Everyday entrepreneurs and their millions of ventures in the U.S. were resilient in the face of the punishing economic climate of the first two months of COVID-19, according to new data from Venture Forward, GoDaddy multi-year research project that demonstrates and quantifies the impact that ventures have on local communities and the U.S. economy.
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The new data reveals that these micro-businesses helped communities withstand the economic impact of shuttered shops and lost jobs during March and April. Also, in communities that have more ventures the data shows that average growth in median income for everyone is higher, unemployment is lower and recovery from prior economic downturn is faster. A venture is defined as a discrete domain name with an active website, representing a business, service, non-profit, cause or idea.
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“This new data from the COVID-19 pandemic not only reinforces previous research on the impact of micro-businesses on local economies but also affirms that ventures play a critical role in buoying communities during difficult times,” says Karen Mossberger, Professor, Arizona State University School of Public Affairs. “Venture Forward provides valuable insights for local policymakers into the importance of nurturing micro-businesses, whether supporting entrepreneurs who use technology to quickly adapt in the new stay-at-home world, or cultivating the success of existing ventures who have remained nimble and resilient in the face of change.”
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