March Network News
L'ATTITUDE
The Gateway to The New Mainstream Economy | September 12-15, 2024 | San Diego, CA | www.lattitude.net
U.S. Latinos Are Leading America Into The Future
By 2050, the working-age population in the U.S. is projected to reach 255 million, with the majority of growth attributed to future immigrants and their descendants. This demographic shift underscores the increasing importance of Latinos in the nation's trajectory.
Additionally, U.S. Latinos account for over half of all new homeowners, often targeting multi-unit properties, leveraging their entrepreneurial spirit to create wealth through real estate.
One Million More U.S. Latinos Expected To Vote This Year Than in 2020
Over 17 million U.S. Latinos are projected to vote in this year’s U.S. election, with significant increases expected in critical battleground states like Arizona and Nevada. This marks a notable rise from the 2020 election, with Nevada projecting a 16% increase, Florida 14%, New York 12%, and Arizona 5%.
The Pew Research Center reports that over 36 million U.S. Latinos are eligible to vote this year, reflecting a surge of 4 million voters. U.S. Latinos are poised to constitute nearly 15% of all eligible voters, solidifying their status as the country's second-largest voting bloc.
Voto Latino's CEO María Teresa Kumar, a regular participant at L’ATTITUDE, recently participated in a closed-door roundtable discussion with Vice President Kamala Harris and leaders from various voting rights organizations in Atlanta, Georgia. The discussion focused on voter registration, protection efforts, safety challenges, and combatting disinformation. Kumar emphasized the importance of equal access to the voting booth, stating:
“Maintaining a thriving democracy depends on equal access to the voting booth. It’s no accident that the very states where voters long dormant are now participating in record numbers are the same where politicians are trying to close access to the voting booth. I shared with Vice President Harris that we are facing challenges that are highly dependent on building coalitions and investing early to address them. Disinformation is plaguing our communities, and algorithms on platforms such as TikTok are threats to our national security because they are actively undermining our democracy.”
In explaining her work at Voto Latino, Kumar said, “I market Democracy everyday.”
6 Latin Music Artists Surpassed 1 Billion Streams in the U.S.
The 2023 Year-End Music Report from Luminate revealed that six Latin music artists surpassed 1 billion on-demand audio streams in the U.S. last year, showcasing the growing popularity of Latin music.?
Bad Bunny's "Most Wanted Tour" commenced in Salt Lake City, attracting a sold-out crowd and marking the Delta Center's highest-grossing concert in over 30 years. The tour followed the release of his fifth album, "Nadie Sabe Lo Que Va a Pasar Ma?ana," which set streaming records upon its October release.
Billboard magazine reports that Spanish has become the world’s second most-consumed language for music. Multilingual listeners, particularly those in the U.S., are more likely to discover music through diverse mediums such as movie soundtracks, streaming platform TV shows, and video games. As a result, Spanish-language music is gradually encroaching on English’s market share among popular songs.
First Latina in Sundance Film Festival History Wins Best Director Award
Alessandra Lacorazza Samudio made history as the first Latina to win the directing award at the 40th annual Sundance Film Festival for her film, "In The Summers." The film, a queer Latinx coming-of-age tale, received the U.S. Grand Jury Prize and marked the acting debut of René Pérez Joglar, also known as Residente from the Puerto Rican hip hop group Calle 13.
Produced by Luz Films, an L.A.-based company founded in 2023 by Serfio Lira, Lynette Coll, and CFO Cristobal Güell, "In The Summers" exemplifies their commitment to producing Latinx prestige pictures. The company aims to release 3-4 titles annually, showcasing diverse narratives that represent the Latino diaspora, from multi-generational family dramas to thrillers set in Puerto Rico and along the Mexico-Texas border.
Luz Films prioritizes pairing established talent with emerging filmmakers to foster diverse storytelling. Despite increased awareness of diversity, Lira emphasizes the industry's need for greater investment in projects by diverse storytellers to drive real change in representation.
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U.S. Challenges in Technology, Labor, and Immigration?
