A recent survey of 1,345 new business owners conducted by Gusto, a platform that supports modern businesses, reveals significant shifts in entrepreneurship for 2023. Nearly half of the new entrepreneurs were women, a dramatic rise from just 29% in 2019. The survey, weighted to match the industry distribution across the 2023 Business Formation Statistics by the US Census Bureau, also highlights a notable increase in Black, African American, and Hispanic entrepreneurship. Technology, particularly generative AI, has been instrumental in this surge, with over 20% of new businesses utilizing AI to enhance operations, especially in marketing. Additionally, the rise of side hustles and remote work continues to shape the entrepreneurial landscape, with a growing number of new business owners maintaining other jobs while starting their ventures.
Liz Wilke, Principal Economist at Gusto, emphasizes the ongoing importance of these trends in shaping the future economy. Wilke, who has a background in both technology and government sectors, points out that the surge in entrepreneurship, sparked by the pandemic, shows no signs of slowing down. However, challenges remain, particularly regarding equitable access to funding, as women and minority entrepreneurs continue to receive less investment compared to their white, male counterparts. The report underscores the need for continued support to ensure these diverse entrepreneurs can thrive in the evolving economic landscape.
