HOW STARTUPS AND ENTREPRENEURS CAN POWER THE ECONOMIC RECOVERY

Entrepreneurs are critical to the economy’s long-term success.  Startups created roughly 2.6 million jobs, according to the Census Bureau’s Business Dynamics Statistics. By comparison, firms of all other ages lost a net 267,000 jobs.  The COVID-19 outbreak has introduced a host of economic challenges. But even before the pandemic took hold, entrepreneurial-driven job growth was in a steep decline. Approximately one-third fewer workers hold jobs at young firms today compared to in 2000—a trend accelerated by the Great Recession.  The economic lockdown imposed by COVID-19 presents severe challenges for all businesses, but young firms are especially vulnerable without some of the resources and capital established firms have. Due to the current crisis, our economy is at risk of losing an entire cohort of young firms—job creators that we cannot afford to lose. As we begin to reopen and rebuild, policymakers and economic developers must focus on creating environments that support and nurture entrepreneurs.  Cities across the country need an economic boost now more than ever as they face the challenges of COVID-19. Entrepreneurs and young firms could hold the power to help economies rebound from the crisis.  Read More >>

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