Pennsylvania 2020 Snapshot | Early-Stage Entrepreneurship

2020_KESE_Snapshot_PA

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 Pennsylvania.


RATE OF NEW ENTREPRENEURS

How many people are becoming entrepreneurs?

Since 1998, the rate of new entrepreneurs in Pennsylvania has been below the national rate.

In Pennsylvania, the rate of new entrepreneurs in 2020 was 0.18%, meaning that 1.8 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?

Since 2018, the opportunity share of new entrepreneurs has been higher in Pennsylvania compared to the rest of the nation.

The opportunity share of new entrepreneurs was 83.1% in Pennsylvania in 2020, compared to 80.9% nationally.

STARTUP EARLY JOB CREATION

How many jobs are created by new businesses?

Since 1996, the number of jobs created by startups in Pennsylvania has been below the national level.

There were 3.7 jobs created by startups per 1,000 people in Pennsylvania 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?

Since 2015, the share of startups that survive at least one year has been higher in Pennsylvania compared to the national level.

In 2020, 79.0% of startups in Pennsylvania survived at least one year, compared to 78.1% of startups at the national level.