The world faced a catastrophic change when the COVID 19 pandemic hit in early 2020. Governments scrambled for resolutions, while businesses looked for short and long term staffing solutions. Many companies chose to send their employees home to work remotely, while others fought to remain open. Unfortunately for many Americans, a large number of businesses began furloughs and layoffs. All in all, the year 2020 was turbulent and has changed the work landscape forever.
As businesses have recalled workers back the office, they have faced backlash and disgruntled employees who have seen the advantages of working from home. Many did not want to return to the office and chose to end careers in favor of starting out on their own. According to the US Census Bureau startups rose from 3.5 million in 2019 to 4.2 million in 2020, equaling a 24% increase.
Here we are at the end of 2021 and the startup trend is not slowing down. Millions of people are continuing to turn away from traditional careers and focusing on their own success. As the business world continues to change and adjust to the new climate the pandemic has created, startup trends have emerged. I recently read an article, Startup Statistics (2021): 35 Facts and Trend You Must Know, by Artem Minaev (https://zurl.co/QCFa ), which has some interesting statistics and facts about startups across the globe.
Some statistics that stood out to me include:
- 19% of startup leaders agree that competition is the greatest challenge when starting a business
- The vast majority of companies need at least $50k in annual revenue to be sustainable for a long period of time.
- No-code startups reach a 100% increase in searches in 2018
- 60% of entrepreneurs agree that AI is currently the most promising innovation technology.
To me these statistics show clearly that the world needs more small businesses, and those businesses need support that fosters their technology needs while supporting their financial status. We all know that 9 out of 10 startups fail within the first year, 20% of those fail the following year, with 30% failing in the next year and so on. Reaching the 10 year mark is an accomplishment, but one that is hard fought as the roadblocks are many.
Finances will always be a struggle for small businesses as they navigate the difficult decisions of re-investing in the company and driving business. It is becoming more and more clear that technology needs to be at the forefront for small businesses. Investing in these technologies has to be important for growth and sustainability, especially when these businesses are fighting against the conglomerates with the resources to out-compete small businesses.
However, no code and low code software continues to be the shining light in this fight for dominance. Small businesses have a greater ability to pivot and change direction quicker with the use of technology. Giving them an advantage as the needs of consumers change over time. Low code makes this easier by giving these businesses tools that are affordable and easy to use. Small businesses now have access to the same tools that the larger enterprises are building themselves. Low code offers the framework of software that is customizable and dynamic for each individual business. Simplicity in software is important, so is cost – especially for small businesses working to be part of the 1%.
As time continues and more startups enter the marketplace, these businessmen and women need to consider how they will invest their capital. Technology HAS to be a main focus for businesses to compete. The technologies available make it easier for these small businesses to succeed, but they cannot be afraid of the investment costs of software. The long term solutions that they offer can be the difference between success and failure. Further, the initial cost is less prohibitive than it has been in the past. Low code software tools have everything that small businesses need to ensure that they have a place in the market.
Source
US Censes Bureau https://www.census.gov/econ/bfs/about_the_data.html
Minaev, Artem, Startup Statistics (2021): 35 Facts and Trend You Must Know (Oct 13, 2021) https://firstsiteguide.com/startup-stats/
