Racial health disparities are associated with $35B in excess health care expenditures, $10B in illness-related lost productivity, and nearly $200B in premature deaths. Lockstep Ventures focuses on telehealth, remote patient monitoring, personal health tools, and preventative health.
Nearly half of Black households and small businesses are unbanked or underbanked in the U.S. Despite applying for funding at a rate 10% higher than non-minorities, Black businesses are 19% less likely to be approved for financing. Achieving revenue parity between minority and white-owned businesses would add $290B in business equity, growing overall wealth.
Closing academic achievement gaps would add $20.4T in GDP between 2014 and 2050. Facilitating easy access to higher education for Black students could have increased lifetime incomes $90-$113B.
Despite gains, unemployment rates for Black and Hispanic Americans are +250bps higher vs. white counterparts. Further broadening hiring practices to include formerly incarcerated individuals may recover some of the $70B of lost wages from local economies