Luz Amparo Ricardo Gómez contributed to the research for this article.
Hispanic Heritage Month, celebrated in the United States, recognizes the impact that Hispanic communities have had on society and the economy. There are more than 4.8 million Hispanic-owned businesses in this country, contributing nearly $800 billion annually to the U.S. economy. Of that total, 42% (two million firms) have been created by Hispanic women.
Sofía Vergara, Rea Silva, Ana Flores, María Palacio, Jessica Alba, Patty Rodríguez, and Shakira are just seven of the two million Hispanic women entrepreneurs who generate $175 billion in revenue for the U.S. economy.
In addition, they create local employment opportunities for their communities, improving inclusion and transforming leadership models for emerging generations.
One of the reasons that has driven Hispanic women into business is their desire to create opportunities for themselves and their communities. Many see entrepreneurship as a way to overcome personal obstacles.
Related Article: Hispanic Women Become a Powerful Force in the Food Business
The socioeconomic contribution of Hispanic women entrepreneurs encompasses participation in the workforce and entrepreneurship, as well as the economic growth of the nation that has given them opportunities.
Most companies founded by Latina women are located in various sectors, including beauty, fashion, childcare, media, consumer goods, agriculture, consumer services, and finance, among others.
In general, a small business owned by Hispanics in the U.S. has eight employees, compared to 12 workers in non-Hispanic companies.
According to Stanford’s 2023 research, most Latino companies are small, with more than 90% employing fewer than 20 people.
Successful Hispanic Women in Business
Sofía Vergara. One of the highest-paid Colombian actresses in the U.S., she is an active investor. She created the cosmetics brand “Toty” and another company that donates a percentage of its profits to low-income women entrepreneurs.
Rea Silva. Of Mexican descent, she created the “Beautyblender” sponge, which revolutionized makeup application, promoting inclusion and diversity in the beauty industry.
Ana Flores. Originally from El Salvador, she is the founder of “Todos Creemos” (‘WeAllGrow’), a media outlet providing resources and opportunities for Hispanic women in various industries.
María Palacio. Of Colombian origin, she co-founded “Progeny Coffee,” a company focused on direct trade practices that strengthen coffee communities.
Jessica Alba. Of Mexican American descent, she founded The Honest Company, a company dedicated to hygiene, cleaning, and baby care products.
Patty Rodríguez and Arian Stein. They established Lil’ Libros, a company dedicated to producing bilingual children’s books that celebrate Latin culture and promote literacy.
Shakira. Recently, she launched her hair care line, “isima.” The Colombian artist describes her brand as a tribute to her Latin roots and female strength.