The Importance of Small Business — Transcript

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1. 0:00the importance of small business brought
2. 0:03to you by the innovation connector what
3. 0:07do you think of when you hear the word
4. 0:08business you probably think of certain
5. 0:10brands or companies you interact with
6. 0:12every day like Walmart Apple or General
7. 0:14Motors these are what would be
8. 0:16considered big businesses companies that
9. 0:18employ thousands of people all across
10. 0:20the country if they decide to set up
11. 0:22shop they can provide hundreds of jobs
12. 0:24to local communities but unfortunately
13. 0:27big businesses are often vulnerable to
14. 0:29changing market conditions and economic
15. 0:31cycles which can lead to widespread job
16. 0:33loss or even recession if big businesses
17. 0:38pose such a big risk should communities
18. 0:40look to them for stability
19. 0:42what if small business more than big
20. 0:44business holds the future for economic
21. 0:46growth small business includes companies
22. 0:49with anywhere from 1 to 500 employees
23. 0:51but don't let the numbers fool you small
24. 0:54business is more important than you
25. 0:55think
26. 0:56you see American business is
27. 0:58overwhelmingly small business small
28. 1:00businesses make up ninety nine point
29. 1:02seven percent of all US employer firms
30. 1:04in businesses with less than 20 workers
31. 1:07make up eighty nine point six percent
32. 1:09these businesses pull their way in the
33. 1:11market the twenty eight million small
34. 1:13businesses in America account for fifty
35. 1:16four percent of all US sales small
36. 1:19business is also crucial for job
37. 1:21creation since the 1970s small business
38. 1:24has provided fifty five percent of all
39. 1:26jobs and sixty six percent of all net
40. 1:29new jobs and since 1990 while big
41. 1:32business has eliminated four million
42. 1:34jobs small business has added eight
43. 1:37million jobs it's clear small business
44. 1:40has a big impact on the economy because
45. 1:44small business is a violent part of any
46. 1:46community as well as a viable
47. 1:48alternative to big business having a
48. 1:50place that fosters small businesses and
49. 1:52allows them to grow is equally vital
50. 1:54that's where business incubators come in
51. 1:57business incubators provide critical
52. 2:00help to small businesses at their most
53. 2:01vulnerable time reducing the risk of
54. 2:04failure 87% of firms that graduate from
55. 2:07business incubators are still in
56. 2:09business after five years business
57. 2:11incubators also bring revenue back into
58. 2:13the community
59. 2:14for every $1 of public spending at an
60. 2:17incubator $30 is generated in local tax
61. 2:19revenue the innovation connector has
62. 2:23been serving small businesses in Muncie
63. 2:25Indiana and surrounding Delaware County
64. 2:27since 2002 during that time they have
65. 2:30enabled small businesses to consistently
66. 2:32produce impressive amounts of revenue as
67. 2:34well as maintain liveable employee
68. 2:36salaries the innovation connector is not
69. 2:39only a gathering place for entrepreneurs
70. 2:41and events but also a launch point for
71. 2:43big ideas since 2014 the connector has
72. 2:47held the big pitch contest a business
73. 2:49pitching competition that helps the top
74. 2:51small business creators in the area
75. 2:53jumpstart their businesses and with the
76. 2:55creation of the coding connector in 2017
77. 2:58the innovation connector continues to
78. 3:00redefine what it means to be a business
79. 3:02incubator through the ebb and flow of a
80. 3:05city's economy the coming and going of
81. 3:07big businesses the small business will
82. 3:09remain and as long as small businesses
83. 3:11continue to be an integral part of the
84. 3:13Muncie community there will always be a
85. 3:15place where they can start grow and
86. 3:17mature a place where they can thrive the
87. 3:21innovation connector