Made in Minnesota 2012: Building Cross-cultural Commerce

Made in Minnesota 2012: Building Cross-cultural Commerce (click to view)

New Minnesotans, led by immigrants and refugees from abroad, are helpingdrive the state's economy. This report, Made in Minnesota 2012: Building Cross-cultural Commerce, combines Census figures, previous economic projections and case studies as a call to action to help new Minnesotans expand entrepreneurial talents.  

The report finds that Minnesota's international newcomers are a two-fold benefit to state commerce: their growing numbers create new markets and add value to existing resources and businesses, with at least $12 billion in annual purchasing power, and larger populations of specific ethnic groups provide opportunities for entrepreneurs within these communities, with an estimated $6 billion intotal receipts from minority-owned enterprises.

The report also finds that Minnesota's Somali, Ethiopian and Hispanic populations experienced tremendous growth in the past decade. Latinos are 30% more likely to become entrepreneurs than "established populations," while Minnesota's Asian-owned firms generate $2.4 billion in total revenue and employ 17,000 people.

The authors recommend that state and local organizations, institutions, nonprofit organizations and legal groups should explore both legal barriers and opportunities for greater cooperation on matters of research, business development, capital formation and financial planning for accessing programs and services. It also recommends that state departments and agencies, counties and cities should exploreways to collaborate on translation and interpreter services to overcomelanguage and cultural barriers to access.

Get more from Minnesota 2020.

Made in Minnesota 2012: Building Cross-cultural Commerce (click to view)