How AI Will Impact Small Business in America

Key Concepts

• AI (Artificial Intelligence) as a tool for Main Street businesses.
• Onshoring and reshoring of industries.
• Small business impact on the American economy.
• Deregulation and cutting red tape.
• Access to a skilled workforce.
• "New collar boom" - creation of new jobs in small town America.

AI as a Tool for Main Street

Kelly Leffler, Director of the SBA, emphasizes that AI is a tool that will significantly impact Main Street businesses. She highlights that her perspective focuses on the parts of the economy not necessarily represented on the stage but will be impacted by the AI action plan.

Onshoring and Reshoring Enabled by AI

Leffler discusses how AI and advanced manufacturing will enable the onshoring and reshoring of industries. She provides the example of a bike factory, the first mass production bike factory in decades, now operating with only 50 or 60 employees compared to the thousands previously required. This is attributed to AI-driven advanced manufacturing.

Small Business Focus

President Trump's understanding that "small business is big business" is emphasized. Leffler points out that America is comprised of 34 million small businesses compared to only 20-30,000 big businesses. The goal is to enable small businesses to compete on a level playing field with both larger businesses and businesses around the world.

Economic Stability and National Security

Reshoring and onshoring are presented as crucial for America's economic stability, national security, and growth. President Trump's "winning the race" effort aims to turbocharge growth across Main Street.

Deregulation and Cutting Red Tape

The conversation highlights a heavy emphasis on deregulation and cutting red tape to support small businesses.

Skilled Workforce as a Key Challenge

Leffler identifies access to a skilled workforce as the number one concern for small businesses today, with 7.8 million jobs available in the country. She suggests that AI will enable small businesses to leapfrog the need for more hiring and focus on productivity and results.

"New Collar Boom"

The introduction of AI is expected to create a "new collar boom" with great jobs coming to small town America. AI will also enable small business formation.

President Trump's Perspective

President Trump is portrayed as having Main Street in mind when developing the AI action plan. He aims to enable small businesses to compete on a level playing field.

Conclusion

The main takeaway is that AI is viewed as a transformative tool for small businesses, enabling onshoring, reshoring, and increased productivity. Addressing the skilled workforce shortage is crucial for maximizing the benefits of AI adoption. The focus on deregulation and President Trump's commitment to supporting small businesses are also key elements of the strategy.