Axios Live: Technology is an "ultimate leveler" for small businesses, Ohio economic leader says
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Sam Allard and Baiju Shah in conversation on the Axios stage. Photo: Kristin Mackler on behalf of Axios
AURORA, Ohio – Technology and AI advancements have created a moment of opportunity for small businesses and their owners, a local economic development leader said at an Axios Live event.
Why it matters: Small businesses make up a huge segment of the U.S. economy and have been hit particularly hard with challenges stemming from today's uncertain economic climate.
Axios' Sam Allard and Madison Mills spoke with Greater Cleveland Partnership president and CEO Baiju Shah and Rep. David Joyce (R-Ohio) at the Aug. 26 event, sponsored by Mastercard.
What they're saying: "43% of the people that work in the state of Ohio work for a small business," Shah said.
State of play: "When I talk to a lot of them [small-business owners], it's never not a challenging time to keep a business operating, right? There's always something going on," Shah said.
- In the last five years, businesses have faced headwinds from the COVID-19 pandemic, supply chain and labor challenges, plus geopolitical and economic uncertainty, Shah said.
- "I think while they're talking about [these] grand global policies on the tariffs, we also have to make sure that we're not putting Americans out of work and forcing the hand of our own businesses by doing something stupid like tariffing them out of business," Joyce said.
The big picture: "The tailwinds are, it's getting easier and easier to be a small business because of technology," Shah said. "Technology is an ultimate leveler of small business to large business."
- As many await regulatory clarity on artificial intelligence from Capitol Hill, Joyce said he's confident that lawmakers "will get there eventually."
- "It's just tough at the moment," he added.
Content from the sponsored segment:
In a View From the Top conversation, Mike Kresse, Mastercard executive vice president of commercial and new payment flows for North America, emphasized small business' role as "the backbone of the economy."
- "You've got 99.99% of businesses in the U.S. qualify[ing] as small businesses, you've got close to 50% of jobs residing with small businesses, we heard the stat quoted 43% here in Ohio," Kresse said.
- "It is where the action is happening, and it's where the rubber meets the road."
