'10,000 Small Businesses' Technology & Innovation Survey
13 DEC 2018 - A new survey finds that despite fewer resources and manpower, small businesses constantly innovate and leverage technology to grow. Across a wide range of industries, regions and business sizes, innovative and tech-savvy companies reported higher revenue and job growth. Over 95% of small business owners recognize the importance of technology as central to success, but the cost, time and capacity required to evaluate and implement new technologies are key challenges.
- Over 80% of small businesses said they implemented new technologies in the last year
- Small businesses that innovate and dedicate more resources for technology had, on average, higher revenue growth by nine points and higher employment growth by 15 points
- Over 85% of small businesses use social media for their businesses, of which 53% pay to advertise
- But trust in social media is mixed, and more than 45% of small businesses said they do not trust social media platforms to protect their business’ or customers’ data
- Cyber security and data privacy more broadly is also a top concern, with over a third of small businesses stating they expect they will be more susceptible to cyber threats in 2019