How Big Businesses Are Helping Small Businesses
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Everybody loves a good Cinderella story, and small business owners are no exception. Facebookand Instagram are just two businesses that have hit the big time, and small business owners can identify with those success stories.
The reason is partly human nature, according to Forbes:
“We like to hear about and cheer on their successful multi-million dollar acquisitions and what challenges they overcame. Average Joes and struggling entrepreneurs see themselves in those stories because their relatable and transparent.”
Big businesses are doing more than just cheering on their smaller counterparts; they are playing Fairy God Mother and helping small businesses grow.
The Goldman Sachs 10,000 Small Businesses initiative is an investment to help small businesses create jobs and economic opportunity by providing greater access to business education, financial capital, and business support services. (We published a column by one of the program's successful alumni, Rhys Powell of Red Rabbit.) Warren Buffett is also a fan.
In May, we reported that the U.S. Chamber teamed up with Chase and LivingSocial on “Mission: Small Business” – providing small businesses with capital and innovative marketing resources. Chase is awarding grants of $250,000 to up to 12 of the country’s best small businesses – totaling as much as $3 million. Small business owners have until June 30 to apply.
This week, Dell announced its Innovators Credit Fund, through which companies backed by angel investors and venture capital can garner up to 10% of their current funding amount or up to $150,000 in credit to buy products through Dell.
“Big companies, like Dell, have the ability to make a difference in the lives of entrepreneurs. They understand just how much entrepreneurship has influenced their success, and in turn, how their success can influence entrepreneurship for the better,” says Dell’s President, Steve Felice.
Let’s hope this trend keeps going.