WASHINGTON, D.C. — Today, the U.S. Chamber of Commerce unveiled a comprehensive nationwide analysis examining the use of artificial intelligence (AI) and other technology platforms by small businesses, and their impact on operations, key business metrics, and the broader economy.
The third edition of the Chamber’s Empowering Small Business report focuses on the profound emergence of AI in the marketplace and the heightened interest in — and use of — the technology among small businesses.
Notably, nearly every small business is utilizing a tool that is enabled by AI (98%), with the use of generative AI tools like chatbots and image creation nearly doubling (40%) from last year.
“Small businesses that are all in on adopting AI and other emerging technologies are growing, competing, and achieving success on a larger scale,” said Jordan Crenshaw, senior vice president of the U.S. Chamber’s Technology Engagement Center (C_TEC). “AI allows small businesses — who many times do not have the staff or resources of their competitors — to punch above their weight. It’s encouraging to see small businesses embrace technology and express optimism for the future as these platforms serve as a catalyst for innovation and resilience. Policymakers must ensure there are appropriate guardrails around AI, while avoiding the urge to regulate with a one-size-fits-all approach, so that Americans can continue to reap the benefits of AI.”
The study, conducted in partnership with Teneo Research, was unveiled at an event hosted jointly by the U.S. Chamber and Denver Metro Chamber in Denver, Colorado. As the first state to enact comprehensive AI legislation, Colorado has become a prime example why rushing to regulate could cause harm, as the legislature must now address major concerns raised by the governor.
Key Findings
As with previous editions of the report, the findings illustrate how crucial technology platforms are in helping small businesses navigate a range of challenges. Those that fully embrace technology not only outperform their peers but also exhibit greater optimism about the future.
- Ninety-eight percent of small businesses are using AI-enabled tools
- Ninety-one percent of small businesses using AI say it will help their business grow in the future
- Seventy-seven percent of small business owners plan to adopt emerging technologies, including AI and metaverse
- Eighty-six percent of small business owners say that proposed technology regulations would harm their ability to grow
- With inflation remaining the biggest challenge facing small businesses, nearly four in five small businesses report that the use of technology helped them avoid raising prices for consumers
- Most small businesses are worried about government limiting access to data or a patchwork of state AI and privacy laws harming their ability to grow
- Less than one third believe that they are “very well” prepared to comply with pending AI regulations
Policy Recommendations
To accompany this analysis, the U.S. Chamber issued a set of recommendations for policymakers that would promote technological development and adoption to ensure small businesses can continue to compete and thrive in the 21st-century economy. These recommendations include enacting smart, national data privacy legislation that protects all Americans equally and preserves the benefits of a modern digital economy, as well as establishing a national risk-based regulatory framework that enables the responsible and ethical deployment of artificial intelligence.
The full analysis and policy recommendations can be found here.
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Source: originally published on the U.S. Chamber of Commerce’s website.
The Chamber of Commerce of the United States is the world’s largest business organization. Its members range from the small businesses and chambers of commerce across the country that support their communities, to the leading industry associations and global corporations that innovate and solve for the world’s challenges, to the emerging and fast-growing industries that are shaping the future. For all of the people across the businesses they represent, the U.S. Chamber of Commerce is a trusted advocate, partner, and network, helping improve society and people’s lives.
