NewsTimes.com – They may be young and small, but collectively they are a force to be reckoned with in the overall economy.
They are startups, and they account for one-third of all small businesses and a large portion of innovation and productivity, according to the Report on Startup Firms, the second in a series of reports based on the 2016 Small Business Credit Survey. Conducted by the Federal Reserve Bank of New York and released last week, the report defines startups as small businesses that were five years or younger in 2016 and had full- or part-time employees.