Small Business Analysis | Analysis of Idaho Strong 2023-2028 Statewide Economic Development Strategy

Small Business Analysis

The Idaho Department of Commerce's goals, while ambitious and comprehensive, offer little direct support or consideration for small businesses with fewer than 20 employees. Throughout the document, there is no explicit mention of strategies or programs tailored to the needs of these small enterprises, which form a significant part of Idaho's economic fabric.

Indirect Benefits and Missed Opportunities

While some initiatives might indirectly benefit small businesses, these benefits appear to be incidental rather than intentional. For instance, the State Trade and Export Program (STEP) could potentially assist some small businesses in entering international markets. However, the overall focus on large-scale international trade missions and shows is likely beyond the reach and resources of most small enterprises.

Similarly, the emphasis on tourism and outdoor recreation could create a more favorable environment for small businesses in these sectors. Yet, there's no mention of specific support or programs designed to help small operators capitalize on these opportunities.

Innovation and Technology Gap

The goals related to advancing innovation and the commercialization ecosystem heavily favor high-tech startups and larger companies with the resources to engage in university partnerships and significant R&D efforts. There's a noticeable absence of innovation support or technology adoption assistance for traditional small businesses, which could help them remain competitive in an increasingly digital economy.

Infrastructure and Data: A Trickle-Down Approach

The broadband initiative, while potentially beneficial in the long term, doesn't address the immediate connectivity needs of small businesses. There's no mention of programs to help small enterprises access or effectively utilize improved broadband services.

The data-driven approach to economic development also seems to overlook the specific needs of small businesses. While the collection and analysis of economic data could be valuable, there's no indication that this information will be tailored or made easily accessible to small business owners who often lack the time and resources to interpret complex economic data.

Overall Lack of Focus

Perhaps most tellingly, throughout the entire document, there is not a single mention of any program, initiative, or strategy specifically designed to support or develop businesses with fewer than 20 employees. This omission is particularly striking given the significant role these businesses play in Idaho's economy, often serving as the backbone of local communities and economies.

©2024 Idaho Economy. All rights reserved.