The global pandemic has ignited UK’s most Start-Up boom in a decade. Some who have struck out on their own have done so out of Necessity after losing their jobs, while others reassessed their priorities and set up their own business.
According to data from Census Bureau, Americans filed paperwork to start 4.3 million businesses last year which has increased 24 percent from the year before and by far the most in a decade and a half. This sudden increase in businesses has been striking an unexpected turnaround after 40 years of decline in US entrepreneurship.
The prolonged decline worried economists because start-ups are a key source of job growth, innovation, and economic resiliency. A reversal of the trend could contribute to a more dynamic, productive economy that could more easily rebound from future recessions.
So far, the entrepreneurial boom has proved broader and more durable than the skeptics earlier expected. Many of the biggest gains have been in the sectors which were heavily affected by the pandemic, such as retailing, food services, and logistics but there has been a significant increase in sectors of manufacturing, finance, and construction.
Some economists remain skeptical about the long-term significance of the Start-Up boom arguing about how many of these are really going to be disruptive businesses of the sort that makes difference to economic growth, while others argue that pandemic has certainly caused lasting shifts in the economy.