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THE TRANSATLANTIC MAGAZINE

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Entrepreneurial Activity in US was Growing Pre-Covid-19

Business activity by entrepreneurs grew in 2019 in positive development for the US economy, says Babson College

Published on September 3, 2020

US Business Professionals Photo: August de Richelieu

Research from America has found that in 2019, total entrepreneurial activity (TEA) increased to 17.4%, a 10% increase over levels reported in 2018.

The information has been compiled by Babson College, and the College's Entrepreneurial Professor, Donna Kelly, explained that the findings are significant because "Entrepreneurship is a critical contributor to economic growth and stability in the United States, and the COVID-19 pandemic has placed immense pressure and hardship on our nation's entrepreneurs and business owners ... This report offers a lens into what entrepreneurship looked like in 2019, a time when entrepreneurship was thriving, exhibiting its highest level in over two decades. Moving forward, this research will help us understand the evolving nature and cycles of entrepreneurship in the United States over time. Moreover, the report showcases how at its peak, and when well-supported, entrepreneurship is this country's most powerful tool for economic advancement and post-pandemic revival."

The information is interesting for the UK because, increasingly, American entrepreneurs are finding themselves moving to Britain to set up businesses. We at The American regularly hear from American entrepreneurs who are creating/developing businesses in the UK, and with a potential Free Trade Agreement between the US and UK on the horizon, opportunities for American business professionals to create new concepts in the UK could increase.

Among some of the other findings in the report, in the US, 55% of the adult population have started a business, with 26% saying they have started at least two. In 2019, 20.4% of the adult population said they "intended to start a business in the next three years". In the US, the TEA rate is also highest amongst the age groups 25-34 and 35-44, although those under the age of 25 have a TEA rate of 16%.

If a UK-US Free Trade Agreement becomes a reality, these findings could be important as an indicator of how American entrepreneurship could also cross the Atlantic.

To see the full Babson College report, go to https://indd.adobe.com/view/daef53ed-7654-4e7b-9627-1369905d5048

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