The Governor Gavin Newsom issued a proclamation on Monday declaring May 2023 as “Small Business Month” in the state of California.
The decree states that California's economy is home to more than 4.2 million small businesses, a figure that exceeds that of any other state.
"Small businesses and entrepreneurs accelerate economic growth and mobility in California, creating two-thirds of net new jobs, building wealth, innovating to solve global problems, launching future growth industries, bringing diversity to our economy and defining Main Streets in our local communities," Newsom said in the statement.
California small businesses account for more than 99 percent of all businesses in the state and employ more than 7 million people, nearly half of the state's private sector workforce.
“Our small businesses are global leaders in innovation and economic competitiveness, and they embody the entrepreneurial spirit that drives the Golden State’s economy,” the governor added.
California leads the nation in business creation, with 20 percent annual growth from 2019 to 2020, receives more than 50 percent of the nation's venture capital, and produces more patents per capita, research and development than any other state in the country.
California is the center of U.S. manufacturing production, with more than 35,000 manufacturing companies employing more than 1.2 million Californians.
Newsom noted that the state's manufacturing companies have created new industries and supplied the world with manufactured goods spanning aerospace, computing and electronics, and most recently, zero-emission vehicles.
“For our economy to maintain its global leadership, we must ensure that all Californians, no matter who they are or where they come from, can pursue their dreams of starting, managing and growing resilient businesses in the Golden State,” he said.
He also explained that California continues to make historic investments to support diversity, equity and an inclusive economy.
In that regard, she recalled that AB 2019, enacted in 2022, seeks innovative ways to increase diversity in state contracting and codifies a goal of 25 percent small business participation in contracting. The Small Business Technical Assistance Program, which was extended indefinitely in 2022, supports underserved small businesses and entrepreneurs so they can start, grow, and be resilient in California.
On the other hand, he pointed out that the state has renewed the Accelerate California program to help expand the technological ecosystem to include more diverse founders, support new technological sectors, drive growth and create high-quality jobs in regions beyond the coast. “Our small businesses are constantly adapting to an evolving market, integrating technology at a higher rate than ever before and developing innovative ways to connect with customers. This month, we recognize the tremendous success of our small businesses and their contributions to the California economy. We affirm our commitment to helping California small businesses thrive and, above all, we commit to ensuring that the California Dream is a reality for all,” he concluded.
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