Hoping to stall a ban, TikTok says it generated $14.7B for US small businesses last yearAs U.S. lawmakers weigh a possible TikTok ban, the ByteDance-owned short-form video app released an economic impact report on Thursday.
In it, the company touts the platform generated $14.7 billion for small- to mid-size businesses (SMBs) last year, and a further $24.2 billion in total economic activity, supported through small business’s use of TikTok.
In addition, it says that over 7 million U.S. businesses rely on TikTok and that 224,000 jobs were supported by small business activity on the platform in 2023.
In March, a bill that could ban TikTok passed in the House of Representatives.
The Trump administration had previously sought to ban TikTok, calling it a national security risk, but Trump now opposes a ban, saying that Meta would benefit.
Founding a company during economic uncertainty and excelling takes more than just a hungry founder with a good idea.
Investors are engaging with fewer pitch decks from founders, according to DocSend data — investor activity dropped less than 2% year-over-year (YoY) from 2022 and 4% from 2021.
Just a few years ago, a founder’s market led to “zombie” companies raising money at unrealistic valuations with a “growth at all costs” mindset, proving there are pitfalls even in a highly founder-friendly market.
There will be founders who fail in 2023, but there will also be founders who succeed in ushering in the companies that define a generation.
Instilling solid building blocks for the company’s foundation is even more critical in a tighter economy and investor’s market.
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