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New report shows substantial increase in rate of new entrepreneurs in 2020, but …

March 10, 2021 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

This report on early-stage entrepreneurship in the United States in 2020 presents national trends, as well as trends for specific demographic groups when possible. One key finding was that the monthly rate of new entrepreneurs (0.38% in 2020) increased substantially as the economy went through the shutdowns, job losses, and re-openings that characterized the COVID-19 pandemic.

While this substantially higher rate in 2020 reflects more transitions into entrepreneurial activity during pandemic conditions, the opportunity share of this activity plummeted to the lowest share in 25 years, indicating that many of these transitions were undertaken by people with few other options for economic engagement.

Explore the report

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