This Insights article was contributed by Heather McWhorter, Regional Director of the Small Business and Technology Development Center (SBTDC). Heather believes that everyone has entrepreneurial superpowers that can be developed and that everyone should have equal access to starting a business because, after all, it is the American dream.
2020 has been a year full of unexpected events and has made many of us step back and look at life a little differently. While those of us who are on the frontline of helping businesses are witnessing business closures at alarming rates, we are also seeing something else: a surge in new business creation. This surge is giving us hope for an even stronger economy and region in the future.
This is not just a feel-good story. The data shows that despite the COVID-19 pandemic, North Carolinians are starting job-creating businesses at a record-breaking pace -- with the largest spike in a decade in the third quarter of 2020 (Source: U.S. Census Bureau). Entrepreneurs are creating new businesses for a variety of reasons, but three drivers lead: 1) new market opportunities due to our changed world, 2) extra downtime to take on new innovative businesses, and 3) a need to make a living due to layoffs and reduced wages. Whatever the reason, the surge in new business formation is good news for our region’s future.
In the midst of a pandemic, it may seem a little crazy to start a business. However, past economic downturns have proven to be a great breeding ground for successful startups. A few notable startups created during the Great Recession include:
Passenger Rail Study Picks Eastern Route
Emma Dill
-
May 3, 2024
|
|
Entrepreneur Brings Young Tech Startup From Triangle To Wilmington
Audrey Elsberry
-
May 3, 2024
|
|
Biden To Announce National $3B Lead Pipe Replacement Project In Wilmington Visit
Audrey Elsberry
-
May 2, 2024
|
|
The Husk, YoSake Sell In Downtown Wilmington
Jessica Maurer
-
May 3, 2024
|
|
UPDATE: Biden Shares Details On National Lead Pipe Funding At Wilmington Talk
Audrey Elsberry
-
May 2, 2024
|
As Leland’s residential development booms, town leaders are taking steps to ensure that land zoned for commercial development meets its full...
Wilmington-based Live Oak Bank is surfing the uncertain waters, dodging other small business banks’ lending under market value and preparing...
Meet the category winners for this year's Coastal Entrepreneur Awards. CEA’s goal is to shine a spotlight on up-and-coming companies, helpin...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.