While 2020 was horrific in many ways, according to a, it was a banner year for entrepreneurship new report from the political think tank Economic Innovation Group.
Faced with mounting challenges, Americans filed more new business applications in 2020 than any year before, according to an analysis of the US Census Bureau data by EIG.
Year-end data shows that the number of new business applications in 2020 increased 24% from 2019 and was 51% above the 2010-2019 average.
The year got off to a rocky start, with many companies freezing their spending and losing millions of Americans from their jobs, disrupting essentially all likely business applications during that time. In late summer and the rest of the year, the rate of new applications recovered and rose to just under 4.5 million.
As it became clearer that the pandemic was more than a temporary fault, entrepreneurs seemed to gain confidence in pursuing new business opportunities.
Read the full report.