So you’re an aspiring entrepreneur. You have a concept that you believe will add value to a sector of the market, the passion to set out on your own, and the know-how to make a dream into a small business.
However, as you venture into a field with many competitors, large and small, you’ve likely come up against a core truth in a capital-driven economy. While in theory, anyone can start a successful business and achieve success, some are more likely to succeed than others. The gulf between resources available to a first-time entrepreneur who left their minimum wage job to make something of themselves and a seasoned businessperson with several success stories under their belt is – well, it speaks for itself.
A new report on a recently concluded statewide guaranteed income pilot program with immigrant families shows how unrestricted cash assistance programs allowed low-wage earners to pursue better jobs, increase their educational levels, and improve other critical outcomes for their children.
“The NM Economic Relief Working Group’s 18-month guaranteed income (GI) pilot selected 330 mixed-immigration status households to receive unconditional direct cash transfers of $500 monthly for 12 months from February 2022 to February 2023. One-third of households sampled came from rural communities and two-thirds from urban communities. An additional extension was granted to 50 randomly-selected mixed-status households to receive $500 monthly for an additional 6 months (February 2023-August 2023).
Immigrant families were chosen for the pilot because polling showed these families struggled significantly more than the general population during the pandemic because of numerous exclusions from the country’s safety net; these exclusions were due to lack of a social security number even if the household had U.S.-citizen children. In addition, many immigrant parents are not eligible for public safety-net programs, such as unemployment insurance, even though many are essential workers, make substantial tax contributions, and have positive economic impacts on our communities, state, and nation.
After receiving guaranteed income checks for a year:
• Rural participants reporting increases in employment: 14% increase
• Urban participants reporting having unstable work schedules: 36% decrease
• Rural participants reporting having unstable work schedules: 17% decrease
• Participants reporting, they had trouble paying the rent or mortgage on time: 35% decrease
• Participants reporting having to reduce or forego expenses for basic household necessities, such as medicine or food, in order to pay the rent or mortgage: 9% decrease
• Urban participants reporting having to reduce or forego expenses for basic household necessities, such as medicine or food, in order to pay the rent or mortgage: 18% decrease
Also, as part of its advocacy, the ERWG obtained a state rule change so that receiving regular GI payments do not count as income and thus do not negatively impact recipients’ SNAP or TANF allotments. ERWG’s longer term goal is to get the State of New Mexico to provide economic supports to participants in workforce development projects, specifically childcare, home health care and the oil & gas industries.
The report, “Guaranteed Income: Increasing Employment and Helping Families Thrive,” on the New Mexico Guaranteed Income Pilot Program for Immigrant Families, was released on December 12, 2023.”
Darryl Finkton, Jr. is a hedge fund manager turned community organizer. Raised in a poor black family in Indianapolis, Indiana, Darryl went on to graduate from Harvard College and Oxford University, where he studied as a Rhodes Scholar. In his new book End Poverty. Make Trillions, Darryl shares how he rose from rags to riches and searched for a way to end poverty. In 2021 he left his job as a hedge fund partner to promote the adoption of a universal basic income to end poverty in the U.S. with the help of venture dollars via his EPMT (End Poverty. Make Trillions.) fund, and then came up with a proposal to ensure everyone has an opportunity to generate wealth.
He calls his proposal “The Seed Money Act”. It would establish an unconditional, permanent, regular grant to every US household, set to an amount that’s equal to the federal poverty guidelines. “For example, for a single-person household in 2020, the amount would’ve been $1,063.33 per month.” Darryl also helped found a pilot basic income project in which recipients tell their own stories on a YouTube channel, Basic Income Works. He says “I want that program to be about the participants so I don’t want to promote the details of the pilot, just provide a platform for people to tell their stories.”
RighfulShare: An Income Movement is the first unconditional basic income transfer with GoodDollar in South Africa. The project is growing in strength, pioneering fairer income access bringing both resources and web3 solutions to the small town of Groblershoop in the Northern Cape.
“We need a new approach to addressing poverty in South Africa. The current system is not working and we can no longer pretend that there will be enough jobs for everyone. By bringing visibility to the benefits of a digital basic income transfer, we’re expanding the possibilities for South Africans”, says Karen Jooste, Founder of RightfulShare.
The participants are using their monthly basic income to alleviate day-to-day financial stress and open up space for creativity and entrepreneurship.
For example, Darryl Wessles who has been building his pig farm to address a gap in the market for smaller meat parcels for the community. Meanwhile Joyberne Neels has picked up an interest in cryptocurrencies and the potential global digital financial ecosystems can provide.
All the participants are bringing their own life experiences and outlooks, providing diverse stories and outcomes to this UBI project. However, each has spoken to how relieving the constant burden of unemployment has been life changing. See more testimony by participants here.
The project was recently recognized by the Swiss/South African Blockchain Innovation Challenge as one of the most innovative projects in the blockchain space.
Currently, RightfulShare is teaming up with GlobalGiving for Giving Tuesday, an effort to connect nonprofits to donors to create targeted meaningful impact. All donations go towards supporting more young entrepreneurs in South Africa kickstart their dream venture, escape poverty and overall reduce income inequality. It is super easy to donate, simply click on the link below. All donations will be matched on the 28th November 2023
“Time has always been political. Throughout history, how most people use their time has been defined and controlled by the powerful. Today is no exception. But we can reclaim control, and in this book, the pioneering economist Guy Standing shows us how.
The ancient Greeks organised time into five categories: work, labour, recreation, leisure and contemplation. Labour was onerous, while the keys to a good life were self-chosen work and leisure (schole), which included participation in public life and lifelong education. Yet now our jobs are supposed to provide all meaning in life; our time outside labour is considered simply ‘time off’, and politicians prioritise jobs above all else.
Today, we are experiencing the age of chronic uncertainty. Stress and mental illness are on the rise as more and more time is being stolen from us in myriad ways, particularly from the vulnerable and those in the precariat.”
Basic Income, Solidarity Economy and Social Protection
The 24th BIEN CONGRESS in Maricá & Niterói – Rio de Janeiro, Brazil – 27-29 August 2025
Maricá provides unconditional transfers to almost half of its population. 7 other cities in the state of Rio de Janeiro have already created their own local currencies inspired by Maricá’s Citizens Basic Income. Our other host city, Niterói provides transfers benefiting more than 100,000 individuals.
Pre-congress events: Latin America Day: 25 Aug. & Early Career Day: 26 Aug.
