Tiffany Bussey, the founding director of the Morehouse Innovation and Entrepreneurship Center, said there are several things she’ll be watching in 2024 that could impact small businesses:
Access to Capital: We should see a potential growth in alternative financing options and community-driven investment initiatives.
Digital Transformation: Continued increased reliance on digital tools and e-commerce, creating opportunities for businesses with strong online presences with a focus on digital literacy and technology adoption for sustained competitiveness.
Policy Advocacy: Continued attack on efforts to address systemic barriers through policy changes at local, state, and national levels. At the same time, we must increase the call for advocacy for fair and inclusive procurement practices.
Technology Adoption: Increased integration of emerging technologies, such as AI and automation, to enhance efficiency with an emphasis on tech education and training for small businesses.
Networking and Collaboration: Increased interest in strengthening networks and collaboration within the Black business community with increased support for mentorship programs and partnerships.
Supply Chain Resilience: Growing interest in strategies to address vulnerabilities in supply chains, with a focus on local and diverse suppliers. This is indicative of the lasting effects of COVID-19 and the vulnerability of the global uncertainties caused by factors such as the ongoing war in (Ukraine) and the (Israel-Hamas War), blockage of major shipping canal passages diverting cargo ships, resulting in massive increase in shipping time and increase in gas prices.