While the term microbusinesses implies small, they have made a big impact on the economy. Senior Director of Venture Forward at GoDaddy, Alexandra Rosen, joined Inside South Florida to share just how they have measured up.
These businesses may be little in stature, but their benefits are strong in nature.
“94% have less than 10 employees and over half are solopreneurs, but they affect the economy and their local communities in really big ways,” says Rosen. “They drive up household incomes, lower unemployment, create wage drops and make the economies way more resilient, which we saw during COVID.”
GoDaddy’s Venture Forward Research Initiative studied the effectiveness of microbusinesses in the U.S.
“GoDaddy began Venture Forward in 2018 because we wanted to uncover the impact of these small but mighty microbusinesses, looking at over 20 million of them across the U.S.,” says Rosen.
Now more than ever, microbusinesses have flooded the market.
“2.8 more million microbusinesses were created in 2020 than in 2019, nationally,” says Rosen. “About a third have been created since COVID and who is creating them has changed. What we're seeing is women-owned microbusinesses have grown to become more than half of the new starts.”
For more information, visit GoDaddy.com/VentureForward
This Inside South Florida segment is paid for by Venture Forward.