Some businesses that were started in a recession.
1870 – Standard Oil – now Exxon & Chevron
1873 – GE
1923 – Disney
1928 – Motorola
1939 – HP
1940 – McDonalds
1975 – Microsoft
1976 – Apple
1977 – Oracle
1980 – CNN
1981 – MTV
1984 – Dell
1984 – Cisco
2000 – Baidu
2001 – Wikipedia
2002 – Skype
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Or in fact more correctly, Businesses that were formed at difficult times that others may not have considered starting a business or in times when setting up a business in that particular sector was not widely regarded as being sane. (e.g. conventional wisdom in 2002 was that investors were not backing new dot com start ups, only ones that had been strong enough to make it through the bust of 2000/2001.
HP For example is widely quoted as being formed ‘at the end of the Great Depression’ e.g. http://www.insidecrm.com/features/businesses-started-slump-111108/
In fact the Great Depression finished in March 1933 [ http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States ] according to official figures (although the effects were felt by many for much longer). However, there was another recession, widely regarded as one of the worst in the US in the 20th Century, that ran from May 1937 – June 1938.