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by Yvette Carnell
Black unemployment is at an all-time high but, according to Mike Green, CEO of BlackInnovation.org, blacks have totally misunderstood why unemployment is high and what they can do about it. In an exchange with me about what went wrong and where the U.S. economy is headed, Green shed some light on what has to happen in order for the black community to regain its footing in the 21st century economy:
The process that catalyzed moving jobs overseas was the private equity and venture capital industry, professionalized by Rockefeller’s Venrock in 1969 with its investment in Intel. That process exploded into more than 600 VC firms today (how many is that per month since 1969?) and more than 300,000 angel investors (SEC requires a minimum of $1M net worth, not counting residential property, plus at least $200K per year annual income to be considered a qualified investor and “angel”). This landscape of investors put $52B into roughly 70,000 companies just last year alone. This type of risk capital was the fuel that ignited a skyrocketing space of startup companies, which the Kauffman Foundation states unequivocally are responsible for ALL net new jobs in America since 1980 (Jimmy Carter).