As appeared on Federal News Network by MetTel’s Don Parente:
Federal requirements mandate that government agencies award nearly a quarter (23%) of all contracts annually to small businesses. But fulfilling set-aside provisions should not be the primary reason for engaging small businesses.
We’ve all heard the statistics about how vital small business is to the U.S. economy. According to the Small Business Administration, 1.5 million jobs are created by small companies each year and account for 64% of new jobs in the US. It’s also interesting to note the innovation that originated in a small business and was soon adopted (and in many cases, acquired by) large enterprises. Business schools are filled with case studies of innovation-driven acquisitions. Whether it’s Unilever acquiring Dollar Shave Club to deliver “razors as a service,” or pharmaceutical companies rushing to acquire private drug companies with artificial intelligence expertise to help speed drug discovery.