The Institute for the Future released the third part of its Vision of Small Business in 2017, a 10-year projection that examines current trends in small business and their implications in the decade to come. Phase Three, titled The New Entrepreneurial Economy was released this month.

Some key findings from the report:

• Nearly 50 percent of U.S.-based small businesses will be involved with global trade (at some level) by 2018.
• Social networks (real world and electronic) will be a major facilitator of this shift toward international commerce.
• The economic value of diverse small businesses will grow in direct proportion to global market growth.

Exchange Point of View

Large businesses are encumbered by scale but empowered by experience. Technologies available today allow small businesses to collaborate with established counterparts to engage the long tail. Small businesses will thrive through their unique ability to provide customized products and services — specially tailored to suit the client, climate, culture and customer.

With continued outsourcing and the progressive shift away from lifetime employment, adaptable small businesses with a firm footing in their (local or global) niche can collaborate, and even compete, with the largest corporations.

As the technologies that enhance collaboration become more commonplace across the globe, speed and sourcing will be far less important than the innovation and value your company can add to a product or service.