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Lack of funding: the main challenge for LGBTI50+ entrepreneurs

April 3, 2023

Despite greater openness in recent years to address issues involving sexual orientation and gender identity, prejudice and discrimination are still obstacles for LGBTI+ professionals who decide to become entrepreneurs. In Brazil, according to a survey by Itaú Viver in partnership with the Instituto Mais Diversidade, published in the newspaper Valor Econômico, the barriers are even greater for this group aged 50 and over. 

The study was carried out with 628 people from the LGBTI+ community all over the country, 93 of which were over 50 years old. Among the respondents, 75% used their savings to start a business, but say that it is difficult to maintain it. In the view of 39,7%, the current economic scenario is the biggest enemy.

Main challenges

  • Lack of investment or financing (50,8%)
  • Creating a network of contacts (28,8%)
  • Budget management (25,4%)

The survey shows that 13,9% of respondents opened a business because of the need to “make a living since it’s hard to get a job”, the highest rate among all age groups. 

“We need to make room for the adoption of specific approaches for each of the categories that make up the acronym, considering intersectionalities and recognizing that some identity overlaps can make the entrepreneur’s path more difficult,” João Torres, CEO of the More Diversity Institute, told the newspaper.