Mending The Tapestry
Tapestry 2.0: The Trust Gap
In 2017, AEO published its groundbreaking report The Tapestry of Black Business Ownership in America: Untapped Opportunities for Success.
In 2022, AEO follows-up the success of the original report with a new study that is focused on identifying strategies to address one of the key barriers to Black business success: the trust gap. The trust gap is a relationship breach between Black business owners and institutions in their business ecosystem and is a threat to individual, community, and societal well-being.
Key Findings From The Report
The trust gap (relationship breach) between Black business owners and the business ecosystem hinders the leadership of Black business owners and adversely influences the allocation of business resources, and prevents business growth.
Some key findings from the report:
Of Black business owners reported not trusting institutions that provide business education and training.
Reported not trusting institutions that finance businesses.
Of respondents reported deciding not to approach lenders or investors for capital, even when their business needed it.
“I have reached out to mostly Black businesses to partner with, and it didn’t dawn on me until this survey that I’ve done that out of fear of being rejected by potential white partnerships.” Business owner interviewed for the Tapestry 2.0 Report
Why Is Mending the Trust Gap So Important?
Mending the trust gap is imperative to strengthening the tapestry of Black business ownership in the U.S. It is also imperative to building a more inclusive economy for all entrepreneurs.
Excerpt From the Tapestry 2.0 Report
The trust gap can be a barrier to growth for all businesses, but it is a major barrier for Black-owned businesses.
Trust is important for the growth of all businesses. This study builds on previous research that identified the trust gap as one of three key barriers preventing Black-owned businesses from achieving their full potential. Black-owned businesses already contribute significantly to their communities and the national economy. If the U.S. business ecosystem fails to address the trust gap, then the contributions of Black businesses to job creation, economic activity, and civic vitality will continue to be constrained to the detriment of their communities as well as our shared common life. Although this report focuses on strengthening Black business ownership in the U.S., the findings can inform and strengthen engagement with other underserved business owners and entrepreneurs as well.
Spread The Word
Share The Tapestry 2.0 Report with friends and colleagues in your network with the following resources:
Breaking! @AEO released a follow-up to our groundbreaking Tapestry report – Mending the Tapestry: Building Trust and Strengthening Black Business Ownership in America. Read the Report now: https://aeoworks.org/our-work/research/tapestry-project/ .This new report builds on the success of the original with new research focused on identifying strategies to address the “trust gap” – a breach of trust between Black #smallbiz owners and institutions in their business ecosystem. Mending the trust gap is necessary to strengthening Black business ownership and building a more #inclusive economy for all #entrepreneurs.#trustgap #BlackOwned #smallbusiness #AEOworks #TapestryReport
Breaking! @AEO has released a follow-up to our groundbreaking Tapestry report – Mending the Tapestry: Building Trust and Strengthening Black Business Ownership in America. This new report lays out the strategies for ending the trust gap between Black #smallbiz owners and institutions in order to build a more #inclusive economy for all #entrepreneurs. Read the Report now: https://aeoworks.org/our-work/research/tapestry-project/#trustgap #smallbusiness #AEOworks #TapestryReport