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Kelly Evans: The start-up surge

October 9, 2020 | technology | No Comments

Here’s an odd quirk of this pandemic-recession; while there’s been a surge of business closures, there’s also been a surge of new business formations. 

The Wall Street Journal highlighted this recently. Applications for employer ID numbers are up 19% so far this year, at 3.2 million as of mid-September, versus just 2.7 million at the same time last year.  

Now, some of those new “businesses” may in fact just be independent contractors and gig workers who aren’t going to employ other people. But applications by “likely employers” are also running up 12% versus the same period last year, to 1.1 million. What’s more, they’re running at the strongest pace since 2007 (chart below).  

Let’s be sure to note this won’t fully offset the loss of approximately 700,000 businesses this year, according to economist Steven Hamilton of George Washington University. Less than half of new businesses typically make it longer than

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(Bloomberg) — Taiwan Semiconductor Manufacturing Co. reported a stronger-than-expected 22% rise in quarterly sales, buoyed by orders from its largest customers including Apple Inc.

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The world’s largest contract chipmaker saw revenue for the three months to September climb to a record NT$356.4 billion ($12.4 billion), up from NT$293 billion a year earlier, according to Bloomberg calculations based on monthly sales data disclosed by TSMC. Fellow Taiwanese chipmakers United Microelectronics Corp. and MediaTek Inc. on Thursday also reported strong sales, suggesting a broad recovery in the industry.

TSMC in July raised its 2020 outlook, saying that revenue this year will grow by more than 20% in dollar terms. Sales for the first nine months of the year suggests that Apple’s main iPhone chipmaker is on track to meet its growth forecast as the Covid-19 pandemic fueled demand for home computing equipment.

The company’s business typically revs up in the

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