Microbusinesses Drive Local Economies Bigger than You Think: Online Microbusinesses - 10 employees or less - have an outsize economic, social and employment impact on the U.S. Economy
New York, NY
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June 22, 2022 02:15 PM Eastern Daylight Time
There are over 20 million microbusinesses in the United States. According to a recent study by GoDaddy’s Venture Forward research initiative, about half of the microbusinesses in the country are run by solopreneurs and around 94 percent have 10 or fewer employees. But their impact is bigger than you think. Recently, Jeremy Hartman the Vice President of Venture Forward at GoDaddy and Alexandra Rosen the Senior Director of Venture Forward conducted a satellite media tour to help shine a light on microbusinesses, their impact on local economies, and the work GoDaddy is doing to empower entrepreneurs across the nation.
A video accompanying this announcement is available at: https://youtu.be/S4TF6UDwD8U
At the beginning of the pandemic, entrepreneurs faced unexpected and unprecedented challenges as many had to move online and adjust their nascent businesses for the new rules of COVID living. Yet over the last two years, these business owners - many of them running microbusinesses made up of 10 employees of less - refused, again and again, to let the pandemic define them; rather, they’ve exhibited the creativity, imagination, hard work, and resiliency that are the hallmark of all successful entrepreneurs.
And as they’ve succeeded, this rapidly growing movement of over 20 million microbusinesses is having a substantial impact on the economy, especially in their local communities. Venture Forward has collected data on these microbusinesses since 2018 to better understand how they are doing - and what more that local policymakers and economic developers can do to fuel their growth.
According to Venture Forward, about half of all microbusinesses are run by solopreneurs and around 90 percent have 10 or fewer employees. Because many of these businesses have never registered with a government entity, they’re often excluded in official measures of small businesses - meaning many of them succeed based on true people power through hard work, family and personal loans, and access to web and online tools that make online commerce easier and more accessible.
The Venture Forward team recently launched the Microbusiness Data Hub to help shine a light on this audience, providing an easily accessible location for anyone to download millions of data points and insights collected from microbusinesses across the country and in Great Britain. This data hub can provide a better understanding of the microbusiness community and help inform policies.
At the most recent U.S. Conference of Mayors, Jeremy Hartman announced the launch of GoDaddy Open, where they’ll be taking their expertise in empowering everyday entrepreneurs on the road. GoDaddy Open started as a one-day immersive experience for entrepreneurs focused on those who were seeking ways to start or pivot their business during the pandemic. It has continued to evolve, but remains dedicated to providing entrepreneurs with resources, tools and inspiration.
When entrepreneurs have access to relevant training, their businesses thrive! Venture Forward’s research has revealed that 67% of microbusiness owners who receive training at GoDaddy reported at least one positive outcome.
o 44% Got more customers
o 28% Improved internal processes
o 26% Grew revenue
o 16% Increased profitability
Go to godaddy.com/ventureforward to learn more about Venture Forward and explore the data platform hub.
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About Jeremy Hartman
Jeremy Hartman is the Vice President of Venture Forward at GoDaddy. He was hired to help GoDaddy better advocate on behalf of its 20 million microbusiness customers by quantifying and communicating their impact on the global economy. Jeremy has over two decades of experience developing communication platforms for companies, non-profits and political candidates. Prior to GoDaddy, Jeremy was Director of Applied Thought Leadership at Cisco, chartered to raise Cisco’s relevancy among key influencers. His background originated in politics, where he served as a senior campaign advisor to State and Federal candidates. Jeremy holds a bachelor’s degree from Washington University in St. Louis and a master’s degree from Northwestern University.
About Alexandra Rosen
Alexandra Rosen is the Senior Director of Venture Forward, GoDaddy’s multi-year research initiative focused on entrepreneurs and their impact on the economy. Prior to GoDaddy, she collaborated with organizations across live entertainment, the Olympics, enterprises and the public sector to launch several first-to-market programs and partnerships as a global manager at Cisco. These included international skills training, new digital platforms and innovative technology deployments. Passionate about empowering people and businesses to reach new goals through technology, creativity, and connected experiences, Alex is an Entrepreneur-in-Residence at the UCLA Anderson Venture Accelerator. She completed her undergraduate degree at Stanford University and her MBA at the UCLA Anderson School of Management.
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