Table of Contents
- Smaller company is all-in: 95% of U.S. tiny businesses use at least just one technological innovation platform, with significant-tech use correlating with progress in sales, work, and revenue.
- Many by now making use of AI: Virtually 1 in 4 modest organizations have adopted Artificial Intelligence (AI), main to improved performance in internet marketing and communications. AI buyers saw a 12-place maximize in their chance of income expansion over non-AI end users.
- Weary of regulations: Inspite of the benefits of engineering, about fifty percent of compact company entrepreneurs categorical problems above opportunity tech restrictions and the increased expenditures and litigation stemming from out-of-point out polices.
The most recent edition of the U.S. Chamber’s Empowering Small Company report underscores how several technologies platforms enjoy a important job in helping smaller enterprises navigate challenges—like workforce shortages and inflation—and how small corporations that embrace technological know-how outperform their friends and are additional optimistic about the future. Corporations are also looking at rising systems like AI to add to their arsenal of digital applications to contend and extend their business enterprise.
This continues a development unveiled in the inaugural edition of this report produced in 2022 that showed how technological innovation served smaller firms guidance about 100 million jobs and lead $17.7 trillion to the U.S. economic climate all through the pandemic, with 86% of smaller firms indicating tech was their “lifeline.”
“Small corporations continue to be nearly common in their adoption of a extensive vary of technology platforms. Somewhat extra than in 2022, 95% of smaller business enterprise house owners in the U.S. report using at the very least a single style of technology system in the functioning of their company.”
Amount of small firms that described enhanced effectiveness thanks to technology platforms
1 in 4
Amount of compact businesses employing artificial intelligence
With out the proper guidelines in position to stimulate a virtuous cycle of technological know-how advancement and adoption, smaller corporations could eliminate their skill to adapt and confront the new challenges of the 21st-century economic system. C_TEC presents the subsequent tips to policymakers to guarantee America’s modest enterprises realize their possible via digital equipment and platforms.
- Enact good countrywide data privacy laws. As observed in this report, most little firms are concerned about acquiring to comply with out-of-condition technologies restrictions. With 7 in 10 modest organizations stating that restricting access to knowledge could be hazardous to their operations, it is crucial that Congress go a countrywide privateness legislation that guards all Us residents similarly and preserves the gains of a contemporary electronic economy.
- Get AI polices right. With approximately one particular-quarter of compact corporations already working with AI and viewing value from it, Congress need to ensure that the United States continues to be aggressive and encourages innovation although mitigating risk. In March 2023, the U.S. Chamber of Commerce’s Fee on AI Competitiveness, Inclusion, and Innovation released a report highlighting the have to have for a possibility-dependent solution to AI regulation and not 1-size-fits-all bans, pauses, or rules.
- Upskill the electronic workforce and schooling. Thefederal government ought to encourage a 21st-century workforce that features smaller organization house owners and invests in Science, Engineering, Engineering & Math (“STEM “) and personal computer science education and learning to put together the subsequent technology of electronic resource builders.
- Avert overexposure to legal responsibility.In 1996, Congress enacted Area 230 of the Communications Act, which generally prevents interactive personal computer products and services from getting liable for the actions of third-bash content. Considering that 1996, the world-wide-web and knowledge-pushed economic system have thrived. Congress should really reject calls to outright repeal this landmark regulation.
- Use truthful opposition coverage. Some contend that America’s longstanding antitrust regulations need to be made use of to especially focus on America’s know-how sector. Congress need to refrain from passing competition laws that singles out companies for enforcement and deprives the companies’ owing process.
- Boost the gig financial system. As outlined in the report, compact corporations working with 3rd-bash delivery platforms have benefited in conditions of advancement, work, and income. Governments ought to prevent unnecessarily imposing restrictions on flexible do the job arrangementsor blocking application-centered shipping corporations from communicating useful, adaptable earnings chances to the community.
- Connect all People in america. Broadband access is foundational for tiny companies to use most digital equipment and to connect with customers throughout the country. To complement non-public sector efforts, policymakers have to make focused investments in significant-speed broadband in unserved places and must correctly tackle broadband affordability for reduced-earnings Us residents. To improve these investments, policymakers ought to streamline permitting demands and should keep away from high-priced regulatory mandates these types of as public utility–style policies for broadband and domestic content needs.
- Modernize and digitize authorities. Eighty-two percent of tiny organizations consider that the government must make investments in IT modernization to enable streamline and boost critical smaller enterprise demands like permitting and qualified licensure. By investing in upgraded IT, the federal government will supply much better services to constituents and conserve money in the prolonged operate.
To evaluate the effect that a varied variety of engineering platforms has experienced on compact corporations and the financial state, the Chamber Know-how Engagement Middle (C_TEC), doing the job with Teneo Research, carried out a nationwide study and econometric investigation of the U.S. compact organization ecosystem. We uncovered that know-how is a driver of economic achievements for modest enterprises and that policymakers must motivate an atmosphere that allows all enterprises to do well with electronic applications.