Surging US Entrepreneurship: The Rise of Innovative Ventures

A Thought Leadership article we liked from SSTI:

Global Entrepreneurship Monitor says US entrepreneurship is on the rise

Those who gather data know that the results collected in 2020 during pandemic shutdowns do not reveal actual trends.

This phenomenon was the case for a recent survey by Babson College researchers for the Global Entrepreneurship Monitor Adult Population Survey (GEM APS). They found that rates of entrepreneurship, which had been on the rise since 2015, dropped in 2020.

However, their newest research shows an upward trend in 2021 and 2022, when the U.S. had the highest levels of entrepreneurial activity since their first survey in 1999. In 2022, 19% of working-age adults were in the process of running a business or were running a company less than 42 months old.

The current U.S. survey found such trends a rise in manufacturing and logistics companies since the pandemic, an increasing focus among entrepreneurs on their businesses' social and environmental impacts, and a rising rate of companies bringing innovative new products to market.

The rise of manufacturing and logistics since the pandemic

A supply chain survey from Capgemini published in 2020 found that 65% of companies in the U.S. saw a need to shift their supply chain strategies after the pandemic significantly. Additionally, their research found that 47% of organizations are accelerating their investments in automation and 39% in robotics, and that companies are investing more in IoT and AI.

The GEM APS study showed that entrepreneurs stepped in to create products and services to fill this need. Nineteen percent of all U.S. startups were in manufacturing and logistics in 2022, an increase from...