Global Entrepreneurship Monitor2024–2025United States Report©2025 The authors and the Global Entrepreneurship Research Association (GERA)Babson Park, MA Acknowledgments.......................................................................................................5List of Figures and Tables............................................................................................6Foreword....................................................................................................................9Executive Summary..................................................................................................10Introduction: The United States Economy in 2023-2024.............................................16CHAPTER 1: Rates of Participation Across Business Phases.............................. 24CHAPTER 2: Regional Analysis............................................................. 32CHAPTER 3: Entrepreneurship Impact..................................................... 38CHAPTER 4: Digital Technologies and AI................................................... 48CHAPTER 5: Attitudes, Self-Perceptions, Affiliations, and Investment.................... 56CHAPTER 6: Gender in Entrepreneurship.................................................. 66CHAPTER 7: Race and Ethnicity Characteristics........................................... 84CHAPTER 8: Sustainability in Entrepreneurship........................................... 94Conclusions and Implications............................................................... 104About the Authors.......................................................................... 1082024 National Expert Survey (NES)........................................................ 110Appendix.................................................................................... 112Contents The authors are especially grateful to the following people who have contributed their timeand support to make this report possible:»Stephen Spinelli Jr., MBA’92, PhD, President of Babson College»Chris Brown, Interactive Design Specialist, Babson College»Kate Chaney, Manager, External Communications, Babson College»Peter Clayburn, Co-founder, Tate & Clayburn»Clare Currie, Program Manager, Arthur M. Blank Center for Entrepreneurship, Babson College»Nicolaus Czarnecki, Photographer, Babson College»Marissa Langdon, Visual Designer, Babson College»Francis Ma, Director of Content Strategy, Babson College»Cindy Klein Marmer, Interim Executive Director, Arthur M. Blank Center for Entrepreneurship, Babson College»Matt Mayerchak, Mayerchak & Co., LLC»Danielle Perry, AVP of Communications and Marketing Strategy, Babson College»Cheryl Robock, Creative Management, Babson College»Vannessa Rodriguez, Manager, Arthur M. Blank School Marketing, Babson College»Kerry Salerno, Vice President & Chief Marketing Officer, Babson College»The GEM Global Team»Aileen lonescu-Somers, GEM Executive Director»Kevin Anselmo, GEM Marketing Director»The GEM Global Data Team»Global Entrepreneurship Research Association (GERA) Board»Jeffrey Shay (Chair)»Ana Fernandez Laviada»Christian Friedl»Anna Tarnawa»Niels Bosma (Non-Voting Member)AcknowledgmentsThis report would not be possible without theConsortium of GEM National Teams who participated inthe 2024 GEM Global survey:Angola, Argentina, Armenia, Austria, Bahrain, Bosnia& Herzegovina, Brazil, Canada, Chile, China, Colombia,Costa Rica, Croatia, Cyprus, Ecuador, Egypt, Estonia,France, Germany, Greece, Guatemala, Hungary, India,Israel, Italy, Japan, Jordan, Kazakhstan, Korea, Latvia,Lithuania, Luxembourg, Mexico, Morocco, Netherlands,Norway, Oman, Panama, Poland, Puerto Rico, Qatar,Romania, Saudi Arabia, Serbia, Slovakia, Slovenia,South Africa, Spain, Sweden, Switzerland, Taiwan,Thailand, Togo, Turkey, Ukraine, United Arab Emirates,United Kingdom, Uruguay, USA, Venezuela. Unless otherwise noted, GEM data were used in thepreparation of this report.The interpretation and use are the sole responsibilityof the authors.»Daniel Auguste»Candida G. Brush»Andrew C. Corbett»Caroline Daniels»Diana Hechavarria»Donna J. Kelley»Mahdi Majbouri»Jeffrey Shay Figure 1:Percentage change in real GDP from the preceding quarter (seasonally adjusted annual rate)..................................... 19Figure 2:Inflation rates (year-on-year change in CPI, PCEPI, and core PCEPI)................................................................. 19Figure 3:Federal funds rate...................................................................................................................... 20Figure 4:National unemployment rate (a) and total non-farm private employment (b)........................................................ 21Figure 5:University of Michigan Consumer Sentiment Index (a) and real median wages (b).................................................. 21Table 1:NES 2022–2024 ratings of entrepreneurial conditions................................................................................ 23Fi