University at Buffalo School of Management

18 Buffalo Business | BUSINESS ANALYTICS SOCIAL IMPACT OF MANAGEMENT BUSINESS OF CLIMATE CHANGE INNOVATION, ENTREPRENEURSHIP AND LEADERSHIP S ince 2019, business applications have increased by 44%, and entrepreneurs now make up 16% of the U.S. workforce, according to Bloomberg. As we consider the impact of the pandemic on startups, we asked two School of Management experts — Bob Neubert, director of entrepreneurship academic programs and clinical assistant professor of entrepreneurship, and Susan Steffan, executive director of the Center for Entrepreneurial Leadership — to share their perspectives on how we can continue to foster and support this growth. Neubert: The surge in entrepreneurial activity during the pandemic reflects both the adaptability of indi- viduals facing job displacement and the resilience of inno- vation in challenging times. The economic impact caused by the pandemic led to widespread disruption in the work- force. Oen when work cannot be found, the alternative is to become an entrepreneur. Steffan: We are definitely seeing an increase in people wanting to start their own businesses at the Center for Entrepreneurial Leadership. A lot of people were sitting at home, finally taking a breath outside of their day-to- day routine, thinking about their passions and the legacy they wanted to leave on the world. Perhaps a side hustle went well, or people assessed how they used their skills in the workplace, and they realized they could follow their passion while making money. Our M&T Bank Emerging Entrepreneurs program has record applications and a wait- ing list even aer increasing our cohort size. And there was government support and funding for people to start new businesses which added fuel to the fire. Ultimately, the pandemic pushed people to want more control — and how do you get more control? You become the boss and start your own business. Neubert: The pandemic acted as a catalyst, propelling many individuals toward entrepreneurship out of neces- sity and opportunity. One notable aspect was the acceler- ated adoption of technology. Businesses pivoted online, tapping into new markets and reaching customers they might not have otherwise accessed. This digital transforma- tion has not only enabled startups to survive but also thrive in an ever-evolving landscape. Trending Topics FA C U LT Y E X P E R T S D I S C U S S C U R R E N T E V E N T S Steffan Neubert ENTREPRENEURIAL EXPLOSION: How can pandemic-era startups continue to thrive? BY A L E X A N D R A R I C H T E R

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