New Mexico 2020 Snapshot | Early-Stage Entrepreneurship

2020_KESE_Snapshot_NM

Entrepreneurship is important for job creation, innovation, and the economy. This brief provides a snapshot of various indicators related to early-stage entrepreneurial activity in New Mexico.


RATE OF NEW ENTREPRENEURS

How many people are becoming entrepreneurs?

Since 2012, the rate of new entrepreneurs in New Mexico has been above the national rate.

In New Mexico, the rate of new entrepreneurs in
2020 was 0.51%, meaning that 5.1 out of every 1,000 adults became new entrepreneurs, on average, in a given month. This compares to 0.34% nationally.

OPPORTUNITY SHARE OF NEW ENTREPRENEURS

How many new entrepreneurs created their business out of opportunity?

In recent years, the opportunity share of new entrepreneurs has been lower in New Mexico compared to the rest of the nation.

The opportunity share of new entrepreneurs was 80.8% in New Mexico in 2020, compared
to 80.9% nationally.

STARTUP EARLY JOB CREATION

How many jobs are created by new businesses?

In recent years, the number of jobs created by startups in New Mexico has been below the national level.

There were 4.2 jobs created by startups per 1,000 people in New Mexico in 2020, compared to 5.0 jobs created by startups at the national level.

STARTUP EARLY SURVIVAL RATE

How many businesses survive their first year?

In recent years, the share of startups that survive at least one year in New Mexico has been similar to the national level.

In 2020, 80.1% of startups in New Mexico survived at least one year, compared to 78.1% at the national level.