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Start-ups in Black communities strongest nationwide amid entrepreneurship spike

Black communities see growth in start-ups

Predominantly Black communities, especially in higher-income neighborhoods of cities including New York, Houston and Atlanta, have seen the strongest growth in new start-ups during the coronavirus pandemic, according to a new study.

The research, using data from eight states from the Startup Cartography Project, also found that economic relief packages passed last year were followed by a surge in business formations in the following weeks. The correlation is “striking,” the paper’s authors said.

Previous studies have shown a rise in entrepreneurship across the United States last year after an initial slump in business creations at the onset of the pandemic.

What the new paper established is that start-up growth wasn’t associated with “traditional hubs of business dynamism,” but instead centered in areas with a larger Black population, particularly with a higher income than average.

The findings stand in sharp contrast to the long existing inequities in access to start-up capital for Black people, the paper’s authors wrote.

Bloomberg

Airbnb upgrades site to woo more clients

Airbnb unveiled a major revamp of its service in an effort to woo hosts and guests to the home-rental platform amid a post-pandemic travel surge.

The upgraded site is designed to offer improved search flexibility for travelers, helping them to quickly find rentals near popular tourist destinations. Airbnb will also simplify the process for becoming a host.

Other improvements for guests include a faster checkout process, an easy access arrival guide for upcoming stays and a “refreshed” cancellation policy that will increase clarity around policies, according to a statement Monday. Hosts will see a more centralized reservation booking system and improvements to their messaging system so they can send faster responses to guest queries.

Bloomberg

Peloton to build factory in Ohio

Peloton plans to spend about $400 million to build its first U.S. factory in Ohio.

The exercise equipment maker said Monday that the Peloton Output Park will make the Peloton Bike, Bike+ and Peloton Tread starting in 2023. It will have more than 200 acres and more than 1 million square feet of manufacturing, office and amenities space.

Peloton Interactive said it plans to break ground on the site in Troy Township over the summer. The company anticipates adding more than 2,000 jobs in Ohio over the next few years. Positions will span corporate, manufacturing, assembly and quality assurance functions.

The plans still need final approval from state and local officials.

Associated Press

PG&E has reached a deal to sell its San Francisco headquarters to real estate joint venture Hines Atlas for $800 million, part of the utility giant’s move to cut costs after it emerged from bankruptcy last year. PG&E, which plans to move to Oakland, Calif., next year, needs approval from state regulators to sell its 1.7 million-square-foot complex, which includes 77 Beale Street and 245 Market Street, according to a statement Monday. The company filed for protection from its creditors in Bankruptcy Court in early 2019 after collapsing under liabilities from wildfires sparked by its equipment.

Norwegian Cruise Line plans to offer Alaska cruises starting in early August, joining several Carnival and Royal Caribbean cruises ships in planning returns to the sea after more than a year without U.S. operations due to the coronavirus pandemic. The Norwegian Bliss will offer Alaska cruises for fully vaccinated passengers and crew starting on Aug. 7 from Seattle, Norwegian said in a statement Monday.

Denso and Honeywell have formed a 10-year partnership to build electric motors for new aircraft designed to move cargo and people across congested cities. Denso, a top supplier to Toyota, and Honeywell, an industrial giant that makes engines and cockpit controls for jets and helicopters and is based in Charlotte, have teamed up to tap an urban air mobility market the company estimates could be worth $120 billion by 2030. The companies expect to have their first electric motors ready for flight tests about this time next year, according to a statement.

From news reports

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