New Wave of Startups Triggered as 13% of Laid-Off Workers Launch Their Own Businesses

The COVID-19 pandemic has caused a significant impact on the global economy, leading to widespread layoffs and job losses. However, amidst the chaos, a new wave of startups has emerged as 13% of laid-off workers have decided to launch their own businesses.

According to a report by FreshBooks, a cloud-based accounting software company, 13% of the 3.3 million Americans who lost their jobs in April 2020 started their own businesses. This is a significant increase from the 7.8% of unemployed Americans who started their own businesses in 2019.

The pandemic has forced many people to reevaluate their career paths and consider alternative options. With the rise of remote work and the increasing availability of online resources, starting a business has become more accessible than ever before.

Moreover, the pandemic has created new opportunities for entrepreneurs to address emerging needs and gaps in the market. For instance, many startups have emerged in the healthcare sector, offering telemedicine services and developing new technologies to combat the virus.

The rise of these new startups is not only beneficial for the entrepreneurs themselves but also for the economy as a whole. Startups are known for their ability to create jobs and drive innovation, which can help stimulate economic growth.

However, starting a business is not without its challenges. Many entrepreneurs face obstacles such as lack of funding, limited resources, and fierce competition. Moreover, the pandemic has created additional challenges such as supply chain disruptions and reduced consumer demand.

To overcome these challenges, entrepreneurs need to be resilient and adaptable. They need to be willing to pivot their business models and strategies as needed to stay relevant and competitive in the market.

Fortunately, there are many resources available to help entrepreneurs navigate these challenges. From government grants and loans to mentorship programs and networking events, there are many ways for entrepreneurs to get the support they need to succeed.

In conclusion, the rise of new startups triggered by the pandemic is a testament to the resilience and creativity of the human spirit. While the road ahead may be challenging, these entrepreneurs have shown that they are up to the task and are ready to make a positive impact on the world.

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• Source: Plato Data Intelligence.