Not every one was the next Google. Much of the new business growth was driven by individuals seeking another way of making money in a crisis or a side hustle. In the United Kingdom, many of the startups were (unsurprisingly) home-baking businesses. But, notes the Economic Innovation Group, “there was still a noticeable increase in high-propensity business applications as well. These likely employer applications—up 15.5 percent from 2019 and 22.9 percent above their 2010-19 average—are particularly important because they represent the applications for businesses most likely to lead to lasting job growth and innovation.”

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