4. SMBs need more time
Capital and technical assistance are critical, but so is time.
Why it’s important: Thought leaders agreed that knowing or having access to the technology is not enough if these businesses don’t have the time to actually implement those technological strategies.
Experts believe it’s important to focus not just on access to capital but also to have a holistic look into “the life cycle of becoming an entrepreneur.”
- A small business development expert noted that childcare is a bigger obstacle for women entrepreneurs than access to capital.
- Another small business leader pointed out that most minority-owned SMBs don’t have the time to invest in their long-term growth because they have to focus on trying to remain open on a week-to-week basis.
Small businesses also need time to apply properly for loans as any time spent away from earning can lead to loss in revenue, a finance leader from a large banking organization said.
The takeaway: SMBs trying to bridge the gap between lack of funding and innovation are in need of time. Technology companies and policymakers should consider different ways in which they can support SMBs to innovate in a time of crisis.