Oct 13, 2020 - Economy & Business

3. Minority-led SMBs turn to digital tools because of lack of funding

Small businesses owned by minorities were more likely to make the most out of digital tools during COVID-19, according to the Digitally Driven study.

Why it’s important: These minority-owned businesses that quickly adapted to the new normal and have a higher comfort level with digital tools have become more focused on long-term business goals through the pandemic.

Minority groups are leading the digital drivers’ category – those who are early adopters and are constantly deploying new technologies to scale their businesses.

Among digital drivers:

  • 46% are Black-owned businesses.
  • 41% are Latino-owned businesses.
  • 38% are Asian-owned businesses.

The challenge: The study found that minority-owned businesses were roughly half as likely as white-run businesses to have received aid through public loans like PPP.

What this means: Despite being digital drivers, minority-owned SMBs have been the hardest hit by COVID-19 and are not receiving the funding needed to deploy their strategies.

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Axios Studio
Oct 13, 2020 - Economy & Business

First things first: The digital safety net for SMBs post-COVID

Jake Ward, President of the Connected Commerce Council (3C), during Google's virtual Small Business Matters Roundatable.

85% of SMBs say COVID-19 made them rethink their approach to digital tools.

Why it’s important: SMBs that are using digital tools, technology services and have access to online marketplaces are more likely to have survived the early days of COVID-19 and become resilient because of it, said Jake Ward, President of the Connected Commerce Council (3C).

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Axios Studio
Oct 13, 2020 - Economy & Business

2. Only 45% of SMBs felt digitally prepared for COVID-19

Jake Ward, President of the Connected Commerce Council (3C) and Mistique Cano, Director of Policy & Public Affairs at Google.

The pandemic created a greater urgency to adopt digital tools, but small businesses are still faced with 2 key barriers – information and cost.

What this means: SMBs need to reinvent themselves to adapt, but they’re often left behind because they’re “historically under-capitalized,” said Jake Ward, President of the Connected Commerce Council (3C).

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Caitlin Owens, author of Vitals
Oct 14, 2020 - Health

Private equity-owned air ambulances charge the highest rates

Adapted from Brookings; Chart: Axios Visuals

Air ambulances owned by private equity firms charge the highest rates — more than seven times what Medicare pays, according to a new analysis by the USC-Brookings Schaeffer Initiative for Health Policy.

Why it matters: Air ambulances are frequent sources of surprise medical bills, and even when they're covered by insurance, we all pay for these expensive prices through our premiums.

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