2%
Of small businesses have changed their approach to managing sensitive customer or sales data due to a cyber attack
6%
42%
Small businesses expect they will be more susceptible to cyber threats in the next year
1 in 3
48%
Technology Resources
48%
On average, small businesses that innovate have higher revenue growth by 9-points
64%
Trust in social media is mixed.
cyber threats
42%
conducted R&D for future products and services
42%
45%
Desire a better understanding of the technologies available
USD
say they do not trust social media platforms to protect their —or their customers'—data.
$30,000
Use social media to keep up with competition
86%
Use social media for its ease of use
1 in 3
42%
social media
22%
22%
39%
Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing access to education, capital and business support services.
roi: return on innovation
Most small
businesses have a budget below $30,000 USD to implement
64%
48%
improved the quality of an existing product
or service
15%
Eighty-eight percent of small businesses have innovated within the past two years. Whether that innovation was improving existing offerings, conducting R&D, opening a new location, or exporting outside of the U.S., it’s clear that most entrepreneurs recognize the benefit of investing in innovation.
17%
Toutou Marsden
Small businesses are ambivalent on social media. On one hand, small businesses that leverage multiple social media platforms have higher rates of revenue growth.
small businesses know a cyber attack is coming.
they just don’t know when – or how.
60%
The buck – and bandwidth – stops with the business owner.
of business owners said they are core to the technology decision-making process
Yet entrepreneurs also recognize the data risk inherent within social media platforms:
38%
Innovation is central to the success of small businesses. It’s why, despite fewer resources, small businesses are market leaders in creating products and services. It’s also why companies who spend more on innovation and technology exhibit higher revenue and job growth.
That said, the cost, time, and resources required to evaluate and implement innovative technologies are significant. So how are small businesses making the most of their technology investments? We surveyed over 1,100 entrepreneurs to find out.
Goldman Sachs
10,000 Small Businesses INNOVATION TECHNOLOGY SURVEY
80%
They also have higher employment growth than small businesses that do not innovate by 15-points
Use social media for advertising and marketing
cost is a key barrier to widespread tech adoption
Indicate they would not be prepared in the event of a cyber attack
Overwhelmingly, business owners personally take on the responsibility of making technology decisions.
80%
State that the cost of new technology is a primary business challenge
86%
37%
37%
The big power of small business
innovation
Dell-Lea Weddings and Events
10,000 Small Businesses Graduate
USD
48%
60%
launched a new product or service
$30,000
38%
39%
learn more
Use social media for advertising and marketing
We surveyed 1,164 entrepreneurs from Goldman Sachs 10,000 Small Businesses to better understand how they make technology a priority.
Use social media for customer service and user experience