The pandemic-induced recession of the last year has been a unique one for many reasons. But one of the biggest surprises? New business applications in the U.S. have surged to record highs. Several million businesses -- most of them small or single owner-operator outfits -- have fired up since COVID-19 struck.
Technology can be thanked for helping the new trend along. With software management tools and flexible e-commerce options available like never before, it's never been easier to get started down the path to self-employment. Three companies that are helping disrupt the status quo and helping more people start small businesses are Shopify (NYSE: SHOP) , Wix.com (NASDAQ: WIX) , and Fiverr (NYSE: FVRR) .
A lot has been said about website and e-commerce management software firm Shopify. The company notched an 86% year-over-year revenue increase in 2020 (on top of 47% year-over-year growth in 2019) to $2.93 billion. It's unclear how much of the momentum will carry into 2021 as effects of the pandemic start to wear off. Shopify itself said not to expect a repeat of the performance from last year. However, it did say it expects merchants (most of them small) from around the globe to join its platform at a faster pace than before 2020.
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Disruptor Alert: These 3 Companies Are Changing Small Businesses Forever