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Three out of Four Americans Believe New Entrepreneurs Are Key to Reviving Economy

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Santa Clara, California (PRESS RELEASE – June 8, 2009) – More than two out of every five Americans (42%) have considered starting a business since the economic downturn. Among those Americans, roughly a quarter (24%) have actually acted on the idea. Additionally, three out of four Americans believe new entrepreneurs will do the most to revive the economy and four of five say that at some point they have considered starting their own business.[1] These findings, among others, were revealed today in a national survey from Alibaba.com (HKSE: 1688), the world’s leading business-to-business e-commerce company.

Also according to the 2009 Alibaba.com Newpreneur Survey, more than four in ten (44 percent) of Americans who considered starting a business said not knowing “how to handle the logistics, such as where to make or get my products” was one of the top two reasons why they didn’t start their business. That’s greater than those who say that they were afraid of failure (37 percent). The survey also includes specific data points for Los Angeles, Dallas, Miami, Chicago, San Francisco, New York City and Seattle.

“The renewed confidence in entrepreneurs is evident across the country and proves that the American dream is still alive and well,” said David Wei, chief executive officer, Alibaba.com. “As the data shows, Americans strongly believe the down economy provides an opportunity for a new class of what we call ‘Newpreneurs’ – people who are using the recession as a catalyst to start a business or develop an idea. Alibaba.com can help Americans turn their dream into a reality by connecting them with business partners and helping them succeed in global trade.”

To help support Newpreneurs, Alibaba.com today launched its national “Newpreneur of the Year” contest, which will award a total of $100,000 to small business owners who see the recession as an opportunity to start a new venture. The contest, presented in partnership with Inc, is hosted at www.inc.com/alibaba where entries can be submitted until August 14, 2009.

A select panel of judges will review the online submissions and invite 30 semi-finalists to present their idea at regional events in October that will be held in six cities; New York City, Miami, Dallas, Chicago, Seattle and Los Angeles. After the regional judging, 12 finalists will be profiled on www.inc.com/newpreneur for public voting. Then the top five finalists will be invited to the finale event in San Francisco on November 18, 2009 where the grand prize winner will be revealed. The grand prize winner of the Newpreneur of the Year contest will receive $50,000 to invest in their business, with the four remaining finalists taking home awards totaling an additional $50,000.

“For three decades, Inc. has celebrated entrepreneurs as the most vibrant business segment of the economy. Their ability to find opportunities to start and grow companies, even in challenging economic times, is truly unique,” said John M. Teabeau, publisher, Inc. magazine. “Partnering with Alibaba.com for the Newpreneur of the Year contest is another example of our support for this important community. We’re aiming to inspire and educate business leaders while helping to get a few companies to the next level.”

Founded in China in 1999, Alibaba.com helps new and existing business owners get started by connecting them with trusted manufacturers and suppliers from around the world for every imaginable good, from laptops to wedding dresses to auto engine parts. The site also helps people produce prototypes to quickly get their ideas off the ground. Alibaba.com has more than 1.25 million registered users in the United States and draws an average of 4.9 million monthly visitors according to Quantcast.com.

About Alibaba.com Limited

Alibaba.com Limited (HKSE: 1688) (HK.1688) is the global leader in business-to-business (B2B) e-commerce and the flagship company of Alibaba Group. Founded in 1999, Alibaba.com makes it easy for millions of buyers and suppliers around the world to do business online through three marketplaces: a global trade marketplace (www.alibaba.com) for importers and exporters, a Chinese marketplace (www.alibaba.com.cn) for domestic trade in China, and, through an associated company, a Japanese marketplace (www.alibaba.co.jp) facilitating trade to and from Japan. Together, its marketplaces form a community of 40 million registered users from more than 240 countries and regions. Headquartered in Hangzhou, Alibaba.com has offices in more than 40 cities across Greater China as well as in Europe and the United States.

About Inc. magazine

Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. magazine (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 724,110, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.


Anita Campbell - CEO

Anita Campbell Anita Campbell is the Founder, CEO and Publisher of Small Business Trends and has been following trends in small businesses since 2003. She is the owner of BizSugar, a social media site for small businesses.

2 Reactions

  1. Young entrepreneurs can find encouragement from this commencement speech by Carl Schramm, CEO of the non-for-profit Kauffman Foundation: http://bit.ly/d4Tc2

  2. TJ McCue

    Entrepreneurs move the economy. This release gives some stats, but the deeper reasons are found in recent posts over at Big Think. One of them by Anita Campbell, but several more by Tom Stewart, Thomas Cooley, Lenny Mendonca and more.


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