Virginia 2020 Snapshot | Early-Stage Entrepreneurship 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 Virginia. DOWNLOAD THE VIRGINIA 2020 SNAPSHOT [PDF] RATE OF NEW ENTREPRENEURS How many people are becoming entrepreneurs? Since 1998, the rate of new entrepreneurs in Virginia has been below the national rate. In Virginia, the rate of new entrepreneurs in 2020 was 0.23%, meaning that 2.3 out of every 1,000 adults became new entrepreneurs, on average, in a given month. This compares to 0.34% nationally. VIEW VIRGINIA DATA OPPORTUNITY SHARE OF NEW ENTREPRENEURS How many new entrepreneurs created their business out of opportunity? Since 2016, the opportunity share of new entrepreneurs has been lower in Virginia compared to the rest of the nation. The opportunity share of new entrepreneurs was 80.1% in Virginia in 2020, compared to 80.9% nationally. VIEW VIRGINIA DATA STARTUP EARLY JOB CREATION How many jobs are created by new businesses? In recent years, the number of jobs created by startups in Virginia has been above the national level. There were 5.2 jobs created by startups per 1,000 people in Virginia in 2020, compared to 5.0 jobs created by startups at the national level. VIEW VIRGINIA DATA STARTUP EARLY SURVIVAL RATE How many businesses survive their first year? In 2020, the share of startups that survive at least one year was lower in Virginia compared to the national level. In 2020, 76.2% of startups in Virginia survived at least one year, compared to 78.1% of startups at the national level. VIEW VIRGINIA DATA