Artificial Intelligence Boosts Entrepreneurship and Supports Small Business Competition

The New York City Minority Small Business Chamber of Commerce, based on a new report prepared by the U.S. Chamber of Commerce, urged lawmakers to consider the advantages that artificial intelligence creates for small businesses.

The Role of Artificial Intelligence

Artificial intelligence tools and digital platforms directly support the increase in entrepreneurship rates, especially in minority communities.

Small businesses thus streamline their operations, improve employee training, and compete better with larger companies.

Regulatory Concerns

Business owners are concerned that potential new regulations and the threat of lawsuits could set back their development processes.

Therefore, it is requested that local businesses be taken into account and that a cautious approach be maintained when evaluating artificial intelligence laws.

Key Findings of the Research

The report prepared by the U.S. Chamber of Commerce Technology Engagement Center examines the types of technology usage by small businesses and their effects on the economy.

The research results clearly show that the use of artificial intelligence creates positive impacts on businesses' sales, profits, and workforce growth.

Employment and Growth Rates

While 47 percent of small businesses state that artificial intelligence creates new job opportunities today, 6 percent express that it has reduced their staff count.

Small businesses using artificial intelligence are in a more advantageous position regarding sales, profit, and workforce growth compared to those that do not use this technology.

Technology Platform Usage

Nearly all small businesses report using at least one technology platform in their workplaces.

While 41 percent of businesses now use six or more platforms, the proportion of those using artificial intelligence is also increasing day by day.