Small Business Labs

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Gen Z Driving the Changing Demographics of Independent Work

Small Business Labs

2021 represents a watershed year in terms of the generational makeup of the independent workforce. As the study chart below (click to enlarge) from the MBO Partners 2021 State of Independence report shows, the two youngest generations - Gen Z (born 1997-2012) and Millennials (born 1980-1996) - make up the majority of independent workers (freelancers, self-employed, gig workers, etc.). 2021 is the first year when this is the case.   A key driver of this shift has been the rapid growth

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The Rise of the Solopreneur Travel Agent

Small Business Labs

Fora is a new platform that provides full and part-time independent travel agents with the tools needed to run their travel business.  They recently raised $5  million in seed funding.  Fora joins a growing list of vertical market platforms providing solopreneurs with infrastructure tools for operating their own business.   The VC firm leading Fora's round, Forerunner Ventures, refers to independent workers as "the entrepreneur next door"   Key quo

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The Explosion in Seed Round Funding

Small Business Labs

Crunchbase's How Seed Funding Has Exploded In The Past 10 Years reports that: Fewer than 3,200 companies received seed funding in the period between 2006 and 2010. A decade later, that had ballooned to more than 23,000 startups. Crunchbase data also shows that the average seed investment has grown from $1.7 million in 2011 to $4.6 million in 2020.

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3D Printed Houses Cementing Their Place in the Housing Industry

Small Business Labs

3D-printed houses offer the potential to reduce the cost and increase the efficiency of the home building process. A leader in this field, ICONN, recently announced a commitment to build the largest community of 3D-printed homes to date using ICON’s robotic 3D printer (see the short video below).   The current plan is to build 100 houses in Austin, Texas, and the project will break ground in 2022.  Lennar, a large homebuilder, is partnering with ICONN on this project.

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The Independent Worker Surge

Small Business Labs

After falling by 7% in 2020 due to the pandemic, the number of independent workers (freelancers, independent contractors, gig workers, etc.) rose to 51.1 million in 2021, an unprecedented 34% increase. This is the key finding from MBO Partners 2021 State of Independence research study. This is the 11th year this study has been conducted. As the study chart below shows (click to enlarge), the number of full-time independent workers increased by 25%.

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Small Business Mobile Banking Use Varies by Generation

Small Business Labs

Barlow Research Associates A Generational Shift in Business Banking Behaviors Is Upon Us, and It's Not Just Among Your Millennial Customers covers the banking transaction channels used by small businesses by the age cohort of the owner. As the Barlow chart below shows (click to enlarge), there's a big difference in the use of mobile banking applications. 64% of Gen X and Millennial SMB owners (those younger than 57) regularly use mobile apps for their banking transactions.  Only 41

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Retirees and the Gig Economy

Small Business Labs

According to the American Enterprise Institute's (AEI) The age re-retirement: Retirees and the Gig Economy , 20% of retired Americans also work in the gig economy. The article lists the usual financial reasons for working in retirement.   But more interesting is their description of some of the non-financial reasons.  Key quote: Ninety-six percent of over-65 workers reported that an enjoyable job is essential or important to living a fulfilling life.