Bunker Labs conducted a survey of the state of entrepreneurship on the cusp of the pandemic. The study was an attempt to gain insights into the needs of our community and understand the impact of Covid-19 on the entrepreneurial pursuits and general business optimism. We were interested in how well our community was versed in access to knowledge, to community, to business connections, and capital. The study was broad-based and sent to our 50K+ community and the feedback was collected late March through April.
We took a few minutes to chat with Bunker Labs CIO, James Suh to learn what the study revealed about the state of entrepreneurship and how Bunker Labs is addressing some issues. Below are a few key points.
- Optimism is high. Despite job loss, limited runway, and mandated social distancing, 90% of the respondents stated their interest in entrepreneurship remained the same or increased since the pandemic.
- Gender disparity with PPP funding is real. Women were 3x less likely to be approved for and receive PPP funding than their male counterparts. They were also twice as likely to be unaware of PPP program eligibility. This disparity is something our organization is actively addressing.
- Diverse entrepreneur community. Entrepreneurship has stubbornly been a white male pursuit with few women and minorities. Generally, the military is diverse and represents the diversity of the nation as a whole. Compared to the military, entrepreneurship is still unbalanced when it comes to gender, but from a racial and ethnic diversity comparison, roughly 27% of individuals pursuing entrepreneurship are minorities. Minorities in entrepreneurship are still lagging behind their white counterparts but are closer aligned with military demographics. This is an area that Bunker Labs has been focusing on and continues to improve.
Download the full study here and watch the full interview. Stay connected with us on social media by following us on Twitter, LinkedIn, Facebook, or Instagram.