#13: The role of small business in the local economy with Tara Palacios, Arlington Economic Development

The Innovation Economy

When talking about business innovation, a lot of focus is placed on large enterprises, yet according to numbers from the Small Business Administration in January of 2023 99.9% - yes, 99.9% of companies, or roughly 33.2 million businesses are considered small businesses.

Today we’re going to talk about the valuable role that small businesses play, as well as how the places that small businesses are located in can help them back.

To help me discuss this topic, I’d like to welcome Tara Palacios, Director of BizLaunch at Arlington Economic Development, based in Arlington County, Virginia.

RESOURCES

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The Innovation Economy podcast is brought to you by Arlington Economic Development: https://www.arlingtoneconomicdevelopment.com

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SYNOPSIS

The focus of economic development, as discussed in the episode, is to make a meaningful difference in someone's life and assist them in building a sustainable business. The host emphasizes that the goal is not merely to fulfill a requirement, but to genuinely impact individuals and their families. The philosophy is centered around uplifting everyone and creating opportunities for individuals to establish businesses that can support themselves and others.

To achieve this, the episode suggests thinking creatively and looking beyond the challenges posed by the pandemic. The host mentions that they are actively exploring new tools and approaches to support economic development. They highlight the importance of forging partnerships with the right organizations, including unconventional ones, to foster meaningful collaborations. An example of such a partnership mentioned in the episode is with Amazon and AWS.

Additionally, the episode addresses the challenges faced by small businesses within the context of economic development. The host acknowledges that small businesses often become consumed by day-to-day operations and the constant pursuit of growth. However, they emphasize the significance of staying aware of the changes happening around them, such as redevelopment and new business opportunities. Property owners may choose to redevelop their properties, which can pose challenges for existing businesses. Therefore, economic development efforts should also focus on honoring legacy businesses and finding ways to support them during property development processes.

Throughout the episode, the host and guest stress the importance of thinking outside the box and collaborating with diverse organizations for economic development. They emphasize that economic development is not limited to traditional methods, but also involves exploring new tools and approaches. They underscore the need to look beyond the pandemic and identify the lessons learned that can have a lasting impact on economic development.

The guest shares their philosophy of making a positive difference in people's lives and helping them build sustainable businesses. They express their motivation to uplift everyone and create opportunities for success. The host agrees and emphasizes the importance of partnering with the right organizations, including new types of organizations, to achieve these goals.