Business
Visualizing America’s Entrepreneurial Spirit During COVID-19
Mapped: America’s Entrepreneurial Spirit During COVID-19
Despite the risks of opening a business during a global pandemic, new data from the U.S. Census Bureau reveals that the entrepreneurial spirit is alive and well in the United States.
In total, there were 492,133 new business applications in January 2021—an increase of over 73% year-over-year (YoY).
The region with the highest growth rate was the South at 84% with more than 220,000 new business applications in the region in January of this year. Mississippi had the highest percent increase at 164%, with over 6,000 new applications in January 2021.
Here’s a closer look at the number of total applications by state and region:
Notably, new business applications have soared in the last month or so, bouncing back from a dip between July and December 2020.
The growth rate from December 2020 to January 2021 stood at 42.6%, with the biggest change happening in the Midwest, where applications have gone up 48.6%. Here’s a look at the biggest changes in applications by region since December 2020:
| Region | Number of Applications in January 2021 | Percentage Change from December 2020 |
|---|---|---|
| Midwest | 85,503 | 48.6% |
| Northeast | 77,910 | 47.9% |
| West | 103,861 | 40.5% |
| South | 224,859 | 39.6% |
Note: Business applications are measured by collecting data on new applications for Employer Identification Numbers with the U.S. government.
Opportunity Out of Crisis
Prior to the pandemic, new business startups were actually on the decline, but in times of crisis there is often opportunity.
People have become wildly innovative during COVID-19, partly because they were forced to do so due to job or income loss. Economists call this ‘creative destruction,’ wherein new innovation springs up because of the failure of particular industries or businesses.
Here’s a look at new business applications by industry.
| Industry | Number of New Business Applications (Jan. 2021) |
|---|---|
| Retail Trade | 101,842 |
| Professional Services | 56,280 |
| Construction | 43,724 |
| Other Services | 43,511 |
| Transportation and Warehousing | 41,320 |
| Administrative Support | 32,765 |
| Accommodation and Food Services | 27,409 |
| Health Care and Social Assistance | 27,266 |
| Real Estate | 23,804 |
| Finance and Insurance | 22,607 |
| Arts and Entertainment | 14,407 |
| Unclassified | 13,442 |
| Wholesale Trade | 10,298 |
| Information | 9,907 |
| Manufacturing | 7,420 |
| Educational Services | 6,790 |
| Management of Companies | 4,273 |
| Agriculture | 3,978 |
| Mining | 585 |
| Utilities | 505 |
Creative destruction has been keenly exemplified in the rise of remote and digital services over traditional brick and mortar stores. In fact, the industry with the highest number of new business applications in January 2021 was retail services, mostly online, with over 101,000 applications.
Feeling the Entrepreneurial Spirit?
As business applications are on the rise, more jobs could potentially be created in the U.S., and competition will likely increase as well. While starting a business during COVID-19 is risky, it could have immense payoffs for the individuals involved and the overall economy.
In fact, a piece from the U.S. Chamber of Commerce actually recommends specific business ideas that are ‘pandemic-friendly.’ Among many virtually-based ideas, the list includes:
- Digital marketing
- App development
- Fitness and wellness services
- Box subscription services
Perhaps, for digitally minded entrepreneurs, there has never been a better time to start a business.
Technology
iPhone Now Makes Up the Majority of U.S. Smartphones
Apple’s flagship device has captured a modest 16% of the global market, and Android dominates globally. Why do so many Americans keep buying iPhones?
iPhone Now Makes Up the Majority of U.S. Smartphones
One of the most iconic tech moments of the 21st century is Steve Jobs, in his signature black turtleneck, holding up a small device: the iPhone. Since that introduction at the 2007 Macworld conference in San Francisco, iPhone has gone on to become a global phenomenon, with over 1.2 billion units now sold around the world.
Today, the smartphone market is a fiercely competitive space.
On a global scale, iPhone has carved out a respectable 16% of the smartphone market. In the U.S., however, the iPhone has managed to win the hearts and minds of more consumers. New data from Counterpoint Research via FT notes that iPhones now make up 50% of the overall installed user base* in the United States.
With a plethora of smartphone brands available to American consumers—and many at lower price points—what is it that makes this brand so popular?
iPhone: The Apple of America’s Eye
Experts point to a number of reasons why Apple’s flagship device outperforms in the U.S. compared to other markets.
- Apple has the highest brand loyalty of any major smartphone maker. 9 in 10 U.S. iPhone users plan to purchase an iPhone as their next device.
- iPhones appear to depreciate at a slower rate than other devices
- Broadly speaking, consumers in the U.S. have less price sensitivity than consumers in many other countries.
- Apple has been vocal in their messaging about protecting user privacy and data, and that message appears to be resonating with consumers.
This last point is worth digging into in more detail.
Winning the Privacy War
Personal data protection and cybersecurity have become mainstream concerns in recent years, and Apple has made security a priority.
