GoDaddy has announced results from their partnership with UCLA Anderson Forecast, utilizing GoDaddy’s Venture Forward data to show the impact online microbusinesses have on local economies and labor markets.
UCLA Anderson Forecast economists Leila Bengali and William Yu created a pioneering index studying the monthly activity of online microbusinesses down to the county level, and released a detailed report examining how these microbusinesses fared during the pandemic, where they are distributed across the U.S., and what local factors contribute to their formation and growth, according to a release.
The index and report were based on data provided by GoDaddy’s Venture Forward initiative, a multiyear research effort to quantify the impact on local economies of the 20 million U.S. online microbusinesses its customers have created. A microbusiness is defined as a distinct domain name with an active website, with the vast majority having 10 employees or less.
The UCLA Anderson online microbusiness index is billed as first of its kind, showing the characteristics of microbusinesses at the national, state, metro, and county levels. The full report, which measures these data over time, is available here.
“GoDaddy Venture Forward’s collaboration with UCLA Anderson Forecast helps shed light on what can be often overlooked drivers of the economy,” said Jeremy Hartman, vice president for Venture Forward at GoDaddy. “The UCLA Anderson Forecast’s research offers policymakers a level of visibility into the millions of microbusinesses in their communities that has previously never been possible. Our hope is this index, and the insights it offers, helps inform how policymakers can create stronger and more resilient economies.”
Ms. Bengali and Mr. Yu started working with Venture Forward data in 2019 when they found evidence of a causal impact between the number of microbusinesses in a community and the number of jobs employment opportunities created. They also found a correlation between the availability of affordable broadband and the number of microbusinesses in a community. Read more here.
