The United States is currently experiencing a significant startup boom, despite elevated interest rates and a slowdown in venture capital funding. According to The Economist, this surge is driven by historically low unemployment and a resurgence in entrepreneurial spirit. Last year, new business applications reached a record 5.5 million, and although the pace has slowed slightly this year, the monthly average remains about 80% higher than the decade prior to COVID-19. This trend contrasts with Europe, where the rise is only about 20%. Economists and analysts indicate that Americans are rediscovering their innovative and entrepreneurial drive. There are now about twice as many new business applications each month as there were in 2019. Luke Pardue, policy director of the Aspen Economic Strategy Group, notes the surge in small business creation.
THE ECONOMIST: “.. America is in the midst of an extraordinary start up boom .. An array of data indicate that Americans are rediscovering their go-getting spirit.” 🇺🇸 @TheEconomist @SimonWDC https://t.co/0umFkT71ZS https://t.co/sFBIq33LZO
Entrepreneurship friends: who has best data on new business formation (esp high potential business formation) outside the US (w/ roughly 40% rise since 2020)? Is there a similar trend in any other advanced economies?
American startups Last year applications to form businesses reached 5.5m, a record. Although they have slowed a touch this year, the monthly average is still about 80% higher than during the decade prior to covid, compared with just a 20% rise in Europe. https://t.co/gt4XudLvq3
The country is seeing a surge in small business creation, Luke Pardue (@parduel), the policy director of the Aspen Economic Strategy Group, writes. https://t.co/UWQqwvH3eE
The US in the midst of a remarkable start-up boom. There are now about twice as many new business applications each month as there were in 2019
America is in the midst of an extraordinary startup boom https://t.co/DnNANTIW1M
.@TheEconomist - America is in the midst of an extraordinary startup boom. How the country revived its go-getting spirit https://t.co/n9WgMBlmRK
US startups are having a moment Last year, new business applications hit a record 5.5 million Covid turned everyone into an entrepreneur https://t.co/wv8PqPTpk3
Although America has a deserved reputation of being at the cutting-edge of innovation, fuelled by entrepreneurial vim, in recent years some economists have worried that this reputation no longer holds true. An array of data indicate that is changing https://t.co/pFWnwg95P7 👇
Despite elevated interest rates and the VC cash spout slowing to a relative trickle, the US is experiencing a startup tsunami, according to The Economist. Historically low unemployment may be to thank. https://t.co/1cjqHZTcex