Worcester Business Journal

24 Worcester Business Journal | October 28, 2024 | wbjournal.com 35th Anniversary WBJ Get the Care, Clarity, and Confidence Your Business Deserves. FidelityBankOnline.com | 800.581.5363 Get more from your banking relationship with small business solutions from Fidelity Bank. Our BusinessWorx checking accounts help you manage your cash flow, plus you can easily accept electronic payments for your business with our convenient merchant services. Clarity. Confidence. number of local employees since 2017 and 2016, respectively. According to the Massachusetts non- profit Unidos In Power, Massachusetts has more than 30,000 Latino-owned busi- nesses. With the right support, Cruz said even more Latino-owned businesses will flourish. "ere is no reason why these Latin busi- nesses should not succeed," she said. Cruz said state funding initiatives such as the state's Urban Agenda Grant Program, aimed at boosting community economic development, are particularly beneficial to minority-owned businesses. For LABO, the program has helped fund its workshops and trainings for minority entrepreneurs. Tailored support e importance of programs tailored to promote diversity in entrepreneurship is championed by Racquel Knight, the Worcester region director of the Center for Women & Enterprise. When Knight moved to Worcester 10 years ago, she said the region's business ownership landscape was more homog- enous than it is today. She's witnessed a significant shi in demographics with more women, people of color, and immigrants stepping into entrepreneurship. 'Now we're experiencing more vibrant diversification of industries led by these new demographics," said Knight. Knight credits StartUp Worcester, a col- laboration between the Worcester chamber; the Venture Forum investor collective; and WorcLab, a downtown incubator, for helping open doors for her when she was starting her nonprofit For One Child Foundation. "It's not a one-size-fits-all approach," Knight said. "We need to collaborate more to ensure that the processes and structures are in place for women of color, people of color to access and benefit from these resources. Driving economic innovation When we have business owners who come from different backgrounds and cultures, they offer unique perspectives that drive innovation, Knight said. "ese perspectives oen lead to the creation of products and services that cater to the needs of more varied customer bases, strengthening local markets, and this kind of innovation, it fuels economic growth and keeps communities competitive on a global scale," she said. Diversity is crucial for the economic benefits it brings and for the sense of social equity and justice it fosters within our communities, Knight said. And in the long term, continuing to promote diversity in the entrepreneurial ecosystem is going to prove essential to not only the sustainability of Central Massachusetts, but of the state as a whole. "As we work to create a more inclusive business environment, we can strengthen the economy and ensure that everyone, regardless of background, has the opportu- nity to thrive," Knight said. Continued from previous page Briana Azier opened Bri's Sweet Treats at Worcester Public Market in 2023 and announced earlier this year that the popular confectioner would launch a location at the DCU Center. Isaiah Tatum and Noel Stemn, owners of Woo Juice, which opened in early 2023 in the Mid- town Mall in Worcester, benefitted from a $2,500 grant for Black-owned businesses.

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