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WASHINGTON - Today, the House Committee on Small Business Subcommittee on Innovation and Workforce Development met for a hearing titled, “The Digital Ecosystem: New Paths to Entrepreneurship.”  Ranking Member Troy Balderson (R-OH) delivered the following opening statement:  

Remarks as Prepared for Delivery

Thank you, Mr. Chairman.  I am pleased to join you for the inaugural hearing of the Subcommittee on Innovation and Workforce Development. Good morning to all of you and a special thank you to our witnesses who are taking the time out of their busy schedules to join us today. 

The use of digital technology is gaining popularity with small firms because of the opportunities it creates for small businesses to compete and succeed in a rapidly changing market environment.Smaller businesses can only compete with their larger corporate counterparts by acting swiftly and adapting to these demands produced by our increasingly digital, modern world. Technology innovation is a critical component of this development and subsequent advantage.

As businesses adopt mobile computing devices and software – such as cloud computing systems and online conference calls – employees and key stakeholders are enabled to communicate and collaborate around the world in real time. Such innovations reduce travel costs, drastically improve efficiency, and eliminate barriers for start-ups. Perhaps the greatest benefit of adapting new technologies is the resulting financial savings. As evidenced by the past few decades, digital technology increases productivity, reduces overhead costs, and gives businesses a leg-up on their competition.

Increasingly, digital tools and platforms serve as the foundation of modern American small businesses.  Small firms that use digital tools are more nimble, resourceful, and better equipped to engage with potential customers. In fact, it’s been proven that digitally-powered businesses earn twice the revenue as those that don’t, and are three times more likely to create new jobs than non-digital firms.

The goal of today’s hearing is to learn how Congress can unlock the vast potential of our nation’s small business economy. I look forward to this discussion and further examination of how technology enables small businesses to succeed.

Again, I thank my colleague, Chairman Crow, for holding this important hearing and for our friendship.  I yield back.