In 2019, Ecuador’s TEA rate was 36.2% of the adult population, a significant increase since the last measurement, breaking a four-year downward trend. This change is almost exclusively due to the proportion of nascent entrepreneurs, which has increased by 5.7 percentage points since 2017; the proportion of new entrepreneurs has also increased, but only by 1 point. It is a recurring pattern, many businesses in the gestation and start-up stage and few consolidated. The environmental conditions that favor or hinder entrepreneurship have not substantially changed, moreover, some of the framework conditions for entrepreneurship, measured through the National Expert Survey, NES, have deteriorated. In addition to the usual GEM results, the authors also explore the degree of affectation and the nature of the changes caused by the global pandemic, using insights from local entrepreneurial support organizations, as well as interviews to entrepreneurs.