The study, funded by Credit Suisse and conducted by members of StartOut association is the first to truly take an interest in entrepreneurs belonging to the LGBT community.
The study reveals that 37% of LGBT entrepreneurs are not out, especially when they have investors or they are looking for investment.
Most of them say that finally their sexual orientation has nothing to do with their work or it is not appropriate to broach the subject. At the same time, there are still 12% that says it is for fear of discrimination they are not out.
But the study also reveals that despite everything, entrepreneurs act totally in opposition to what they say as they obviously take into account the state laws before implementing their companies. Thus, they do not settle in states discriminating LGBT people, but rather directed towards states where inclusion is much more favorable, I would especially mention the states of California and New York.
This discrimination by the states represents a loss of 1 million jobs which are at current not available for all people who live in these states and seeking employment.
"It seems politically correct to say that whom one happens to love is not relevant in business, but our research shows otherwise," said University of Chicago Booth School of Business Clinical Professor Waverly Deutsch. "LGBT entrepreneurs specifically choose diversity-friendly states to start their companies; raise less capital than their straight counterparts and have to balance the risk of homophobia and discrimination with creating authentic relationships with investors, customers and partners."
The second thing this study reveals is the difference between LGBT men and women entrepreneurs, particularly in terms of money. Indeed, LGBT men have less difficulty in finding financing than women and 12% of businesses owned by gay, bisexual or transgender men have incomes of more than $5 million when we know that only 3% of businesses owned by lesbian, bisexual or transgender women have the same kind of income.
Also, in funding, over two thirds of businesses owned by LGBT women have financings representing less than $750,000 while for male creators of the community, almost half of them (47%) have financings over $2 million.
Again, there is still a lot of inequality against which we must fight. A company owned by an LGBT woman is in no way less effective and less professional than a business owned by an LGBT man.
"Economic equality is a critical step along the continuum of progress for LGBT people," says StartOut’s Executive Director Andres Wydler. "Over the next few years, we will offer policy makers and business leaders the data and evidence they need to more fully understand the LGBT entrepreneurial experience."