For Immediate Release: December 13, 2024
Contact: Donald Gatlin, dgatlin@raben.co, 202-587-2871
Forum on “Marshall Plan for Small Business” Convenes Public and Private Sector Leaders in Washington, D.C. for Inaugural Conference
Attendees will explore expansion of small business and worker participation in nationwide industrial transformation
Washington, D.C. – Today, representatives from government, private industry, and philanthropy convened in Washington, D.C. for an inaugural forum hosted by the small business advisory firm Next Street. The convening explored the need for a “Marshall Plan for Small Business” that would support America’s small businesses and their workers with seizing new economic opportunities offered by a massive industrial transformation underway across the nation.
The forum is the first in a series to be held nationwide, with a goal to foster cross-sector collaboration to maximize the share of Americans who will benefit from trillions of dollars in new public and private investments for infrastructure, manufacturing, and energy utility improvements. The forum kicks off an effort to launch a digital knowledge sharing network for leaders to share insights and resources for further collaboration. This effort is made possible with support from The Bill & Melinda Gates Foundation.
Michael Roth, Co-CEO of Next Street, said “The U.S. economy is doing well by many measures, yet the American dream is out of reach for most people. The good news is we are on the cusp of a new economy in the U.S. that could expand the number of people thriving by the millions through onramps for small businesses to supply goods for infrastructure upgrades, energy utilities, and reshoring of advanced manufacturing. Getting there requires the private and public sector collaboration we hope to foster through these forums and direct advisory services, informed by Next Street’s 20-year track record building inclusive small business ecosystems.”
Forum discussion topics covered everything from understanding the high-level economic dynamics of the industrial transformation underway to navigating transitions in manufacturing sectors, the role of procurement in transportation and utilities infrastructure, and more. Attendees and speakers included public officials from federal, state, and local government agencies, along with large private companies in energy utilities and manufacturing, researchers and management consultants.
As the American economy evolves, small businesses and their workers that emerge to provide contracting services and supply goods for infrastructure projects and next-generation sectors such as batteries, zero-emission vehicles, and semiconductors will compete in new high-growth industries. Their growth will generate income that flows into local communities, create good jobs, and promote economic mobility nationwide.
To succeed, small businesses need help contending with myriad challenges, including accessing capital, tailored management guidance, and skilled workers. Their ability to overcome these challenges is made more difficult in a fragmented procurement and supplier ecosystem that favors larger institutional firms. According to data released in 2023, the top 20 contracting firms in the transportation, power, and industrial construction sectors captured between 56 and 82 percent of market share by revenue, leaving small and mid-sized businesses to compete for or subcontract in the remainder.
Today’s discussions were aimed at revealing and addressing barriers involved in building a “Marshall Plan for Small Business,” aimed at expanding the nation’s rapidly evolving industrial supply chains to drive economic competitiveness and inclusive growth.
# # #
About Next Street:
Next Street designs and develops solutions to connect entrepreneurs and small business owners with the right resources at the right time, with a focus on small businesses facing disproportionate barriers. With a proven track record of nearly 20 years, an ongoing commitment to becoming an anti-racist organization, and an extensive network of small business advocates, operators and investors, Next Street accelerates the impact of institutions and advisors on small businesses and provides millions of businesses with the experts, tools and capital they need to thrive. Learn more at nextstreet.com.