Research
How the Pandemic Inspired a New Generation of Entrepreneurs
Take a look at what’s inside
1. The Choice to Start a Business
2. Who Are These Startups, Really?
Many startups founded during the pandemic are still in their early growth stages. They have fewer than five employees—many are one- or two-person businesses. They come from a variety of industries, though the majority sell to consumers rather than to other businesses.
A third of startup founders started “essential” businesses during the pandemic.
3. Progress and Planning
4. Funding
Money was a source of worry during the pandemic. Both businesses and individuals worried about their incomes when states went into lockdown.
However, funding concerns didn’t stop this batch of entrepreneurs. They pulled from their own funds to get started and worked with private lenders and personal connections to get money. Just over half of survey respondents funded their business with less than $10,000.
5. Technology
Many established companies needed help adapting to digital work-life arrangements during the pandemic. Many new companies, however, were born digital, and their founders leveraged technology from the start.
Seventy-seven percent of respondents said companies founded during the pandemic are more technology-based.