In 2024, 10 percent of new business owners identified as LGBTQ+, a significant increase from 2023. This growth aligns with a broader demographic trend revealing that 9.3 percent of U.S. adults now identify as non-heterosexual. The trend reflects a decrease in barriers for LGBTQ+ individuals pursuing entrepreneurship, with Gen Z and Millennials making up 70 percent of these new entrepreneurs. Notably, LGBTQ+ business owners are more inclined to create businesses for community impact and are more likely to provide employee benefits, including health insurance and retirement options.
The Gusto report indicates that 10 percent of all new business owners in 2024 identified as LGBTQ+, marking a notable increase of 50 percent from the previous year.
Younger generations, particularly Gen Z and Millennials, accounted for 70 percent of all new LGBTQ+ entrepreneurs in 2024, illustrating a shift in demographics.
New LGBTQ+ entrepreneurs were 56 percent more likely than their non-LGBTQ+ peers to start businesses aimed at making a positive community impact.
New LGBTQ+ employers demonstrated a commitment to employee welfare by being 30 percent more likely to offer benefits, particularly health insurance and retirement plans.
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