Technology
A recent report from the Kapor Foundation highlighted the underrepresentation of U.S. Latinos in the tech industry, with only 5% holding executive positions and 6% being venture capitalists. Latino students face limited access to computer science education compared to their peers, hindering their participation in foundational courses and AP-level programs. This lack of diversity poses challenges for innovation, as emphasized by Lili Gangas of the Kapor Center, stressing the need for diverse perspectives, especially in fields like AI.
Latino-led companies received only 1.3% of venture capital funding last year, reflecting the industry's homogeneity. Mariela Salas from SomosVC noted that the venture capital ecosystem is predominantly run by white men, leading to investment biases.
Labor Shortage
The U.S. labor market faces significant shortages, with job openings outnumbering unemployed individuals. Without addressing this shortage, crucial sectors like nursing, engineering, and manufacturing will experience severe deficits, potentially impacting economic growth and everyday life. Current immigration policies play a vital role in alleviating labor shortages, as immigrants contribute substantially to various industries, including food service and transportation.
Immigration
Federal Reserve Chair Jerome Powell emphasized the economic benefits of immigration, noting its role in restoring labor market balance post-pandemic. Immigration contributes significantly to sectors like food service and transportation, yet harsh rhetoric and policies fuel hate crimes against immigrants. Undocumented immigrants play a crucial role in the economy, with many being self-employed or contributing to various sectors despite facing challenges due to their status. Failure to address immigration policies could result in substantial economic losses and exacerbate labor shortages in the coming years.
Latino-Owned Ventures Make Waves in the Marketplace
Walmart Champions Back to the Roots
In a bustling marketplace where innovation meets tradition, a small company with a big vision caught the eye of a retail giant. Back to the Roots, a L’ATTITUDE Ventures portfolio company dedicated to reconnecting people with food through sustainable, easy-to-grow products, found itself in the spotlight at Walmart. While Walmart had been carrying their products for some time, the partnership took on new significance as Back to the Roots emerged as a profitable client.
As Back to the Roots' mushroom growing kits and other innovative offerings gained popularity among Walmart customers, the retail giant recognized the potential for growth and impact that this socially conscious brand brought to their shelves. With a shared commitment to sustainability and community, Walmart championed Back to the Roots not just for their profitability but also for their mission-driven approach to business.
Agua Bonita Now Sold at Amazon
In the realm of authentic flavors and community impact, Agua Bonita, a L'ATTITUDE Ventures portfolio company, has embarked on a new chapter by introducing its canned agua fresca beverages to the digital marketplace of Amazon. Renowned for its commitment to Mexican heritage, low-sugar recipes, and community support, Agua Bonita's debut on Amazon signifies a significant milestone in its mission to offer refreshing beverages that celebrate tradition and give back.
As Agua Bonita's unique flavors like Hibiscus, Mango Habanero, and Watermelon Chile gained popularity for their delicious taste and health-conscious ingredients, the partnership with Amazon emerged as a natural progression. By leveraging Amazon's extensive reach and seamless shopping experience, Agua Bonita now has a platform to share its authentic Mexican-inspired beverages with a broader audience of consumers seeking flavorful, low-sugar options.
Two Latinas Thrive as Business Owners
Last year women invested in themselves and their unique business ideas at record levels, helping create a banner year for entrepreneurs nationwide. Yelp trend expert, Tara Lewis, told Axios, “In 2024, we predict women will continue to make their mark in new industries and lead the cultural conversation.”
A company called Vamigas has achieved a unique milestone, which is that it has been profitable since its very first year in business. Vamigas is sold at many major retailers.
Born in Chile's Vi?a del Mar, Vamigas Co-Founder and CMO, Ann Dunning arrived in this country as a little girl, not knowing the language. Despite her early challenges, she graduated from UCLA and USC, embarking on an impressive 20-year career in Silicon Valley startups. Christina Kelmon, Vamigas' Co-Founder and CEO, hails from the San Francisco Bay Area, rising through the ranks in finance and venture capital. She transitioned from a fast-paced culture to co-founding Vamigas, a venture recognized for its impact and innovation.