In today’s economy, many businesses empower themselves with digital products and services – including AI-enabled tools and automated applications – that help them launch, grow, identify, and serve new customers, save costs, increase revenues, and compete within an increasingly dynamic and competitive global market.
As AI becomes more efficient, technology platforms and startups alike are increasingly using it to power their offerings. For example, the ads businesses might be running on Google or Meta’s networks are already optimized and powered by AI. This means that businesses can reach their target audiences more effectively and efficiently.
AI is also being used to power other features that small businesses might use, such as video campaigns on YouTube and product placements in online marketplace search results. As AI continues to develop, we can expect to see even more innovative ways to use it to improve business performance.
As policymakers begin to consider AI-specific laws and regulations, it is critical to consider the tremendous opportunity AI presents to small businesses now and in the not-too-distant future.
AI and Public Policy:
- AI-powered digital tools have a considerable potential to help small businesses increase efficiency, save costs, and better serve customers, ultimately helping small businesses compete with much larger companies.
- AI technology has recently become more accessible, and small businesses are just beginning to reap the benefits. It would disproportionately hurt small businesses if new laws slowed down AI innovation and adoption or made it harder or more expensive for small businesses to use AI-powered tools.
- New AI-specific laws and regulations should prioritize the specific risks, such as protecting marginalized communities from unjust biases and predatory practices, stopping illegal activity, and protecting consumer privacy.