A recent study has revealed that there has been a significant increase in the number of people starting new businesses, with a notable rise in women and minority entrepreneurs. The surge in new business applications began in 2020 at the onset of the pandemic and has since continued at a record pace. In 2021 and 2022, over 5 million applications were filed, and an unprecedented 5.5 million new business applications were submitted in 2023.
According to a survey conducted by payroll firm Gusto, it was found that women accounted for 49% of the new business owners surveyed. This marks a substantial increase from 2019 when only 29% of new business owners were women. Despite this progress, women entrepreneurs still face challenges in securing investments, with only 3% of women receiving private capital investments in 2023 compared to 9% of male entrepreneurs.
