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HISPANIC NETWORK MAGAZINE www.hnmagazine.com
B2B SUPPLIER DIVERSITY
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n the United States, multicultural entre- preneurs have reportedly received only a two percent share of venture capital annually over the last decade. SIA Scotch Whisky, an award-winning spirits brand founded by a first-generation Hispanic entre- preneur, helped bridge this gap by partner- ing with celebrated activist, actor and pro- ducer Wilmer Valderrama to launch The Entrepreneurial Spirit Fund by SIA Scotch last year. Spearheaded by SIAs founder Carin Luna-Ostaseski and inspired by her journey of building the brand from the ground up, their
Wilmer Valderrama and Partners Team Up to Help Diverse Small Business Owners
initiative aimed to challenge conventions and inspire others to achieve the unexpected. This disruptive grant program deployed a quarter of a million dollars to multicultural small business owners in need of support, especially after the additional challenges they faced because of COVID-19. It also offered recipients access to mentorship opportuni- ties with SIA's founder, who is one of the first Hispanic people in history to create a Scotch Whisky, and who faced a myriad of challenges during her own entrepreneurship journey. SIA Scotch Whisky was born out of pas- sion, determination and perseverance - the same characteristics that drive many other entrepreneurs. As a first generation Cuban American, I experienced so many uphill battles, from securing funding to dealing with regulations and securing investors, said Carin Luna-Ostaseski. But, after finally getting crowdfunded on Kickstarter and see- ing those first bottles on shelves, I knew my purpose was to help inspire other underrepre- sented entrepreneurs achieve their dreams too. I am so proud of The Entrepreneurial Spirit Fund and its mission to embrace the cultural diversity that helps define our country. Throughout my career I have always pushed for inclusion and diversity in every- thing that I do, said Wilmer Valderrama, who has worked tirelessly over the years to push for this mission. Supporting the progress and perseverance of multicultural entrepreneurs who are trying to achieve their dreams and disrupt the status quo is incredibly important to me. Im so honored to partner with SIA Scotch Whisky on The Entrepreneurial Spirit Fund, and I believe that their work will make a big impact, especially during these difficult times. The Entrepreneurial Spirit Fund by SIA Scotch launched in partnership with Hello Alice, a free online platform that guides business owners through the growth of their company and matches individuals with the resources to make their dreams a reality. Now, more than ever, its important to recognize the impact that multicultural small businesses have on their communities, said Elizabeth Gore, president & cofounder, Hello Alice. In the last 10 years, multicul- tural entrepreneurs have represented over 50 percent of new businesses started and cre- ated 4.7 million new jobs, yet they are largely excluded in funding. We are thrilled to be continuing our support for this community in partnership with SIA Scotch Whisky. The Entrepreneurial Spirit Fund by SIA Scotch awarded $10,000 grants to 25 qualifying entrepreneurs who self-identified as people of color, for a total of $250,000.
Source: SIA Scotch Whisky
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