Generative Artificial Intelligence (GenAI) is rapidly becoming a vital tool for U.S. microbusinesses, particularly among Black owners who are adopting these technologies at impressive rates.
According to GoDaddy’s Venture Forward 2024 survey, approximately 50% of microbusiness operators have experimented with GenAI tools recently.
This statistic is even more significant among young and Black business owners, who are 50% more likely to leverage GenAI compared to their white counterparts.
A Tool for Leveling the Playing Field
The Venture Forward survey highlights that 44% of micro businesses see GenAI as a game-changer, allowing them to compete effectively with larger enterprises.
The use of GenAI is not uniform across all groups, with about one in three Black and Hispanic-owned microbusinesses utilizing these technologies for business operations—higher than the one in four rates among white- and Asian-owned businesses.
Microbusinesses employing GenAI are finding their utility in various domains, particularly in content creation and customer service.
Black-owned businesses, for instance, are nearly twice as likely to use GenAI for customer interactions as white-owned businesses.
This proactive adoption reflects a broader, more optimistic outlook about business prospects and the national economy among GenAI users, which stands at 81% and 40%, respectively. This is in stark contrast to the more cautious optimism of those who have not adopted GenAI.
Conclusion
The early indications are clear: GenAI is a technological innovation and a strategic advantage, especially for Black microbusiness owners eager to expand and excel in competitive markets.
“Generative AI is already showing early potential to help level the playing field for small businesses as they go up against larger and often better-resourced competitors,” said Alexandra Rosen, senior director of GoDaddy’s Venture Forward research initiative.
“We’re seeing the most ambitious ones embrace it the fastest.”
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