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


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