Digitization is transforming commerce, and the COVID pandemic has accelerated this trend. Small firms are critical to employment in virtually every nation, particularly in emerging economies. Technology and digitization have the potential to increase the productivity of small firms by providing them with access to information and markets, increasing access to financial services, and helping them to formalize. But small firms also face greater barriers than large firms in using technology, which can make it even more challenging for them to compete. While the pandemic accelerated the use of technology by and in support of small firms, it was the smallest firms and those owned by women, racial and ethnic minorities that were least likely to use or be reached by digital tools and services. What needs to happen from a policy, practice and product perspective to enable the small firm sector to realize the potential of digitization for all small firms?
This discussion is part of the 2021 Global Inclusive Growth Summit. Speakers include:
- Joyce Klein (moderator), Director, Business Ownership Initiative, The Aspen Institute
- Chris Locke, Founder, Caribou Digital
- Barbara Magnoni, President, EA Consultants
- Juan Navarrete, Vice President of Business and Partnerships Development, Fundación Capital
- Tim Ogden, Managing Director, Financial Access Initiative; Senior Fellow, Business Ownership Initiative, The Aspen Institute
Tweet Video: “Realizing the Potential of Digitization for Small Businesses.” Feat Chris Locke @cariboudigital, Barbara Magnoni @BarbaraatEA, Juan Navarrete @FundaCapital, @timothyogden @financialaccess, and Joyce Klein @Aspen_BOI.
Tweet Digitization is transforming commerce. How can small businesses—critical to employment around the globe—take advantage of this shift? Hear @cariboudigital, @BarbaraatEA, @FundaCapital, @financialaccess, and @Aspen_BOI discuss.
Tweet Digitization can help small businesses access information, markets, and financial services. But they face greater barriers than large firms in using technology, which makes it harder to compete. What can we do to fix this?
Tweet While the pandemic accelerated digitization, small businesses—especially those owned by women, racial/ethnic minorities, immigrants, and refugees—were least likely to benefit from it. How can we help them realize its potential?