In the years following the Great Recession, more businesses were dying each year than were being born— the first time that has happened since researchers started collecting data in the 1970s. Although new business growth has picked up in recent years, it is still only about “half what it was a generation ago,” according to the Kauffman Foundation.
New businesses are different from small businesses, though each is critical to the health of the U.S. economy.
New businesses start small but may one day potentially become big and employ thousands of people.
Small businesses—think your local dry cleaner—may never grow significantly, but they account for 55 percent of all jobs in the U.S.
Both new and small businesses are dealing with challenges—including difficulty getting credit and complying with ever increasing regulatory obligations— for which the New Center can and must have answers.