Nasdaq is proud to announce the creation of the Nasdaq Economic Institute, a fresh research hub committed to delivering rigorous and unbiased insights into the dynamics influencing worldwide capital markets and the overall financial landscape. Alongside this launch comes the start of its first AI-focused research series, opening with findings that highlight how generative AI is fueling a notable rise in new business formations.

The Institute seeks to guide decisions and encourage discussions among investors, policymakers, and industry leaders via original studies, expert perspectives, and collaborative efforts. Its primary areas of emphasis include:

Capital Formation: Examining patterns and approaches that help firms reach public markets in effective and lasting ways.
Market Modernization: Promoting conversations on tech-led changes and regulatory structures that improve liquidity, clarity, and reliability in markets around the world.
Financial Resiliency: Offering perspectives to strengthen the financial system's risk framework amid shifting global conditions and new paradigms.

We spoke with Jeremy Skule, Executive Vice President and Chief Strategy Officer, along with Phil Mackintosh, Chief Economist and Head of the Nasdaq Economic Institute, to discuss this new thought leadership effort.

Nasdaq Newsroom: Jeremy, what motivated Nasdaq to establish the Economic Institute, and how do you envision its contribution to the financial world?

Jeremy: Over the past ten years Nasdaq has evolved into a technology firm positioned at the crossroads of capital markets and finance. Reflecting on the conversations needed with decision-makers, executives, and specialists, the Institute emerged as the ideal structure to consolidate global insights and support meaningful exchanges. The moment is particularly relevant as AI stands out as a major influence on capital markets and finance, allowing the Institute to measure its effects for clients and the sector.

Nasdaq Newsroom: Phil, as leader of the Economic Institute, could you outline its main priorities and their importance?

Phil: The Institute builds on longstanding economic research by our team and combines it with additional white papers and strategic content from Jeremy's group. Emphasis remains on microeconomics to enhance market efficiency, lower trading expenses, and reduce capital costs so more companies choose to list and investors gain access. Macroeconomic work helps firms anticipate business drivers over the next years and decade. The platform also amplifies Nasdaq's support in regulatory reporting and fraud detection, giving greater voice to themes of capital formation, market modernization, and financial resiliency.

The first major project is the AI research series, beginning with a report on how generative AI is boosting new business creation and supporting emerging entrepreneurs. Business formation aligns directly with Nasdaq's capital formation goals, and the numbers reveal how AI is changing who starts companies, in which industries, and at what pace.

Nasdaq Newsroom: Jeremy, several research groups operate in finance. What distinguishes the Nasdaq Economic Institute?

Jeremy: It begins with our reach. We serve nearly 3,000 banks and brokers globally, along with over 10,000 corporates, 5,000 institutional investors, and 3,800 financial institutions, with technology spanning more than 140 markets and regulators. Combined with our ability to convene stakeholders, this position enables us to guide discussions on capital formation shifts, market modernization, and financial resiliency. AI's rapid changes further allow real-time tracking of effects, from new AI-supported founders entering markets to productivity improvements in high-adoption sectors.

Nasdaq Newsroom: How will the Institute shape Nasdaq's strategy and the wider market?

Jeremy: We aim to apply the analytical strength of Phil's team to refine Nasdaq's overall direction. This includes guidance on integrating AI into product plans, supporting business operations, and understanding evolutions in private and public markets such as tokenization and digital assets. Phil's group will supply key insights for more informed and effective strategy execution.

Phil: Pairing the teams creates synergy. Nasdaq excels at providing branding and visibility for companies, which will extend the reach of our research and increase its influence among a broader audience.

Nasdaq Newsroom: How can clients and partners interact with the Institute's output and stay involved?

Jeremy: Client service guided the Institute's formation, consistent with the focus of both strategy and marketing teams as well as Phil's group. An editorial board has also been established to oversee the production schedule.

Phil: Direct client discussions form a valuable feedback loop. Thought leadership that resonates prompts deeper questions, helping refine future topics of interest and expanding coverage.

Nasdaq Newsroom: Phil, could you share an example of current economic research and a notable trend emerging from Nasdaq data?

Phil: Research spans macroeconomics, identifying business risks, revenue drivers, and faster-growing sectors for listed companies, as well as microeconomics and trading topics discussed with regulators and academics to lower costs for investors and issuers. One compelling focus is generative AI's effect on business formation. The opening AI series report indicates a marked rise in new applications since early 2025, coinciding with agentic AI tools capable of managing complex tasks independently. The growth stems largely from solo founders concentrated in high-AI sectors like technology, finance, and professional services, which have seen 2.2 percent average annual productivity gains since 2005. The data suggests AI is enabling a wave of single-person ventures whose concepts were previously impractical without added staff.

Nasdaq Newsroom: Phil, after years of economic research at Nasdaq, how does formalizing this work through the Institute feel?

Phil: It provides an opportunity to produce research with greater longevity and broader scope. Much current work addresses near-term regulatory filings or weekly economic indicators. The Institute supports longer-term, larger-scale thought leadership for clients.

Nasdaq Newsroom: Jeremy, what major question or challenge do you hope the Institute will help address going forward?

Jeremy: The Institute is expected to inform both Nasdaq and client strategies for succeeding in a global financial system marked by ongoing innovation, strong resilience, and positive results for customers, partners, and shareholders.