Despite a pandemic—or, in many ways, because of it—entrepreneur activity in the United States has been booming. This year, Americans have been filing applications for Employer Identification Numbers at the fastest rate since 2007, according to data from the U.S. Census Bureau. (Applying for an Employer Identification Number is a crucial first step in forming a business.)
The number of new business applications really accelerated between June and early September, with more than 100,000 applications filed per week. For comparison, the average number of new business applications filed per week in 2018 and 2019 hovered around 67,000.
To be sure, many successful businesses throughout history were born during tough times. For example, the Great Recession birthed companies like Uber, Groupon, and Square. It’s looking like the COVID-19 pandemic will be no exception.
LegalZoom recently explored what’s behind this rise in “COVID-preneurs.” For many who lost their jobs, building a new business was a necessity. However, for others, the pandemic likely meant a once-in-a-lifetime opportunity to try something new. Check out the infographic below.
