Conference Presentation, Panel
The State of Small Business in America
- Goldman Sachs anticipates accelerated growth and increased program "heat" through nurturing motivated small business owners, citing a 99% completion rate among participants working 100-hour weeks, while expecting non-banking services to fill lending voids in a regulatory environment currently lacking equilibrium regarding risk.
- Jack Dorsey plans to continue demystifying technology and removing barriers like credit card acceptance to include economically excluded individuals, expecting a virtuous loop where business growth for small enterprises drives growth for Square.
- Lloyd Blankfein predicts that supplying capital to small businesses will result in increased production and hiring, forming the "backbone of America," while acknowledging that the regulatory landscape will evolve and iterate to meet consumer banking needs.
- Warren Buffett projects continued improvement in goods and services per capita in the United States, driven by unexhausted human potential, and expects companies that delight customers to succeed by leveraging those customers as an unpaid sales force.
- Jack Dorsey expects organizational success to be driven by respecting employees and ensuring access to leadership, while anticipating that making hard decisions to remove misaligned personnel will unlock future potential and growth despite immediate challenges.
- The combined outlook suggests that revitalizing faith in the American dream and fostering inclusive economic participation will generate more capital, labor, and innovation to sustain long-term business expansion.