How the Project Came to Life
Recognized for her provocative, progressive and insightful observations, Dr. Julianne Malveaux, an economist, author and commentator, is the President and CEO of Last Word Productions, Inc, a multimedia production company. Described by Dr. Cornel West as “the most iconoclastic public intellectual in the country”, Dr. Malveaux’s contributions to the public dialogue on issues such as race, culture, gender, and their economic impacts, are helping to shape public opinion in 21st century America.
Why Minority Business in the 21st Century?
“Minority Business in the 21st century is a result of research and work I am doing on a separate project, “The Malveaux Report,” a weekly television program, in production, that explores critical issues confronting African Americans, Latinos, and other minorities from an economic perspective. As I was researching topics for Malveaux Report, I started to look at the data on minorities and business and found that there were numerous exciting and also concerning conclusions regarding minorities and business. I started looking deeper into various reports that were being released, census data, and other websites. I had conversations with colleagues and realized that there was a great need to really break down the trends, statistics, challenges and opportunities for minorities in business. I wanted to be part of a conversation that took an in-depth look at our success, our challenges, and our opportunities for solutions. ”
Were you pleased with the outcome of the show?
“Absolutely. I think our expert panel brought incredible knowledge and candor to the conversation. They touched on numerous points that as a whole created a strong context for future conversations and offered some great advice for prospective entrepreneurs. I was delighted by the profiles on many of the successful small businesses, and appreciated the diversity both in terms of race but also industry. It was good to see minorities in areas of finance, technology, and service industries. I think it is also a good educational tool and a strong catalyst for continued conversation.”
What stands out for you as a challenge for minority business?
“There are a number of challenges, for minorities when it comes to business, including access to capital, historical factors, the backlash against affirmative action and resistance against set asides, I could go on and on. But, I think one of the largest challenges is purely education and consistent candid conversation about the realities of what it takes to be a minority in business in this country. Clearly we have traveled a tremendous road and come a long way, particularly given the factors against us. Still, when you can say that the top 100 businesses in this country sit down at a table – and there is not one African-American sitting amongst them, there is a problem; particularly given the demographic shift in this country.”
How do demographics play a role?
“Well the face of this country is changing. It is exciting, but when you look at the number of minority businesses comparatively, the disparity is tremendous. And when you add the amount of money that minorities spend in this country, the disparity is alarming.”
In your opinion then, what does the future hold for minority business?
“I say in the show, it would be a shame if the minority business boom that we’ve experienced became a bust because we weren’t paying attention. Minority business owners are in a good position, but it could become a precarious one if some important trends and characteristics don’t change. I find it encouraging that so many young people are interested in entrepreneurship, we have to mentor and educate them on what it really means to own a business. We have to spend our dollars wisely and support minority businesses in every industry. We have to be creative in our choice of business, look at non-traditional industries and widen our scope of expertise. But overall we have to be honest about where we are in this country, look at our strengths and weaknesses and work hard to make sure that we play an active role in creating a vibrant future for our communities through our businesses.”
