By: Jose Alfaro
06.08.2024
We can all see that the business landscape is changing as technology and AI continue to disrupt markets and growth for small businesses. However, a lot of good has come from it. How can Chambers be at the forefront of new emerging technologies to continue to improve the economy and resources for the businesses in their community to continue to thrive?
The biggest part of technology in economic development is the data that we can capture now, whereas, in the past, we managed through different paper forms or Excel sheets that were handled by people. We are able to collect a greater amount of unbiased information from our community and truly understand the challenges businesses face and how we can improve.
Data has been and will continue to be the key to measuring success; however, it does so much more than that. You and I know that without good, reasonable data, programs are shut down, funding is reduced, and resources become scarce. This affects the businesses in our community, which need those resources to thrive. Without them, how can we expect our communities to thrive and bring jobs and innovation to our communities? Consider how a great technology platform can create a measurable impact in your community:
Improving Mentorship and Business Advice
Chambers of Commerce offer important services through various programs like SCORE. However, most Chambers are missing layers of impact that these connections make. Digital platforms can simplify scheduling, connection, tracking, and feedback loops that allow the Chambers to track the impact these programs have on the community and share with the city and other stakeholders in the community.
Kauffman credit photo credit
Becoming the Go-To Resource Hub
Chambers of Commerce must position themselves differently to attract new business members. We live in an age that is overwhelmed with information, where we can just “google it,” meaning people expect some type of “free” value before CONSIDERING joining a network.
Consider being the nucleus of your entrepreneurial ecosystem. Adapt Technology and AI to connect business owners with local resources and tools. What better way to help your economy grow than by making connections to help businesses connect and grow together? By building a resource hub you are not only supporting the business owners, you also become a valuable partner to experts in the community.
Centralized Data for Impact
I shared earlier that data is the key to measuring success, which is true. However, how do we take the measurements of success and make them into a comprehensive story in our community?
I wonder how our cities will look in a few years if we share impact beyond “people served” and “connections made” to be more comprehensive and share that x business owners feel x % more confident after their connection. Changing the way we collect data changes the way we share value. Check out Invest Atlanta’s Impact.
Cities, economic developers, and Business Owners all want the same value for their investment, whether funding or time. New and emerging platforms like EICs Startup Space allow us to collect this information and build a narrative of the organization’s impact on the city’s economic growth.
The world is changing, and so is the way we do business. Adopting new ways and technologies to do our work can be burdensome, but the rewards far outweigh the risks. What is the other option, “business as usual.” Consider the businesses that decided not to adapt to the changing business landscape and those that chose to adapt and take the risk.
To learn more about EICs Startup Space Platform, click here to connect with one of our passionate experts.
About EIC
At Economic Impact Catalyst, our mission is to activate a world where there is equitable and inclusive access to entrepreneurship. We believe that entrepreneurship is the key to equitable and inclusive economic development. Our team’s main focus every day is to make it easier for founders to launch businesses in order to create wealth for themselves, for their teams, and for their communities. To learn more about our technology and market research solutions, built exclusively to catalyze entrepreneurship-led economic development efforts, book a call with us today.
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