Startup Statistics for 2023
Startup Trends 2023
The landscape of business, industry and the workforce has changed rapidly in the wake of the COVID-19 pandemic. Creative and innovative workers are rethinking what they want from their careers, leading not only to the Great Resignation, but also to tremendous growth in the realm of startups. According to Fast Company, the filing of new business licenses has skyrocketed in the last year. Whether it’s your first time starting a business or you’ve already founded multiple companies, it is imperative for startup leaders to understand current business trends.
This article will cover startup trends and statistics in 2023 across all industry categories, and it will explore how Merchology can help you energize your team and build your brand.
About Startups - What They Are and How They Grow
Startups are new businesses, led by entrepreneurs, in their beginning stages of development. They often aim to introduce new technology or concepts into their respective industries, which is why many startups are labeled as disruptors. These new businesses are not yet able to sustain themselves on sales alone, so they require a great deal of investment and fundraising.
Statistics for startups show that the amount of capital needed to begin a venture varies widely. While startups backed by venture capitalists get a lot of attention in the news and in business magazines, one-third of small businesses begin with less than $5,000 in funds, according to Embroker. Venture capitalist firms are inundated with proposals, and large investments, think $250,000 or more, are what catch their attention.
Among the many industry categories that startups can fall under, new businesses in healthcare have the strongest record of revenue-building. However, the largest share of so-called unicorn startups fall under technology and communications, according to FinanceOnline.
2023 Startup Success Rates
When it comes to success and failure rates, startup statistics can be intimidating: about 90% of all startups across industry categories will fail. However, entrepreneurs can improve their chance of success by conducting thorough market research. Many startups misinterpret the actual market demand for their products, and this mistake is one of the most commonly cited reasons for failure. Entrepreneurs can also lean on their past experience. If you have started a successful business in the past, you are significantly more likely to succeed in a new venture. Not only that but even the experience of a failed startup can slightly increase an entrepreneur’s chance of success, according to Embroker.
The benefits of experience may also explain why the average age for successful startup founders is early-to-mid 40s, deviating from the cliché of the brilliant 20-year-old college dropout. However, Harvard Business Review says that younger founders should not be discouraged; they can learn from other successful young entrepreneurs who have leveraged their education and innovation to build their companies.
2023: Remote Work Isn’t Just a Trend
Over the last two years, the pandemic has changed the landscape of doing business, and that can be seen in statistics for startups in 2023. As already mentioned, the number of startups is skyrocketing, and these businesses are launching in an environment where employees expect hybrid and remote work options. Business owners must understand that this shift is not a short-term trend; it’s here to stay.
Stay Connected with Your Remote Team with Merch
With any new business, commitment and engagement from your team are integral to growth. So how do you meet the challenge of keeping a remote team excited about your business? For startups, finding desirable logo-branded merch is a vital part of that effort. Thankfully, Merchology can help startup leaders stay connected with their teams through customized corporate gifts that will keep employees, clients, and investors engaged with your brand.
Merchology offers several options to have high-quality corporate swag, customized with your startup’s logo design, shipped directly to your team members’ doors. Our simplest option for busy leaders is Merchbox. These custom company gift boxes are curated, themed collections of logo-branded products that will show your employees that they are valued members of the team, even if they live thousands of miles from headquarters.
Options range from the Welcome Aboard box–with branded basics like a personalized work backpack, custom logo tumbler, notebook, and cap–to more specific corporate gift boxes for new parents or to celebrate nice weather with a Portable Picnic MerchBox.
For startups interested in a more robust offering of customized merch, MerchStore is a great option for giving your team members a wide variety of choices. MerchStore allows you to create a custom online storefront with pre-selected logo-branded corporate merch.
This service offers great flexibility: you can create a pop-up online store for a special occasion or a permanent one, you can pay for everyone’s merch selections in advance or let employees purchase on their own, and you can choose from any of Merchology’s core products for your MerchStore.
As the business landscape continues to shift toward virtual communication, Merchology can help your brand and company culture stay present in the minds of your team members.
Corporate Events Go Virtual
The expectation of virtual participation also applies to corporate events. According to Fast Company, one trend for 2023 and beyond is that even in-person events will need to offer virtual components. Whether choosing to host an virtual company appreciation event such as virtual wine tasting or online company trivia, employees are loving the combined relaxation of a cool event with the comfort of their home. Corporate events are prime opportunities to get logo-branded corporate merch into the hands of potential clients and investors, and the Merchology services detailed above can help your startup continue to leverage these events, even when they’re virtual.
Corporate Sustainability and ESG
Another huge trend for startups in 2023 is a strong focus on ESG–the Environmental, Social, and Governance impacts of businesses. There is more pressure than ever for businesses to not just focus on profit but to also maintain responsible business practices. Investors, customers, and clients alike want to know that the money they give your business does not have a negative impact on the world. When businesses commit to being socially and environmentally conscious, they attract good will and create positive connotations about their custom sustainable products and services.
One easy way startups can show environmental responsibility is through the products used for their promotional merch. Merchology’s Sustainability Collection features eco-friendly products from top-tier brands like Patagonia and The North Face. Plus, choosing Merchology for your customized promotional products is also a step toward sustainability: our mailer bags and shipping boxes are 100% recycled and recyclable. When you use these products as giveaways at corporate events, you will send a message that your startup cares about sustainability.
Of course, ESG isn’t just about the environment; it’s also about supporting equality and diversity. That’s why Merchology is introducing its new Shopping with a Purpose Collection, which features products from women-owned and BIPOC-owned businesses.
Use Merch to Build Your Brand
A key component of startup success is building brand awareness, and custom company merch is an integral part of that effort. Whether you’re sending MerchBoxes to employees, getting your startup’s name out to potential clients at a tradeshow, or participating in a virtual corporate event, Merchology can help you get your logo onto great products that people will love, use, and remember.
Anyone leading or working for a startup has many responsibilities to juggle, so let one of our Merchologists walk you through the process of customizing your company’s promotional products. Call us today, and take your startup to the next level with Merchology.