The Next1000: Here's how and where entrepreneurship has surged in the past year
hen the Covid-19 pandemic brought the economy to a standstill, more than 30 million small businesses across the U.S. were cast into financial freefall. But from the downturn, marked by the highest unemployment rate since the Great Depression and a staggering 22 million jobs lost, emerged a surge in entrepreneurship—one that’s continued into 2021.
Additionally, approximately 55% of semi-finalists identified themselves as a person of color, and an overwhelming 60% identified as female. Top industries for business include retail and ecommerce, health and sciences and food and drink.The top 10 sectors for new business applications from January through March over the last three years shows a considerable uptick in retail, healthcare and food services businesses.
“What’s unique now is that these new businesses are starting with a digital-first mindset,” says Marie Rosecrans, senior vice president of small business at Salesforce. “This generation of small businesses will already have technology as a built-in contingency plan to quickly adapt to whatever crises or challenge comes their way in the future.”
Even still, access to capital remains one of the biggest challenges for small businesses, one that fintech players have sought to solve. According to the
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