A Stanford survey found that Latino immigrants are behind the creation of many companies, and as the Latino population grows so does the number of Latino-owned businesses.
Media Mogul Rupert Murcoch believes he has a lot in common with those business owners who gathered to hear about the new survey in Palo Alto.
“I care about America. I’m an immigrant myself. It’s difficult to get started,” Murdoch told ABC7 News.
Stanford’s Latino Business Survey provided insight into start-ups that have reached the $1 million mark in revenue. 29 percent of the businesses are owned by immigrants. 52 percent of the owners have no college degree, and 73 percent started their businesses alone.
Many of the companies, including Hello Tracks, focus on non-Latino customers. Mariana Frese is the co-founder of Hello Tracks, which helps organizations with field-based employees collaborate. “Most of our clients are based in the U.S., but I definitely see a huge potential in Asian markets specifically and in Europe markets as well,” Frese said.
But Murdoch says not to hire globally. “Great companies start up here, and they can look overseas. No problem about that. If you employ 1,000 people here and fire 500 and employ 600 cheaply in India, that’s what people are against,” Murdoch said.
The survey also discovered that 56 percent of Latino entrepreneurs used their own money or credit to start their businesses. “Why it is that some businesses aren’t taking those on early. Is it a lack of knowledge, a lack of having an in to organizations that offer that financing, or is it something else that we haven’t considered yet,” Lead Researcher Natassia Rodriguez-Ott, Ph.D said.