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Thursday, July 17, 2014

Black Businesses Are Booming in… Brazil (Yes, the country!)

Black Business booming in Brazil

Rio de Janeiro, Brazil — Nearly 80 percent of Brazil’s new members of the middle class are Black, according to a recent report from TheRoot.com. Apparently, these Afro-Brazilians are benefiting hugely from a great economy and a government program that aims to reduce income inequality.

Black Brazilians’ income has grown by more than 100 percent

According to the Brazilian government, the country’s middle class has grown by nearly 40 percent in the last 10 years alone. This has allowed the incomes of black Brazilians to also grow by as much as 123 percent between 2000 and 2012. Naturally, this has allowed many of these middle class newcomers to fund and start their own businesses.

Adriana Barbosa, an Afro-Brazilian entrepreneur, comments, “It is a highly promising segment. Today people self-declare as black, and … there is entrepreneurial opportunity. The market needs to see this population. There are few companies developing products specifically for blacks.” In order to help the cause, Barbosa created a very successful annual cultural fair that allows hundreds of black exhibitors to showcase their various products and services. Since 2002, it has helped thousands of entrepreneurs get their start.

The good news

According to the Brazilian Institute of Geography and Statistics, there was a 29 percent growth in entrepreneurship among blacks in Brazil from 2001 to 2011.


SOURCE: www.BlackBusiness.org