Despite the hype surrounding tech “unicorns” — the myriad of startups that are valued at over $1 billion — the number of entrepreneurial endeavors in the US has actually been declining for some time now.

According to researchers, not only are there now fewer startups being created in the US, but the slowing rate of entrepreneurship is hurting the economy.

“Historically, the U.S. has exhibited a high pace of entrepreneurship with a small share of fast growing young firms disproportionately accounting for job creation and productivity growth,” said the new study. “The decline in startups and the accompanying decline in high growth young firms either suggests adverse consequences for U.S. economic growth or a change in the way that such growth will be achieved.”

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