Pew report: Asian and Asian American entrepreneurs highly vulnerable to COVID-induced economy

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Last month, NYC’s biggest Chinese restaurant, Jing Fong, closed temporarily after 40 years in business, a victim of the coronavirus economic slide, the New York Post reports.

Asian and Asian American entrepreneurs are likely to be hit hard by the economic downturn caused by the measures being used to battle the coronavirus pandemic. 

A new analysis by the Pew Research Center finds that more than four-in-ten US businesses with paid employees operate in higher-risk industries likely to be affected by the COVID-19 outbreak. 

Female business owners in particular have somewhat more exposure in higher-risk industries.

Additionally, Asian entrepreneurs have a relatively strong presence in accommodation and food services, retail trade and other services, elevating their financial risk from the COVID-19 outbreak.

The Pew report found that the economic risk to business owners varies by the demographic group to which they belong. Men, white or Asian entrepreneurs, people ages 55 and older and college graduates are more likely to be business owners compared with their shares in the workforce overall. At the same time, women, Asian and foreign-born entrepreneurs have a greater presence in higher-risk industries than in the economy overall.

The study focused on small businesses, those with 11 employees on average.

While 80% of the businessses surveyed were white owned, Asian owners have a relatively strong presence in accommodation and food services (25%), retail trade (16%) and other services (15%), elevating their financial risk from the COVID-19 outbreak, according to Pew.

Immigrants are a major driver of the American entrepreneurial economy. More than 40% of Fortune 500 companies were founded by immigrants or their children, over 50% of American billion-dollar “unicorn” startups have at least one immigrant founder, and immigrants are nearly twice as likely as the native-born to start a new company.

Hispanic and Asian immigrant business owners face significant risk due to the current  economic downturn. They accounted for 51% of all Hispanic-owned businesses and 74% of Asian-owned businesses in 2016, shares similar to the percentages of Hispanic and Asian workers who are immigrants.

The most visible evidence of the impact of the current recession are the empty streets of  usually bustling Chinatowns and the number of shuttered Chinese-owned restaurants.

Wellington Chen, executive director of Manhattan’s Chinatown Partnership Local Development Corporation, told CNN that only 40 of New York City’s 270 Chinese restaurants remain open.

Even before businesses were forced to change their normal day-to-day operations, Chinese businesses were struggling. As early as February, Chinatowns across the country began reporting a significant drop in business, according to The Financial Times. 

Kevin Chan, owner of the Golden Gate Fortune Cookie Company in San Francisco’s Chinatown, told The Guardian that he estimated he had seen an 80 percent drop in foot traffic through his store. By mid-March several Chinese restaurants in Flushing New York had reported an estimated 50 percent drop in business, according to Business Insider.

ASAM NEWS contributed to this report.

Dating app 'Coffee Meets Bagel' empowers women

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2016 photo of Coffee Meets Bagel co-founder Dawoon Kang

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In 2012, Dawoon Kang and her sister launched Coffee Meets Bagel, a dating app designed to empower women and help individuals find meaningful connections.

Many are familiar with Coffee Meets Bagel because of Shark Tank, where Kang and her sister famously turned down a $30 million offer for their company in 2015. Dedicated to growing their business, the co-founders and co-CEOs have continued to develop Coffee Meets Bagel, which claims one of the highest ratio of female members and has facilitated more than 2.5 billion introductions for singles around the world.

“Every day at noon, Coffee Meets Bagel only shows women the profiles of men who have ‘liked’ them first, giving women the final say on who gets to talk to them,” Kang explained in an interview with MissBish. “This model also saves ladies' time, and allows them to focus on men who are genuinely interested in connecting.”

She expressed that she and her sister wanted to disrupt the dating category with their vision for Coffee Meets Bagel, adding that the app is designed to empower women to “take control of their dating destiny.”

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The Kang sisters created the their dating app literally, around the kitchen table.

