Leveraging new data from the Census Bureau, the Kauffman Foundation recently released the second part of its new Indicators of Entrepreneurship series. This report focuses on the foundation’s New Employer Business indicators — a subset of the Early-State Entrepreneurship indicators provided in Kauffman’s first report of the series in September 2019 — meant to illuminate trends in the emergence of new businesses with employees and the time it takes for these companies to make their first payroll. The series replaces the Kauffman Index of Entrepreneurship series.