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The Rise of the Micropreneur

The Rise of the Micropreneur
February 7, 2022

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The Great Resignation of 2021 has shifted the way Americans conduct business in 2022. Employers are now expected to pay higher wages, offer greater flexibility, and foster a greater work-life balance for their employees. For those who have left their jobs (the number hit a record 4.5MM in November 2021), looking for a better employer is often not enough of a change. Many are choosing to try their hand at being their own boss. Americans applied en masse for new business licenses last year, hitting a record 5.4MM overall.


                                  Applications for new business licenses. U.S. Census data.

"The Great Reflection"
The same shift that led to mass resignations contributes to the growth in entrepreneurship across the country. The pandemic has shifted our priorities from a live-to-work culture to a work-to-live life, prompting many to realize that you gain greater flexibility and control over how you spend your time when you own your own business. 

For those of you who have owned a business, you might be rolling your eyes given the often increased demand on time and the compromises that self-employment requires. Still, the psychological impact of seeing your efforts create tangible results rather than disappear into a vacuum within a corporate structure cannot be overstated. From the same Vox article, one newbie entrepreneur described building app after app for her employer as a product designer, but it wasn't until she had her own baking business that she saw the true impact of her hard work.

Demographics of Solopreneurs
Just as women and people of color were disproportionately affected by the pandemic, so too are the demographics of new entrepreneurs. Women, Black Americans, and those without college degrees are increasing the rates at which they start online microbusinesses, according to GoDaddy's research initiative Venture Forward. More generally, Black women are starting businesses at a higher rate than white men.

🔑🔑🔑 to Success
For first-time entrepreneurs, failure rates are very high. Luckily, there's an industry seeking to meet the needs of new business owners. GoDaddy, for example, expanded from a domain registry service to a service offering a suite of tools for starting a business. Canva has been adding to its roster of graphic design tools for CEOs-of-one, and Buffer helps reach new customers affordably through social media.

Since last week, PrivCo has added:
861 Companies | 292 Funding Activities | 215 M&A Deals

Funding & Deal Highlights:

 

Cloud Paper raises $5MM from Bezos Expeditions

Bathroom • Equity • Seattle, WA


Coin Ledger raises $6MM from CMT Digital 

Blockchain • Equity • Kansas City, MO
 

The Breakaway raises $2.9MM from General Catalyst Partners

Training App • Seed • Truckee, CA
 

Abstrakt raises $610K

Call Coaching • Seed • Pheonix, AZ
 

Guide CX raises $25MM from MeriTech Capital 

Client Onboarding • Round B • Draper, UT
 

Celestial AI raises $56MM from KdT Ventures

Machine Learning • Equity • Santa Clara, CA
 

LeddarTech raises $116MM from FS Investors

AV Software  • Round D • Quebec City, Canada
 

Novi raises $40MM from Tiger Global Management

Materials • Equity • San Francisco, CA
 

Trust Machines raises $150MM from Breyer Capital

Blockchain • Equity • Taipei City, Taiwan


WNBA Enterprises raises $75MM from Nike

Basketball • Equity • New York, NY
 

Tribal Credit raises $60MM from SoftBank Capital

Fintech • Round B • San Jose, CA
 

Cyara Solutions raises $350MM from K1 Investment Management

Call Center • Round B • San Francisco, CA
 

Qredo raises $80MM from 10T Holdings 

Blockchain • Round A • London, UK
 

Intellia Therapeutics acquires Rewrite Therapeutics

Biopharmaceuticals • Acquisition • Berkeley, CA
 

Krystal Klean acquires Window Doctors 

Cleaning • Acquisition • Brunswick, GA
 

Foot Solutions acquires Health Shoes Plus 

Apparel • Acquisition • Largo, FL
 

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