GoDaddy Venture Forward Quarterly Newsletter

Venture Forward Q1 - 2024

NORTHAMPTON, MA / ACCESSWIRE / March 28, 2024 /

Foto: Accesswire

Originally published on GoDaddy LinkedIn

Welcome to the second quarterly issue of the GoDaddy Venture Forward newsletter! Here we share our latest data, insights and news about small and microbusinesses. Venture Forward is a GoDaddy research initiative established in 2018 to quantify the growth and impact of online microbusinesses on their local economies, and to provide a unique view into the attitudes, demographics and needs of these entrepreneurs (GoDaddy defines microbusinesses as small businesses with a unique domain, an active website and most often fewer than 10 employees).

Venture Forward supports GoDaddy's mission to empower entrepreneurs everywhere, making opportunity more inclusive for all. We believe the more we uncover and learn about entrepreneurs and their microbusinesses, the better we can support them and advocate for their success. That's why we strive to share data and insights that are easily accessible and timely.

We'd love to hear from you, so please leave a comment with your thoughts or takeaways. We encourage you to share this issue with other small business advocates in your network and if you haven't already, subscribe to get our latest insights delivered right to your LinkedIn newsfeed!

Alexandra Rosen
Sr. Director, Venture Forward

Updated Microbusiness Data Hub and New U.S. Economic Outcomes

The Microbusiness Data Hub has been refreshed through December and the fourth quarter of 2023, including updated microbusiness density data, Microbusiness Activity Index, entrepreneur survey results and e-commerce trends.

This week, we've also released our latest review of the impacts made by these entrepreneurs on job creation and unemployment based on the latest U.S. Census Data and BLS through December 2023.

Statistically significant findings in partnership with UCLA Anderson Forecast economists include:

1. At the county-level, every additional microbusiness entrepreneur adds about seven jobs, which has continued to grow based on data through 2023.

• Analysis of data from 2018 to 2022 found the effect of microbusiness entrepreneurship to be two or more new jobs for every additional entrepreneur, and from 2020 to 2022, about six new jobs.

2. Adding 1,000 new microbusiness entrepreneurs in a county is associated with a drop of 0.11 percentage points in the unemployment rate.