U.S. entrepreneurship is bouncing back, but poor survival rates and gender gaps persist

The Ewing Marion Kauffman Foundation in Kansas City, Missouri, has released its National Report on Early-Stage Entrepreneurship in the United States: 2025, analyzing three decades of business formation trends. The report finds U.S. entrepreneurship has returned to pre-COVID-19 levels, with roughly 6.6 million adults starting businesses in 2025 and immigrant entrepreneurs driving a disproportionate share of growth. It also highlights that a higher share of startups are launched out of necessity rather than opportunity, and that early survival rates remain below pre-pandemic benchmarks. Moreover, Gender gaps in business formation remain largely unchanged over 30 years despite overall increases in participation.