Small Businesses at the Frontier of the Generative AI Economy

How is the spread of generative artificial intelligence (GenAI) tools through the economy affecting small businesses? Does GenAI open new avenues of opportunity for small businesses to compete with their larger peers, or will larger firms use the technology to strengthen their positions?

To address these and other questions facing small businesses, we recently convened a roundtable of executives from across the Twelfth District. Representing the hospitality, restaurant, recruiting, and payment processing industries, the roundtable participants all lead small-scale enterprises currently integrating GenAI technologies into their business practices. They sat down with Mary C. Daly, President and CEO of the San Francisco Fed, Sunayna Tuteja, Senior Vice President and System Chief Innovation Officer for the Federal Reserve System, and Kevin Ortiz, co-head of the EmergingTech Economic Research Network (EERN).

Roundtable discussions like these are a centerpiece of the EERN initiative. A partnership between the SF Fed and the Federal Reserve System Innovation Office, EERN supports a better understanding of how new technologies like GenAI are shaping the economy of the future.

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