Accelerating Asian American and Pacific Islander Businesses with 5G
By: National ACE
WASHINGTON, D.C., August 22, 2019—Asian American-owned businesses continue to play a vital role in powering a strong American economy. According to the most recent U.S. Census Bureau Survey of Business Owners, the 2 million Asian American-owned businesses across the country contribute upwards of $700 billion dollars to the U.S. economy and employ approximately 3.6 million people nationwide. And, according to Nielsen, Asian American-owned businesses now have nearly $1 trillion in buying power. The sky is the limit for the Asian American and Pacific Islander (AAPI) business community.
As AAPI business owners and entrepreneurs, one thing will help maximize our current potential for success while paving the way for new entrepreneurs to emerge: the nationwide deployment of 5G networks. National ACE has long been part of this conversation, working with policymakers, industry leaders, and other community-based organizations to stay abreast of policy developments that will help expedite 5G to connect more AAPI communities and businesses with the opportunities for advancement it will provide.
5G is more than simply the next generation of wireless technology. Of course, it will undoubtedly offer businesses speeds up to 100 times faster than what we are accustomed to today, as well as lower latency and enhance connectivity. But it will also do so much more. Working in tandem with existing network architectures and combined with next-generation innovations like the Internet of Things (IoT), augmented and virtual reality, artificial intelligence, and smart city technologies, 5G will open new doors for AAPI businesses, fundamentally transforming nearly every economic sector—from retail and entrepreneurship to health care to scientific, technical, and financial services to manufacturing, transportation, and more.
As consumers, Asian Americans are “predictive adopters of new media and technology,” according to a Nielsen report released last year, with Asian American households more likely to have internet access than the total U.S. population. The same can be said for our businesses. That is what will make 5G so revolutionary for AAPI businesses from California to New York, and places in between.
Once unlocked, the power of 5G will help AAPI businesses transform user experiences and create new efficiencies that will yield dramatic cost savings. It will also help create new economic opportunities for AAPI startups and entrepreneurs, changing the way businesses work with and engage their customers, improving reliability and increasing capacity, and supporting emerging technologies as they come online. Key to the successful deployment of 5G will be the adoption of small cell technology, which will help densify networks and support the faster speeds and increased capacity 5G will offer.
For AAPI business owners, the future is looking brighter than ever thanks to the increased opportunities for advancement that 5G networks will offer. As we continue to work to foster a positive regulatory environment for our businesses to succeed, 5G deployment will remain a key policy goal for National ACE and the entire AAPI business community.