Will the Real Job Creators Please Stand Up?
With an unemployment rate of 9.1%, ”Job Creation” seems to be the new rallying cry for both Democrats and Republicans this election season. But who are these mythical job creators and how can we help empower them?
According to the US Small Business Administration, entrepreneurs have created 65% of new jobs in the past 15 years. However, one in three small businesses don’t have adequate access to capital.
Recently, Washington has been taking steps to embrace crowdfunding startups with President Obama proposing changes to regulations in his speech on the American Jobs bill. ProFounder is one company fighting to make it easier for entrepreneurs to raise money from friends and family in a structured and regulated environment. You can listen to ProFounder co-founder Dana Mauriello testify before the House Committee on Oversight and Government Reform here and read about her entire experience here. Seeing first hand the impact that crowdfunding can have on the lives of entrepreneurs and the communities that they serve as an investor in ProFounder’s first participant Uncle Clay’s House of Pure Aloha, I can only hope that Washington embraces the movement.
Starbucks CEO Howard Schultz also has some big ideas on how to get capital into the hands of deserving entrepreneurs. Partnering with the Opportunity Finance Network, the Starbucks Foundation has launched a new program called Create Jobs for USA, which will provide capital grants to select Community Development Financial Institutions. CDFIs are usually non-profit organizations that specialize in providing loans to underserved community ventures. For every $5 that Starbucks is able to raise through the sale of those stylish “Indivisible” wristbands, $30 of additional financing will be generated through the efforts of the Opportunity Finance Network to back local entrepreneurs.
Putting his money where his mouth is, Schultz has already donated the first $5 million through the Starbucks Foundation and is covering all of the marking and operating costs associated with the new program. Wristbands will be sold at Starbucks nearly 7,000 stores across the US.
Truly embracing their tagline “Americans Helping Americans,” it is inspiring to see major corporations using their resources to take a swing at big national issues like unemployment. Schultz has also extended the opportunity to other national retailers to participate as well. Let’s hope that the more CEOs take the title of job creator to heart and step up to the challenge.
Join in the movement by donating on their website or by picking up a wristband in Starbucks stores starting November 1st!
- We Can All Become Job Creators by Joe Nocera - New York Times
- Create Jobs for USA - Starbucks Blog
- Create Jobs for USA - Official Page
- ProFounder Goes to Washington - ProFounder Blog
- joshuawo posted this