The New Builders: Face to Face With the True Future of Business

Despite popular belief to the contrary, entrepreneurship in the United States is dying. It has been since before the Great Recession of 2008, and the negative trend in American entrepreneurship has been accelerated by the Covid pandemic. New firms are being started at a slower rate, are employing fewer workers, and are being formed disproportionately in just a few major cities in the U.S. At the same time, large chains are opening more locations. Companies such as Amazon with their "deliver everything and anything" are rapidly displacing Main Street businesses.

In The New Builders, we tell the stories of the next generation of entrepreneurs — and argue for the future of American entrepreneurship. That future lies in surprising places — and will in particular rely on the success of women, black and brown entrepreneurs. Our country hasn't yet even recognized the identities of the New Builders, let alone developed strategies to support them.

Our misunderstanding is driven by a core misperception. Consider a "typical" American entrepreneur. Think about the entrepreneur who appears on TV, the business leader making headlines during the pandemic. Think of the type of businesses she or he is building, the college or business school they attended, the place they grew up.

The image you probably conjured is that of a young, white male starting a technology business. He's likely in Silicon Valley. Possibly New York or Boston. He's self-confident, versed in the ins and outs of business funding and has an extensive (Ivy League?) network of peers and mentors eager to help his business thrive, grow and make millions, if not billions.

You’d think entrepreneurship is thriving, and helping the United States maintain its economic power.