In 2018, she told BusinessBecause that there’s a lot of exhaustion and frustration with modern dating.

“I think it’s become really complicated,” she said. “I’m interested in using Coffee Meets Bagel as a vehicle to change the conversation; to get this generation to share and connect more authentically.”

According to BusinessBecause, Kang is committed to using her position as a female entrepreneur in the tech industry to advance female representation in the male-dominated field.

She shared a memory of taking computer science class in college and feeling like she didn’t belong.

“I struggled and I immediately thought; I’m not good at this,” she said. “I think if there had been more women represented in the class, I wouldn’t have jumped to the same conclusions so quickly.”

According to Kang, it makes a huge difference when young people see representation of their own kind in a particular industry. To the co-founder and co-CEO, equality means getting everyone represented at the table.

As she has watched Coffee Meets Bagel grow over the past few years, Kang told MissBish that she has developed a greater understanding, patience, and appreciation for humanity.

“I’ve learned that in our hearts, we all desire the same thing – to love and be loved,” Kang said. “To trust and to be trusted. To feel fulfilled by making a positive mark in the world. To be given a second chance. To grow.”

Jolibee opens North American HQ as Filipino fast food chain continues expansion

Philippines fast food giant Jolibee opened its store in Artesia, California in October.

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Filipino fast food chain Jollibee plans to open 250 North American stores by 2023, reports Daily Hive.

Along with this expansion news, Jollibee also announced the opening of new North American headquarters in West Covina, California.

The red-and-white bee logo on the new headquarters off the I-10 will be visible as people enter and exit the city. According to the San Gabriel Valley Tribune, West Covina mayor Lloyd Johnson said the city is looking forward to telling people it is the home of Jollibee.

In the Philippines, Jollibee is a dominant leader that beats out McDonald’s and Burger King in popularity and market shares, according to CNBC Make It. Its parent company, Jollibee Foods Corporation (JFC), is one of the world’s fastest growing Asian restaurant companies and has over 230 international branches, CultureMap Dallas reports.

“North America is a key growth market for us at Jollibee to achieve our goal of becoming one of the top 5 restaurant companies in the world,” said Jollibee Foods Corporation’s chief executive Ernesto Tanmantiong.

There are currently 46 Jollibee restaurants in the United States and Canada, the San Gabriel Valley Tribune reports. Jollibee’s first America store was in California and opened in 1998.

According to CNBC Make It, Jollibee said it had “record-setting, double-digit sales growth” in the U.S. in 2017. Store openings in America have attracted crowds, and social media influencers have contributed a role in increasing interest through videos trying Jollibee’s menu.

Jollibee credited its worldwide appeal to its flagship product, Chickenjoy. The hand-breaded fried chicken made with a secret marinade has been praised for being crispy and juicy.

″[Jollibee] is going to be up there when we talk about Chick-fil-A and KFC, who’s got the best chicken?” Kara Nielsen, vice president of trends and marketing of the food and beverage consulting firm CCD Helmsman told CNBC Make It. “That I could see happening.”

Jollibee’s menu also includes Jolly Spaghetti, served with the Filipino staple banana ketchup as well as cheese and hot dog slices. The company also lists its Peach Mango Pie, which combines peaches and Philippine mangoes, as a fan favorite. 

Two Jolibee favorites: Spaghetti and fried chicken.

“One of the key things really is that it’s popular food — fried chicken, pasta, pies — but it’s twisted in a different way that’s very true to Jollibee in its uniqueness,” Jose Minana, Jollibee’s North America group president, told CNBC Make It. “It’s almost like a mosaic of different flavors, it’s not just that one blanket that fits all.”

Minana added that Jollibee was encouraged by the US reception at the October opening of a Manhattan location where there is not necessarily a large population of Filipino Americans.

“It’s very humbling when [people] share their gratitude for us coming here, saying, ‘Thanks for giving us a new way of eating,’” Minana said.

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