More entrepreneurs now exist across the globe than the entire population of the United States.
According to the latest annual survey from the Global Entrepreneurship Monitor (GEM) from Babson College, 388 million entrepreneurs have sprouted up across the planet. The survey also estimated that 165 million are between the ages of 18 and 35 years old. And 163 million are young women.
GEM projects that 65 million of these entrepreneurs will each create 20 jobs, for a grand contribution of 1.3 billion jobs to the planet. It also estimates that 69 million will offer innovative products and services never-before-seen in the market.
Donna Kelly, Babson College professor who authored the study, said that these growing numbers make a healthy addition to the global economy because they stimulate new ideas and innovation.
“In an economy, you want to have some elements of stability, where firms maintain their businesses, despite facing ups and downs in their industry, their businesses or in the economy over time,” Kelley explained. “At the same time, there needs to be some dynamism, where new ideas and new firms sprout up and replace in part those that have run their course.”
One of the study’s most significant findings was that entrepreneurship actually grew in many of the economies surveyed, despite the economic hardships in the past few years. Continue reading…