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By Chris Lisinski, State House News Service April 8, 2021 Chris Lisinski, State House News Service Massachusetts must increase entrepreneurship among people of color to help counteract a years-long decline in the number of new startups launching annually, and achieving that goal will require expanding support for minority-owned businesses, a new report concluded. Between 2005 and 2018, fueled by industry consolidation, the number of new Bay State companies with employees formed every year dropped by 47 percent, MassINC and the Coalition for an Equitable Economy wrote in a report published on March 30. Minority-owned business numbers are growing, which MassINC research director Ben Forman said is a “promising sign” for the entrepreneurship outlook, but white residents remain about 2.5 times more likely to own a business than Black residents.

Bay stateUnited statesMike kennealyAntonio cabralEric lesserBen formanOffice of administrationBoston black hospitality coalitionLegislature economic development committeeEconomic developmentSupplier diversity officeEquitable economyNia graceCorner barBoston black hospitalityEconomic development secretary mike kennealy