ust as the nation’s more than 30 million small business owners were getting back on their feet, Main Street is again seeing its survival threatened by Covid-19.
Following the first wave of the pandemic—which resulted in an unemployment rate of 14.8%, the highest since the Great Depression—the U.S. saw applications to start new businesses grow by 41%, according to the Census Bureau, a rate far outpacing the usual post-recession uptick. This trend is reflected in our third installment of the Next 1000: alist of U.S. entrepreneurs with less than $10 million in revenue or funding. Some 15% of applicants launched their businesses amid the pandemic.
Despite these challenges, Philip Gaskin, the Kauffman Foundation’s vice president of Entrepreneurship and a Forbes Next 1000 judge, says the pandemic has created opportunities for founders—especially those of color and women. “It is these resilient entrepreneurs who are best suited to create the companies to solve these challenges,” he says. Of the Next 1000 semi-finalists, 60% identify as a person of color and 56% as female.
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