A record surge in new businesses has helped drive job growth, and could have longer-term benefits.According to The New York Times, Hector Xu’s plans for a career in academia were disrupted by the pandemic. Frustrated with virtual meetings and feeling confined in his Boston apartment, Mr. Xu decided to move to New Hampshire and take flying lessons. This led to a business idea of converting traditional helicopters into remotely piloted drones.

Mr. Xu’s company, Rotor Technologies, has grown to nearly 40 employees, including his former flying instructor, and has generated about $1 million in revenue this year. The company expects to increase its revenue twentyfold next year. The governor of New Hampshire, Chris Sununu, even attended the first test flight of one of Rotor’s drones.

In an interview with The New York Times, Mr. Xu, who is 30 years old, shared how the pandemic changed his perspective and made him yearn for something more impactful in the real world. He said, “Covid hit, and it really changed my perspective. You ended up spending most of your time in front of your computer rather than in the lab, rather than interacting with people, going to conferences. And I think it made me really yearn to do something that was more impactful in the real world.”

Mr. Xu’s story is just one example of the pandemic’s unexpected economic legacy: an entrepreneurial boom. With more time and, in some cases, extra cash on hand, Americans started businesses at a rate not seen in decades. And what’s even more surprising is that these businesses have thrived despite challenges such as supply chain disruptions, labor shortages, inflation, and high interest rates. 

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