In Focus: Driving Economic Prosperity Through Entrepreneurism
4 May 2021
The coronavirus pandemic plunged the world into a deep health and economic crisis. The rollout of the COVID-19 vaccine points to a “light at the end of the tunnel” for the country’s physical health, but as we collectively take stock for ways to rebuild our economy stronger and more resilient than before, we need to remember what works. Entrepreneurism has been, and will continue to be, a driver of long-term economic growth.
The economic free fall brought about by the coronavirus was unexpected and unprecedented. Experts are still attempting to fully understand, quantify, and predict the full extent of the fallout. We do know that the U.S. hit its deepest recession since WWII, which serves as a reminder that we must be intentional in our efforts to help our economy recover and grow once more.
Small businesses and startups have always been important drivers of our economy. But in a post-COVID era, they will become even more important than ever before. According to the U.S. Small Business Administration (SBA), small businesses accounted for nearly 60 million jobs and employed 47 percent of all U.S. employees in the pre-pandemic economy.