The number of people applying for unemployment benefits fell slightly last week to 900,000, but it's still historically high as we continue to see job cuts.
This may have you considering becoming an entrepreneur and it seems 2021 could be a big year for just that.
"If you have a solution to a problem the world needs you and need your ideas. Start it right now," said Elizabeth Caven, Managing Director of OnRamp Insurance Accelerator.
OnRamp Insurance Accelerator is a startup accelerator, which support new startup with money, mentorship and education, sometimes in exchange for a share of equity.
The pandemic provided a unique opportunity for entrepreneurs.
“I think when a lot of uncertainty happens and a lot of questions hang out there, entrepreneurs are problem solvers. And so, they look for those problems that they see, and they think, ‘hey I might have a solution to this that no one else has done,’” said Caven.
Caven says history suggests those startups will grow into successful giants.
“So actually, out of the Great Recession in 2008 timeframe, we saw a lot of really powerful companies kind of getting born out of that time like the Ubers of the world and the Venmos and you know just a lot of companies that now are household names. That is really what I anticipate happening again throughout this time period.”
Caven says she expects similar outcomes in the post-pandemic economy.
So, what should entrepreneurs do right now? Caven says reach out.
"Keep the conversations going, stay top of mind for the people that are your potential customers, the mentors, the potential investors," said Caven.
Networking can be key, since you can't bump into potential investors in coffee shops.
She recommends startups start by figuring out if using an accelerator is their best option. Then, if the answer is yes, finding one that aligns with their goals and terms.