The rise in activism against pandemic-era racism and violence towards Asian Americans and Pacific Islanders raised more than just awareness. It also raised money.
The “Stop Asian Hate’ movement has brought a windfall of funding to AAPI nonprofits and businesses over the last few years. Their leaders claim that this has been essential. The health crisis has subsided and the economy is slowing down. Now, these organizations are focused on maintaining their momentum. They warn against reversing recent gains.
The flood of investment and donations has boosted AAPI-led initiatives ranging from food delivery startups, to political engagement advocacy group.
The Asian American Foundation launched in 2021 has received over $1 billion in commitments. The Asian American Foundation has corporate partners such as Nike and Amazon, as well foundations like Chan Zuckerberg Initiative. The foundation has funded directly organizations that are aligned with the foundation’s initiatives to combat Asian hatred, improve access for AAPI students, support arts, and increase business representation.
Among more than 100 grantees who have received foundation funding are Asian Americans Advancing Justice (AAJ), the Asian American Education Project (AEP) and the Center for Asian American Media.
The nonprofit sector has grown in magnitudes since 2020.
Leadership Education for Asian Pacifics in Los Angeles, which aims to improve representation of Asian Pacifics in classrooms and boards across the nation, has seen its revenue double.
Linda Akutagawa, President and CEO of Leadership Education, expressed her gratitude for the growth but also expressed concern about the “cyclical” nature of funding. She said, “It’s either cyclical or it doesn’t happen.”
Prior to the recent rise in hate crimes against Asian Americans and high-profile discrimination, many AAPI causes had historically been overlooked by charitable donations. According to a 2018 study by Asian American/Pacific Islanders In Philanthropy, only 20 cents of every $100 given to foundations as philanthropic donations went towards AAPI communities.
NYPD officers prepare to hand out information about hate crimes occurring in Asian communities in New York, in 2021.
David Dee Delgado / Getty Images file
Akutagawa stated, “I hope what I am seeing is just a small bump” that will jumpstart a sustained increase in support. “So that there is at least a bit more equity in our support from philanthropic organizations.”
Many of these businesses, which a href=”https://www.cnbc.com/2021/03/03/asian-owned-small-businesses saw an outsized pandemic impact last year.html#::text=The%20latest%20Paycheck%20Protection%20Program,of%20%243.9%20billion%20in%202021, have seen a recent influx of money. Many of those businesses, which
The National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship conducted a survey of over 700 AAPI entrepreneurs and found that 2/3 of them needed more credit or funding in the previous year to stay afloat.
Gold House Ventures funded Andrea Xu’s Brooklyn-based food-delivery service Umamicart. The nonprofit collective helped promote “Everything Everywhere All at Once”, which won the Academy Award for Best Picture.
