Predominantly Black communities, especially in higher-income neighborhoods of cities including New York City, Houston and Atlanta, have seen the strongest growth in new startups during the pandemic, according to a new study.
The research, using data from eight states from the Startup Cartography Project, also found that economic relief packages passed last year were followed by a surge in business formations in the following weeks—even though the aid wasn’t specifically aimed at encouraging startups. The correlation is “striking,” the paper’s authors said.
Previous studies have showed an acceleration in entrepreneurship across the U.S. last year after an initial slump in business creations at the onset of the pandemic.
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