April 2024 – The 2024 Greater New Orleans Startup Report Survey is now live and the Albert Lepage Center for Entrepreneurship and Innovation at Tulane University invites entrepreneurs, founders and small business owners to submit their response. The GNO Startup Report serves as a crucial tool in understanding and defining our region’s small business and startup ecosystem and informs important decisions regarding policy and investments. Your insights and experiences as a business owner are invaluable to our community.
The deadline for the survey is April 30, 2024. It takes approximately 30-40 minutes to complete and most questions regarding human resources, funding, and revenue are optional. All information you share is kept strictly confidential and only used in aggregate form.
Overview of the Report
In 2019, the Albert Lepage Center for Entrepreneurship and Innovation at Tulane University launched the Greater New Orleans Startup Report, aiming to provide a comprehensive overview of the region’s entrepreneurial ecosystem. This annual publication serves as a benchmark, offering insights into revenue, hiring needs, and the challenges faced by startups. Despite obstacles like the COVID-19 pandemic and natural disasters, the report showcases the resilience and innovation of New Orleans entrepreneurs.
2023 GNO Startup Report Key Findings:
Revenue Fluctuations: Average revenues surged according to the 2022 report but fell to $1.65 million in 2023, reflecting the economic challenges, high inflation rates, and other factors affecting businesses in the region.
Industry-Specific Impacts: Different industries experienced varied impacts, with retail seeing a significant drop in revenue, while infrastructure and transportation experienced significant growth. The average gross revenue of the hospitality sector has doubled from 2021-2022, and projections for 2023 indicate greater potential growth.
Changes in Work Culture and Benefits: There has been a noticeable shift towards leased commercial spaces and a growing preference for traditional office environments. The remote work option remains the most common benefit. However, benefits such as medical insurance, 401k matching, and paid continuing education, maternity/paternity leave have seen an uptick of nearly 10% since 2022.
Hiring: Hiring intent in the region remains robust, with 69% of companies planning new hires in the next 12 months. Uncertainty in hiring plans has decreased, signaling more stability in the job market.
Investment Trends: The report underscores a notable increase in companies securing angel investments, convertible debt, and venture capital – the highest uptick since 2019. Post-2020, firms saw consistent rise in securing over $1 million, but 2023 trended towards smaller funding amounts.
Addressing Disparities in Funding Accessibility: Notably, there has been a significant reduction in the gender gap concerning access to angel investment, alongside noteworthy progress in narrowing the gap for BIPOC founders.
For further insights, explore the 2023 Greater New Orleans Startup Report at: http://gnostartupreport.com/
Now, it’s your turn to contribute to the narrative of our startup community! We invite you to participate in the 2024 GNO Startup Report Survey. Your insights are invaluable in informing critical decisions regarding policies and investments in our region.
Take the survey and join us in building a brighter future for entrepreneurship in Greater New Orleans!
Access the survey here.