The United Nations “Leave No One Behind” Sustainable Development Goal (SDG) aims to ensure that no one is left behind in the journey towards achieving sustainable development. According to the UN’s framework, “The pledge to leave no one behind is a commitment to end extreme poverty in all its forms and to act explicitly to ensure that those who have been left behind can catch up to those who have experienced greater progress.”
Unfortunately, despite this pledge, marginalized communities around the world continue to live on the outskirts of interconnected societies. Many do not have access to essential services such as clean water, health care, education and housing.
In order to attain real economic equality, leaders worldwide should take decisive actions to ... [+]
Therefore, meaningful inclusion requires a fundamental change: instead of following a “one-size-fits-all” approach, governments must create policies that reflect the circumstances and needs of each community.
For example, when considering entrepreneurship, we should consider marginalized communities’ unique challenges and opportunities. Entrepreneurs from these groups often lack access to capital, technology, and support networks. Without these resources, starting or growing a businesses is complex, meaning the potential for economic, social and cultural empowerment is often limited.
The Guardian reported that entrepreneurs who are not white or Asian, especially those who are also not male, have a much more difficult time receiving funding—even if they have a more robust product or service, concluded research. This means that many of the world’s most innovative ideas may never get off the ground due to systemic inequality.
According to Nathaniel “Nth” Bar-Fields, the founder of Elysian Trust—a social enterprise that secures funding for gifted entrepreneurs from underserved populations—the most critical step to addressing the needs of marginalized communities is creating a supportive space for them to come together and share their stories, experiences and needs. According to Bar-Fields, once this space is created, entrepreneurs can begin finding creative solutions to their problems.
“In a world where investors tend to fund those who look and think like them, non-conforming entrepreneurs must work harder and more creatively to impress,” said Bar-Fields by way of a representative. “They need to look for unique funding because they are not the typical entrepreneur coming out of business incubators.” As a result, this can create novel opportunities for people to find creative solutions that fit their specific needs and goals: from partnering with local organizations or multinational enterprises to creating crowdfunding campaigns.
Crowdfunding platforms are great avenues for raising awareness about communities that are excluded or disadvantaged in some way, concluded research: they help decrease obstacles to obtaining funding by overcoming the limitations of distance between those who create projects and those who provide financing by lowering the costs associated with fundraising. According to the study, crowdfunding is highly beneficial for promoting entrepreneurship as it allows for innovative ways for people living in emerging economies to access funding and improve their livelihoods. Additionally, crowdfunding campaigns can be used to amplify marginalized communities’ stories and experiences, which helps break down stereotypes and foster greater understanding among other community members.
Grants and loans from nonprofits such as the Global Entrepreneurship Network and Ewing Marion Kauffman Foundation are also available. “A lot of people are surprised to learn that there are government grants and contracts specifically for businesses with owners from underrepresented demographics,” noted Bar-Fields. “Numerous companies seek these kinds of startups to partner with for their own brand halo. These avenues take work and time but are completely worth it for long-term sustainability.”
And so, by leveraging the power of the crowd, entrepreneurs who are subjected to social, economic or political disadvantages can circumvent traditional funding barriers and access the capital they need to grow their businesses. “In Africa, technologies such as MPESA and initiatives such as the Tony Elumelu Foundation Entrepreneurship Programme, the African Development Bank’s Affirmative Finance Action for Women in Africa, and the World Bank’s Digital Entrepreneurship Program for Africa have proven to be successful in this regard,” said Dennis Aguma in an interview. The Birmingham City University lecturer considers these initiatives important for creating an ecosystem providing the necessary resources, knowledge and experiences to empower marginalized communities. “While there is no magic solution, there are creative solutions that entrepreneurs can leverage to access resources and create economic opportunities despite the challenges they face,” he added.
Aguma’s view is shared by Tim O’Neill, the managing director of children’s services at UK not-for-profit Action for Children, who also serves the University of Birmingham as an honorary professor. In an interview, he said, “Those leading systems and organizations should, within and without their own domains, urgently address marginalization not only because of the moral and ethical dimensions but also because it is good for business and makes for more resilient and effective organizations.”
Evidently, the road to achieving economic equality is long and complex. However, with the right investment of resources and commitment to creating a level playing field for entrepreneurs, it can be achieved: all stakeholders must play their part to break down the barriers preventing marginalized communities from reaching their potential. As O’Neill explained, “We are in a period where we can no longer allow the same old excuses to be used as justification for why some people are excluded from meaningful economic opportunity.” It is time for us to take action and ensure everyone has a chance to reach their full potential and achieve their dreams.
Leaders around the world must take bold steps to ensure that economic opportunity is available to everyone, regardless of race, gender or socio-economic status. Only then can we truly achieve true economic equality.
