The U.S. Chamber of Commerce released a new report that examines the use of artificial intelligence (AI) by small businesses and the broader impact of AI on the economy.
The Chamber’s Empowering Small Business report focuses on the emergence of AI in the marketplace and the heightened interest it has generated among small businesses.
“Small businesses that are all in on adopting AI and other emerging technologies are growing, competing, and achieving success on a larger scale,” Jordan Crenshaw, senior vice president of the U.S. Chamber’s Technology Engagement Center, said. “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.”
Among the key statistics, the report found that:
• 98 percent of small businesses are using AI-enabled tools;
• 91 percent of small businesses using AI say it will help their business grow in the future;
• 77 percent of small business owners plan to adopt emerging technologies, including AI and metaverse;
• 86 percent of small business owners say that proposed technology regulations would harm their ability to grow;
• Nearly four in five small businesses said 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; and
• Less than one third believe that they are “very well” prepared to comply with pending AI regulations.
Along with the 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 in the 21st-century economy.
The recommendations include enacting smart, national data privacy legislation that protects all Americans equally and preserves the benefits of a modern digital economy. They also call for the establishment of a national risk-based regulatory framework that enables the responsible and ethical deployment of artificial intelligence.
The study was conducted in partnership with Teneo Research. It was unveiled at an event hosted jointly by the U.S. Chamber and Denver Metro Chamber in Denver.