The COVID-19 pandemic led to new business opportunities in New York, as per the recent study conducted by State Comptroller Tom DiNapoli. Despite pandemic-induced economical setbacks, entrepreneurs emerged creative and resilient, capitalizing on technology and innovation.
New York’s potential for economic rebound and growth were among the key findings of the study, suggesting that resilience and ingenuity of business owners are paving the way for recovery. In addition, community support and government aid assisted businesses to sail through this crisis.
However, uncertainties persist as the unpredictable trajectory of the pandemic continues to impact businesses. DiNapoli remains hopeful for the economic future of New York, keeping faith in the resilience and innovativeness demonstrated by businesses.
The Comptroller urged for continued backing for businesses and encouraged New Yorkers to support local businesses to aid recovery efforts. As per the study’s conclusion, maintained focus on reforms, investments, and strategic planning will be critical for business growth and economic contribution in 2022 and beyond.
According to data from the Kauffman Institute, New York ranked 12th in percentage of new business startups in 2021. Over 80% of these entrepreneurs were drawn to the prospects of higher earnings, independence, and flexible work schedules. A significant number aspired to launch innovative ideas to the market, while approximately 60% showed keenness towards socially responsible business models.
Although the state surpasses the national average in businesses led primarily by women and minorities, Hispanic and Black business owners are found significantly underrepresented. Dedicated efforts are in place to bridge this gap and enhance success rates for minority-owned and veteran-owned businesses, yet much work is needed to fully address these systemic issues.
DiNapoli emphasized the crucial role of small business development organizations in boosting local economies. He endorsed the need for more resources and programs custom-made to meet the distinctive needs of varied small businesses. The Comptroller also spoke about the importance of effective utilization of federal funds intended to assist small businesses and suggested regular audits to safeguard their responsible allocation.
Overall, DiNapoli remained hopeful and ready to lend his support to achieve these important initiatives, asserting that supporting small businesses is critical in the face of the ongoing economic challenges that have been amplified by the COVID-19 pandemic.
