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But to fully unlock AI’s economic potential, policymakers need to ensure that business owners and the workforce of the future are properly equipped to succeed. Albany and Washington should focus on investing in education and workforce training –– and resisting legislation and regulations that stifle rather than support our local innovators.
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Op-Ed: Technology Empowers Black Business Owners. Supporting Innovation Will Keep Them Competitive.
By Phil Andrews
August marked National Black Business Month, a time to celebrate the resilience, contributions, and success of Black entrepreneurs. As President Calvin Coolidge once said, “the chief business of the American people is business.”
This is as true today as it was nearly a century ago — and it holds for every American, especially the Black community. Black-owned business creation is surging. From 2017 to 2022, the number of businesses owned by a Black entrepreneur increased by nearly 57%. During those years, at least half of the new businesses were Black-owned.
The US Census estimates that Black entrepreneurs own 3.5 million businesses with an annual payroll of $40.5 billion.
The US Census estimates that Black entrepreneurs own 3.5 million businesses with an annual payroll of $40.5 billion.
Technology is fueling this boom in entrepreneurship and tearing down barriers. That’s especially true of artificial intelligence.
