American small business owners have weathered cascading economic storms over the past 5 years: COVID-19, supply chain disruptions, staffing shortages, inflation, and more. But through these challenges, small business owners have found paths to resilience in part due to the edge provided by the technology platforms that empower efficiency, access to customers, deep insights, and the ability to thrive. This technology-enabled success has made meaningful contributions to communities and the broader U.S. economy.
To measure the effect that a diverse range of technology platforms has had on small businesses and the economy, the Chamber Technology Engagement Center (C_TEC), working with Teneo Research, conducted a nation-wide survey and econometric analysis of the U.S. small business ecosystem. What we found is that technology is a driver of economic success for small businesses and that policymakers must encourage an environment that enables all businesses to succeed with digital tools.
Take a deep-dive into the polling of the American public. As a supplement to C_TEC’s national survey of small business owners, this survey explores:
- How Americans are using technology to engage with businesses
- The public’s interest in adopting advanced technology, including acceptance of AI in their daily lives
- Americans’ priorities for future regulation of technology including:
- National online privacy laws
- The regulation of AI
- Limiting the use of tailored advertising
Since 2020 small businesses that incorporate technology platforms are more likely to see growth in their sales, profits, and employment
The most prevalent use of technology across American small businesses is the use of social media platforms such as Facebook, Twitter, and Instagram.
Women, minority, and veteran-owned businesses have high adoption rates of tech and are highly optimistic about the role technology will play in their businesses’ futures.
Small businesses plan to continue to increase investments in their use of technology platforms across their business in the next two to three years.
93% of small businesses are using at least one technology platform
$17.7 trillion and more than 99 million jobs are supported by small businesses when they use technology
86% of small businesses say technology helped their business survive during COVID.
Policy Recommendations
"Without the right policies in place, small businesses could lose their ability to adapt and confront the new challenges of the 21st century economy." New study from @USChamberTech on how tech is empowering US #SmallBusiness
