Young chairs hearing on future of American small businesses

Wednesday, U.S. Senator Todd Young (R-Ind.), a member of the U.S. Senate Committee on Small Business and Entrepreneurship, chaired a hearing on the vital role small businesses will play in driving economic growth, innovation, and opportunity as America enters its next 250 years.

To watch Senator Young’s opening statement, click here.

More information on the hearing is available here. 

Witnesses during the hearing included Dr. Ajay “AJ” Malshe, CEO of Arkwright Space in West Lafayette, Indiana. 

Senator Young’s full opening statement, as prepared for delivery: 

Thank you to our witnesses for being here today. 

I appreciate your willingness to participate in this discussion about the future of innovation, and the role small businesses will play in shaping our economy over the next several decades.

As we all know, this year marks the 250th anniversary of the United States. 

For the past 250 years, small businesses have helped define the American economy—creating jobs, strengthening communities, and helping drive economic growth. 

As we look ahead to the next 250 years, they will remain just as essential to America’s success.

As the son of a small business owner, I grew up with an appreciation for the hard work and commitment required to run a business.

America’s entrepreneurial spirit has fueled our nation’s progress over the past two and a half centuries.

But the pace of change today is unlike anything many small businesses have experienced before.

New technologies, including artificial intelligence and automation, are transforming industries, changing how businesses operate, and creating new opportunity for growth and productivity.

Large companies often have the resources to implement these technologies quickly.

For many small businesses, however, the challenge is knowing where to begin and how to integrate these tools into their day-to-day operations.

Across industries, small businesses recognize that technology is changing the marketplace, and they want to keep pace.

That challenge is one of the reasons I introduced the AI for Main Street Act with Senator Cantwell.

Our bipartisan legislation would encourage the Small Business Administration to provide small businesses with the information and resources they need to better understand and adopt artificial intelligence tools.

AI has the potential to help small businesses reduce administrative burdens, improve productivity, and compete in an increasingly technology-driven economy.

At the same time, we know that technology adoption is only one piece of the puzzle. 

If we want small businesses to succeed in the long term, we also need to ensure that entrepreneurs have access to capital, a skilled workforce, and a regulatory environment that supports innovation and growth. 

This year, the Small Business Committee reauthorized and reformed the Small Business Innovation Research and Small Business Technology Transfer programs through September 30, 2031.

These programs help entrepreneurs transform promising ideas into commercial products, strengthening partnerships among small businesses, research institutions, and the federal government.

By reauthorizing these programs, we help ensure America remains the world’s leader in developing and commercializing critical and emerging technologies.

For decades, the SBIR and STTR programs have supported breakthroughs in fields ranging from biotechnology to advanced manufacturing to artificial intelligence and national security.

As new technologies continue to reshape our economy, these programs will remain essential tools for ensuring that small businesses have the opportunity to innovate, scale, and create jobs in communities across the country.

Today’s hearing is an opportunity to hear directly from small businesses on what Congress can do to ensure they continue to innovate, compete, and succeed over the next 250 years.

I look forward to learning more about the opportunities and challenges ahead, and on the policies that will help America’s entrepreneurs continue to innovate and grow.