The Rise of Women and Minority Entrepreneurs During the Pandemic: 2023 Statistics Show Breakthroughs and Continued Challenges

A recent study reveals that the number of new businesses started is on the rise, with women and minority entrepreneurs leading the way. The trend began in 2020 at the start of the pandemic and has continued to grow ever since. In 2023, over 5 million new business applications were filed, breaking a record with 5.5 million applications.

According to a survey conducted by Gusto, women made up an astonishing 49% of new business owners in 2023, a significant increase from just 29% in 2019. Despite this progress, women still face challenges when it comes to receiving investment, with only 3% of women entrepreneurs receiving private capital compared to 9% of men. Black entrepreneurs also made up a notable percentage of new business owners in 2023, accounting for double the rate seen before the pandemic at 6%. Meanwhile, Hispanic entrepreneurs accounted for an impressive 13% of new owners in 2023, up from just 8% in the previous year.

Another interesting trend emerging from this study is the rise of side hustles as a popular means for people to start their own businesses while working another job. In fact, a staggering 44% of entrepreneurs started a new business in 2023 while still working another job – a significant increase from just 27% in