FEDERALhearing transcript

House Committee Hearing: Entrepreneurship in the New Economy

Original title: ENTREPRENEURSHIP IN THE NEW ECONOMY

January 1, 2022

small business entrepreneurship economic policy business formation COVID-19 impact

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

The Frame

What this does

This hearing provides a public record of legislative inquiry into the multi-decade decline of new business creation, which informs future federal policy regarding small business support and economic recovery.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Small business owners

The committee's findings and potential future legislation resulting from this hearing may impact federal support programs and economic policies for small businesses.

Entrepreneurs

The hearing focuses on the environment for new business formation, which directly impacts the ability of individuals to launch and sustain new enterprises.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

The House Committee on Small Business held a hearing on November 3, 2021, to examine the long-term decline in new business formation in the United States. Witnesses and committee members discussed the state of American startups, the impact of the COVID-19 pandemic on small firms, and the role of entrepreneurship in economic innovation.

Key Facts

The hearing was held on November 3, 2021, in the Rayburn House Office Building.
The percentage of employers that were new businesses dropped from 12% in 1980 to 8% in 2018.
The percentage of all businesses that were new firms dropped from 38% in 1982 to 29% in 2018.
As of 2018, small firms were exiting the market at a higher rate than they were being started.
The hearing was conducted as a hybrid proceeding with specific mask and social distancing requirements for in-person attendees.
The committee received additional materials for the record, including reports from Airbnb and the Kauffman Foundation.

Frequently Asked Questions

What was the purpose of this hearing?

The committee met to discuss the long-term decline in new business formation in the U.S. and how the pandemic affected the entrepreneurial landscape.

Who testified at the hearing?

Witnesses included Ellie Diop (Eliza Revella Consulting), Andrew Fogaty (36Squared Business Incubator), Stephanie E. DeVane (National Urban League), and Raymond Keating (SBE Council).

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Long-term decline in business formation

The committee highlighted a consistent downward trend in new business formation spanning four decades, from 1980 to 2018.

House Committee on Small Business

Connected Entities

personStephanie E. DeVane“Witness, VP at National Urban League”Map →

organizationHouse Committee on Small Business“Congressional committee conducting the hearing”Map →

personRaymond Keating“Witness, Chief Economist at SBE Council”Map →

personNydia Velazquez“Chairwoman of the House Committee on Small Business”Map →

personAndrew Fogaty“Witness, Executive Director of 36Squared Business Incubator”Map →

personBlaine Luetkemeyer“Ranking Member of the House Committee on Small Business”Map →

personEllie Diop“Witness, CEO of Eliza Revella Consulting Services”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy10
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

Publisher tools