Just as no one could predict COVID-19, no one could predict some of its long-term effects. Among the perhaps most surprising is a boom in the number entrepreneur. Most of us wouldn’t think of a pandemic as a good time to open a business, but many startups launched during this period have experienced unexpected success.

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Whether it was through innovation, adapting to changing market conditions or taking advantage of new opportunities brought about by the pandemic, these companies have seen growth that was difficult to achieve even before COVID-19. These post-COVID startups have defied the odds and contributed to an economic revitalization that the New York Times called “a record surge in new businesses,” which has “helped drive job growth and may have long-term benefits.”

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Economic resilience

The pandemic set the stage for an entrepreneurial boom by giving millions of people more time at home. This contributed to a change in employment and companies created between 2020 and 2022 had together created 7.4 million jobs by the end of 2022 alone.

This kind of job growth underscores an economic resilience that startups can take advantage of. Entrepreneurs who can adapt and thrive can capitalize on the needs of this new market. Despite ongoing challenges such as supply chain disruptions and labor shortages, new businesses can fill a niche and succeed.

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Startups can take advantage of lasting market changes

As the global health crisis kept so many of us at home for extended periods, we also had time to change our consumer behaviours. Successful startups that emerged during the pandemic were able to take advantage of these changes, especially with many consumers opting for e-commerce and other online services.

These shifts did not end with the quarantines, but instead have become changes with real, lasting power. How consumers now interact with the market has forced changes traditional business models. Startups are uniquely positioned to provide innovative solutions to meet and capitalize on these demands early adopter status.

Startups can harness the power of innovation

Entrepreneurs have always been innovators. The pandemic gave many people significantly more time than when they faced daily commutes, and this time allowed them to pursue new ideas. Those who used the free time to launch startups were part of a wave of creativity and experimentation.

Through the power of innovation and technology, these new businesses succeeded by filling gaps left by businesses that closed during the shutdowns. This type of innovation has demonstrated its staying power as these companies continue to create wealth for the entrepreneurs who started them.

Startups can benefit from supportive ecosystems

The pandemic changed the way we shop and the way we bank. There is now greater access to new avenues of financing through online banking with more attractive interest rates. This has proven to be a thriving ecosystem for startups.

With low initial interest rates, startups have found it easier to raise capital. Innovative suppliers also offer outsourcing solutions for wages and human resourceswhich allows many entrepreneurs to punch above their weight. This has helped new businesses experience unprecedented growth in a short period of time.

Contributes to economic growth

This is your chance to pay it back. One of the most compelling reasons to start a startup now is the chance to make a positive contribution to the wider economy. The entrepreneurial boom has been a critical component of a recently strengthened labor market. Startups create new positions that increase both economic diversity and stability.

These new businesses and the jobs they create keep employment levels up. Low unemployment is the basis for a stable economyand it has many other long-term benefits. As more people seize the opportunity to become entrepreneurs, this slipstream effect can lead to more affluent societies with greater opportunities.

Carpe Diem

Starting a startup is never easy, and it requires you to overcome many obstacles. The current economy may not be one of them, as it has proven to be a breeding ground for new business success.

Entrepreneurs are replacing lost jobs, driving innovation and underpinning a market recovery that many have found surprising.

This new market environment is more adaptable and entrepreneurs with new ideas can have a competitive advantage. Whether driven by a desire to innovate, capitalize on market changes, or contribute to broader economic growth, aspiring entrepreneurs have no shortage of reasons to take advantage of this moment in history.

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