations on how to make grant programs more inclusive and efficient. The objective is to demonstrate that, with adequate support, founders who are underrepresented are able to build successful, innovative businesses that benefit not just their individual communities but the whole U.S. economy as well.

Keywords

Government Grants for Startups, Minority Entrepreneurship, Non-Dilutive Funding, Inclusive Innovation, Public Funding Equity

Citations

IRE Journals:
Elisha Oloruntobi Adeboye , Ekere Victor Ifeanyi , Gbemisola Labisi "Closing the Gap: How Government Funding Can Help Minority-Led Tech Startups Succeed in the U.S." Iconic Research And Engineering Journals Volume 5 Issue 1 2021 Page 522-529

IEEE:
Elisha Oloruntobi Adeboye , Ekere Victor Ifeanyi , Gbemisola Labisi "Closing the Gap: How Government Funding Can Help Minority-Led Tech Startups Succeed in the U.S." Iconic Research And Engineering Journals, 5(1)