Corbis Trends: Minority Entrepreneurs Up, Scientists Down

Posted on 7/3/2008 by Julia Dudnik Stern | Printable Version | Comments (0)



The last two Corbis "Creative IQ" reports profile business trends the company said were responsible for current and future image needs. On the entrepreneurial front, startups by ethnic minorities are outpacing their Caucasian counterparts in both the U.S. and the U.K. In addition, retiring boomers are causing a shortage in skilled science, engineering and technical employees, with a corresponding rise in recruitment efforts by educational institutions and employees.

In the U.S., minority-owned businesses are growing four times as fast as all other firms. Hispanic-owned companies are growing the fastest and are expected to surpass $500 billion in annual revenues by 2012. Asian and immigrant-female entrepreneurs are also among the fast-growth demographics; for example, the number of Latina-owned businesses has early doubled since 1990.

While minorities have always driven the American economy, the immigrant entrepreneurial spirit is equally evident in the U.K., where ethnic minorities represent 5% of the population, but 11% of all start-ups. Indian and Pakistani entrepreneurs are twice as likely as Caucasian Brits to start their own businesses.

Corbis sees the trend continuing in both countries, as well as in other Western states that attract large immigrant populations.



On the other side of the spectrum, big American corporations are faced with the retirement of large numbers of qualified science and engineering staff. Retiring boomers will cause demand for such jobs to increase by over 50% this year, quadruple the overall job growth rate.

The trend is affecting a number of businesses and economic sectors. Companies struggling to attract and retain qualified staff. In turn, colleges are placing a higher emphasis on recruiting science students. There is also a corresponding increase in science learning at the middle and elementary-school levels. Another side effect is an increased demand for math and science teachers; 260,000 new positions will open during the upcoming academic year.

While America and Europe are trying to encourage youth to enter scientific studies, Asia remains home to the technically inclined majority. In fact, if current growth rates remain, 90% of the world's scientist will live in the region. Currently, Japan awards two-thirds of its bachelor's degrees in science or engineering; China is only a couple of percentage points behind and South Korea is at 46%.

Additional information and images that illustrate these trends are available at the Corbis Creative Boutique.


Copyright © 2008 Julia Dudnik Stern. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Comments

Be the first to comment below.

Post Comment

Please log in or create an account to post comments.

Stay Connected

Sign up to receive email notification when new stories are posted.

Follow Us

Free Stuff

Stock Photo Pricing: The Future
In the last two years I have written a lot about stock photo pricing and its downward slide. If you have time over the holidays you may want to review some of these stories as you plan your strategy ...
Read More
Future Of Stock Photography
If you’re a photographer that counts on the licensing of stock images to provide a portion of your annual income the following are a few stories you should read. In the past decade stock photography ...
Read More
Blockchain Stories
The opening session at this year’s CEPIC Congress in Berlin on May 30, 2018 is entitled “Can Blockchain be applied to the Photo Industry?” For those who would like to know more about the existing blo...
Read More
2017 Stories Worth Reviewing
The following are links to some 2017 and early 2018 stories that might be worth reviewing as we move into the new year.
Read More
Stories Related To Stock Photo Pricing
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of ...
Read More
Stock Photo Prices: The Future
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discuss...
Read More
Important Stock Photo Industry Issues
Here are links to recent stories that deal with three major issues for the stock photo industry – Revenue Growth Potential, Setting Bottom Line On Pricing and Future Production Sources.
Read More
Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More

More from Free Stuff