Welcome to the SPEII! We sincerely hope that this portal will help you, municipalities, investors, ecosystem builders, grantors, and other decision makers, make informed decisions based on the latest data, rather than assumptions, for you to reap the benefits of your support of minority entrepreneurs.
Socos Labs and StartOut
How to use the Index
(Desktop only for now)
- The default view shows national Means in Map view for LGBTQ+ high-growth entrepreneurs since the year 2000.
- Select Means or Totals to get the respective data for all views.
- Select Map, Plot or Chart views to view the data in different ways.
- In Map view, mouse over or click on a Metro area. The Metro Data to the left then shows the Index score, counted and estimated actual contributions, the achievable potential, and how they compare to Everyone else (grey on/off button). The Industry Fingerprint shows the relative size, and colors indicating the achievement gap.
- In Plot view, select the X and Y axes and explore the insights.
- In Chart view, select the data to explore.
- Switch Population to Female to get insights for female high-growth entrepreneurs for comparison.
- Switch Population to Everyone to get insights for all high-growth entrepreneurs across the US.
The SPEII includes only high-growth entrepreneurs, i.e. entrepreneurs who were (co-) founders or employees prior to their company meeting at least one of the following criteria:
- received any amount of Venture Capital funding, or
- received at least $1M in Angel funding, or
- generated at least one patent and has created jobs beyond the founding team, or
- had an IPO or been acquired by another company.
These high-growth companies are contributing the majority of net impact, hence the restriction.
Only Metropolitan areas with a minimum of 50 growth entrepreneurs in total (not just LGBTQ+) are included. The graph flags areas with statistical outliers that may skew your insights.
The SPEII includes aggregate data since the year 2000 and we update the feed at least once monthly.
We ask for your help to continuously confirm the inclusion of every “out” LGBTQ+ entrepreneur. If you are or know of an “out” LGBTQ+ entrepreneur, please send us their information so we can confirm they are included in our analyses. The SPEII only includes confirmed self-identified LGBTQ+ entrepreneurs. All individual data is kept strictly confidential and no identifiable data is shared with anyone.
What does the StartOut Pride Economic Impact Index Measure?
- Impact, in terms of jobs created, funding raised, patents filed, and exits by high-growth entrepreneurs; actual measured data and estimated actuals based on a best-in-class peer analysis and the likely number of hidden LGBTQ+ entrepreneurs in each Metro, and an Index number based on these data points.
- The achievable, unrealized potential economic impact based on best-in-class peer performance in other Metro areas for the LGBTQ+ population.
- Comparisons between actual performance and unrealized potential.
Over time, we will add insights about correlations of programs and policies, and in turn a Metro’s respective Index number change over time.
We include only those Metro areas for which we identified at least 50 growth entrepreneurs. This restriction ensures that the reported data is representative of the true entrepreneurial population, and identifies areas of less impactful entrepreneurial activities as defined here. For a Metro, not to be included is in and of itself valuable data.
The size of the circles measures the scale of the impact, both in Means and Totals views, and the color represents the achievement gap, i.e. how well a Metro is doing compared to what is achievable for that Metro. Red Metros have a huge amount of unrealized economic potential while green cities have realized more of their achievable impact.
Dynamically updated at least monthly with the latest data sets, the initiative considers data on millions of U.S. entrepreneurs, identifies the approximately 85K growth entrepreneurs among them, and compares actual output of “out” LGBTQ+ entrepreneurs with their peers. To include entrepreneurs and their contributions, we leverage StartOut’s data, data mining on publicly available data on 37+ public sites, data suppliers on privately held companies, data suppliers on policies, and other public sources, and analyze all that data with a proprietary artificial intelligence engine. At least monthly data updates will continuously improve the granularity of data and insights. We calculate the Achievable potential based on a multi-step calculation.
The Index number is computed by adding the four normalized sub-factors of patents, funding, jobs and exits together and mapping it to a 100-point scale to give a measure of the “economy” for LGBTQ+ entrepreneurs.
We’d love to hear from you as we continue to improve the initiative. Please share your thoughts with us by emailing firstname.lastname@example.org.
Key Contributors and Supporters
This research was made possible by the JPMorgan Chase & Co. through Small Business Forward, a five year, $150 million philanthropic initiative connecting underserved small businesses with the capital, targeted assistance, and support networks to help them grow faster, create jobs and strengthen local economies. The views and opinions expressed in this resource are those of StartOut and do not necessarily reflect the views and opinions of JPMorgan Chase & Co. or its affiliates.
About Socos Labs:
Socos Labs was created by Dr. Vivienne Ming after a career founding companies and nonprofits to overcome challenges in education, the workforce, and health. Socos Labs is a mad science incubator that explores messy human problems. Socos experiments with whole new visions of work, education, innovation, and inclusive economies to inform more human-centered policy.
Founded in 2009, StartOut, a national 501(c)(3) non-profit organization, is the largest national organization to support LGBTQ entrepreneurs with 17K members nationwide. Its mission is to increase the number, diversity, and impact of LGBTQ entrepreneurs and amplify their stories to drive the economic empowerment of the community. StartOut helps aspiring LGBTQ entrepreneurs start new companies; supports current entrepreneurs as they grow and expand their existing businesses; and engages successful entrepreneurs as role models and mentors, on its online portal and through targeted events nationwide.
About JPMorgan Chase:
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.1 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Ogilvy has been producing iconic, culture-changing marketing campaigns since the day its founder David Ogilvy opened up shop in 1948. Today, Ogilvy is an award-winning integrated creative network that makes brands matter for Fortune Global 500 companies as well as local businesses across 132 offices in 83 countries. The company creates experiences, design and communications that shape every aspect of a brand’s needs through six core capabilities: Brand Strategy, Advertising, Public Relations and Influence, Customer Engagement and Commerce, Digital Transformation, and Partnerships. Ogilvy is a WPP company (NASDAQ: WWPGY). For more information, visit http://www.ogilvy.com/, or follow Ogilvy on Twitter at @Ogilvy and on Facebook.com/Ogilvy.
Crunchbase is the leading platform for professionals to discover innovative companies, connect with the people behind them, and pursue new opportunities. Over 50 million professionals— including entrepreneurs, investors, market researchers, and salespeople—trust Crunchbase to inform their business decisions. And, companies all over the world rely on Crunchbase to power their applications, making over a billion calls to our API each year.
About Reaching Out:
Reaching Out MBA’s mission is to increase the influence of the LGBT+ community in business by educating, inspiring, and connecting MBA students and alumni. Over 20 years Reaching Out has grown to include year round programming including the ROMBA conference, as well as a Fellowship program including 60 top business schools.