The Ewing Marion Kauffman Foundation in Kansas City, Missouri, has announced the release of a policy plan designed to create a more inclusive economy by building a prepared workforce and prioritizing entrepreneur-focused economic development.

The four-part approach, America’s New Business Plan for 2022 (31 pages, PDF), aims to create a more inclusive economy by taking a holistic approach to addressing systemic disadvantages and providing access to opportunity, funding, knowledge, and support. Policies outlined in the plan include: incentivize coordination across agencies to simplify all federal, state, and local procedures, forms, licenses, and permits required to start a business; catalyze financial innovation that can use technology to reduce bias and barriers for Black- and Brown-owned businesses; incentivize state-level departments of education to provide districts flexibility in funding, credit, and curriculum to allow students to obtain real-world learning experiences and credentials; and expand childcare programs in the most underserved communities through increased funding for the Child Care and Development Block Grant and Head Start programs.

According to the foundation, Black households have a median net worth that is one-tenth of typical white households, and Latino households face a similar wealth gap; men are still significantly more likely than women to secure funding when pitching an identical business; and loan requests from Black entrepreneurs are three times less likely to be approved than those of white entrepreneurs.

“From its inception, the Kauffman Foundation has focused our efforts on creating systems that foster a prepared workforce and entrepreneur-focused economic development,” said Kauffman Foundation president and CEO Wendy Guillies. “To truly be successful, we need to implement policies that focus on growing an inclusive economy. Our economy has worked in favor of some over others for far too long, and by implementing the ideas in America’s New Business Plan, we have a real opportunity to make sure our country’s continued economic recovery is as equitable as possible.”

(Photo credit: Getty Images/Geber86)