The global pandemic has created an entrepreneurship boom

It’s official - this is a boom time for entrepreneurs and startups. The global pandemic has acted as a catalyst for more and more people around the world to take their futures into their own hands and to create their own businesses. This apparent surge in startups is attributed in part to many people being retrenched or furloughed at the height of the pandemic and starting their own businesses to take control back of their lives. The Financial Times newspaper looked at official statistics in various countries and found increases in startups were at all-time highs. In July 2020, the US recorded a 95% increase in the number of applications to start new businesses compared to the previous year. In the UK in the same period, there was a 30% increase in new businesses registered, and in France, a 20% increase which represented a historical maximum figure. In the post-Covid-19 economy, analysts are now predicting that the growth in entrepreneurship will continue, providing some positive relief from the negative sentiments coming from the corporate world. National and local economies need small businesses to launch and succeed if they are to contribute to the growing need for job creation. In the Lionesses of Africa community, the need to support women-owned startups on their growth journeys is being recognized by some of the new partnerships now being announced. September will see the launch of the Sunlight X Lionesses of Africa Accelerator programme, an initiative aimed at helping 300 women entrepreneurs in South Africa to grow their businesses to the next level. Partnerships such as these are making a difference, and Africa needs more of them if we are to create the vast number of jobs that are needed.