Of course, security breaches can and do occur, regardless of what device is being used. That said, a recent survey by Beyond Identity indicates that iPhone users were less likely to be victims of security breaches, and were more likely to recover data in the event of a breach.
The survey also points out that iPhone users were less likely to have sensitive data, such as images and videos, credit card information, passwords, and personal data compromised when breaches occurred.
These findings aside, Apple has also been bullish on branding its devices as safe and secure. The “Privacy. That’s iPhone.” campaign launched in 2019, and most recently, Apple has put the data broker industry in its crosshairs through a new series of ad spots.
Simply put: whether or not iPhone is more secure than other devices, Apple has used its marketing muscle to sway public opinion at a time when Americans are focused on privacy. And based on these latest installed user base numbers, that strategy appears to be paying off.
Misc
The Most Searched Consumer Brands in 2022
From Netflix to IKEA, this map of the world highlights the most searched for consumer brands around the world.
Creator Program
The Most Searched Consumer Brands in 2022
View the high resolution of this infographic by clicking here.
In today’s fast-paced world, a strong brand is a powerful asset that helps a business stand out in a sea of competition.
What are some of the most popular brands around the world? One way to gauge this is by looking at Google searches to see what consumers are searching for online (and therefore, what brands they’re paying the most attention to).
This graphic by BusinessFinancing.co.uk uses data from Google Keyword Planner to show the world’s most searched consumer brands in the twelve months leading up to March 2022.
Methodology
To source this wide of a dataset, the team at BusinessFinancing.co.uk first compiled a list of well-known brands, using a number of reputable sources including Forbes, the Financial Times, BrandDirectory, and more.
From there, the team created a shortlist of popular consumer brands. This year, they focused on businesses that sell products and services, so some of the big tech companies like Google and Meta were excluded from the 2022 ranking.
Next, the team used Google Ads API to extract search volume data for the shortlisted brands. They looked at a couple of things:
- The monthly average of searches over the last 12 months for the brand name alone (e.g. “Nike”)
- Brand name with the corresponding sector added to the keyword (“Nike clothing”), which helped offset the skew in search volume for generic terms like “Apple” or “Amazon”
They did this for every country in the world with data available. Here’s what they found.
The Top 5 Most Searched Brands
While Netflix is the most frequently searched brand in the highest number of countries (92), Amazon takes the top spot when it comes to total search volume.
Here’s a look at the top five most search brands by average global monthly searches:
| Brand | Average global monthly searches (March 2022) | # Countries Most-Searched In |
|---|---|---|
| Amazon | 335,400,000 | 42 |
| Netflix | 140,200,000 | 92 |
| eBay | 80,600,000 | 6 |
| Walmart | 76,100,000 | 2 |
| IKEA | 55,300,000 | 14 |
But a brand’s search popularity doesn’t necessarily reflect that the business is thriving. For instance, in April 2022, Netflix announced it had lost around 200,000 subscribers throughout Q1.
The week of the announcement, Netflix’s stock price dipped below $200—the lowest it had been since 2017.
Smartphones
Apple and its iPhone take the top spot when it comes to smartphone searches, which may be unsurprisingly considering the top five best-selling smartphones in 2021 were all iPhones.
View the high resolution of this infographic by clicking here.
It’s worth noting that the top five best-selling smartphones only capture a fraction of the overall smartphone market, and while iPhones are undeniably popular, they only make up 16.7% of worldwide smartphone sales.
Gaming
Epic Games, the creator and platform of Fortnite, maintains its status as the most searched-for gaming brand worldwide, with an average of 14.9 million global monthly searches.
View the high resolution of this infographic by clicking here.
No other gaming company came close to Epic Game’s search volume. For instance, Nintendo, which came in second place, only averaged 3.2 million searches a month.
However, Nintendo still managed to generate more than $16 billion in revenue throughout 2021, triple the gross revenue that Epic Games made the same year.
Fast Food
KFC was the most searched fast-food company in more than 83 countries, making it the most popular worldwide.
View the high resolution of this infographic by clicking here.
However, it’s worth noting that, while McDonald’s ranked first in fewer countries, it had a higher global monthly search average than its fried chicken competitor.
In 2021, KFC generated approximately $2.79 billion in global revenue, while McDonald’s brought in $23.2 billion.
-
Markets1 week agoVisualized: The World’s Population at 8 Billion
-
Money4 weeks agoCharting the Relationship Between Wealth and Happiness, by Country
-
Money3 weeks agoMapped: The World’s Billionaire Population, by Country
-
Money4 weeks agoMapped: A Snapshot of Wealth in Africa
-
Datastream1 week agoTop 20 Countries With the Most Ultra-Wealthy Individuals
-
Water3 weeks agoMapped: Countries With the Highest Flood Risk
-
Markets2 weeks agoThe Biggest Tech Talent Hubs in the U.S. and Canada
-
Politics3 weeks agoMapped: Which Countries Still Have a Monarchy?