There has been a noticeable, and measurable, surge in startups during the ongoing COVID-19 pandemic. It turns out that this is a pattern that has repeated itself time and again throughout history and it is, when times get hard, people get creative and innovate. Whether it’s out of necessity or finding an opportunity, in economic downturns, people look inward to take charge of their future. “The increase in the number of people starting their own businesses in the US has surged to a 13-year high.” (Business Insider)
“This pandemic is actually inducing a surge in employer business startups that takes us back to the days before the decline in the Great Recession,” John Haltiwanger, an economist at the University of Maryland, told The Wall Street Journal.
The Impact of COVID-19 on Entrepreneurship and Businesses
Here at 3D Innovations we have noticed an uptick in people reaching out for product development assistance. When we looked at the numbers it has been a 1200% increase in product development inquires for 2020 compared to this time in 2019. As our President, Collin Kobayashi, states: “I think the lockdown has provided people with more free time to do other projects that they always intended to do, but never had the time. COVID-19 probably accelerated some projects that were already in motion.”
Another notable figure that stands out is that about 75% of these inquiries are from first-time entrepreneurs. For many people, COVID-19 lockdowns have provided them with time to focus on their passion and get creative. We have seen a number of COVID-19 related product ideas, “A lot of projects have been COVID-19 centered, whether it has been face masks, face shields, or medical type equipment”, says Collin Kobayashi. While our world has undergone a major shift, there has been a dramatic increase in people looking to innovate around the “new normal”.
In regard to businesses responding to the ongoing pandemic, Collin had this to say: “The result of COVID-19 is that it has provided opportunities for companies to pivot and take advantage of the COVID-19 response needs to develop PPE type of products. I can see this being challenging as their core product or services may be on hold now while they pivot, but they may need to evaluate and decide between focusing on their initial core product/service and their new pivoted product/service.”
Below is an infographic that details areas in which we have seen a dramatic uptick in 2020 compared to the previous year.
If you are ready to develop your product and start a business, there’s no better time than the present—even in 2020.
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.