Annual Report of the 

Office of Economic Research 

FY 2016 / January 2017 
 

 

Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration 

(SBA) is an independent voice for small business within the federal government. Appointed by 

the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the 

office. The Chief Counsel advances the views, concerns, and interests of small business before 

Congress, the White House, federal agencies, federal courts, and state policymakers. Economic 

research, policy analyses, and small business outreach help identify issues of concern. Regional 

Advocates and an office in Washington, D.C., support the Chief Counsel’s efforts. 

For more information on the Office of Advocacy, visit www.sba.gov/advocacy or call 

202-205-6533. Receive email notices of new Office of Advocacy information by signing up at 

https://public.govdelivery.com/accounts/USSBA/subscriber/new?topic_id=USSBA_184. 

Annual Report of the Office of Economic Research, FY 2016 1 
 

 

Table of Contents 

Foreword......................................................................................................................................... 3
 

Introduction..................................................................................................................................... 4
 

Advocacy Research Reports, FY 2016 ........................................................................................... 6
 

Access to Capital......................................................................................................................... 6
 

Entrepreneurship and Innovation................................................................................................ 7
 

General........................................................................................................................................ 7
 

Infographics ................................................................................................................................ 8
 

International Trade.................................................................................................................... 10
 

Minority and Veteran Business Ownership .............................................................................. 10
 

The Office of Economic Research Team Participates in Roundtable Discussions .................. 12
 

Small Business Economic Research Forums................................................................................ 13
 

Data Access................................................................................................................................... 18
 

Small Business Data Resources ................................................................................................ 18
 

Downloadable Firm Size Data .................................................................................................. 18
 

Statistics of U.S. Businesses ..................................................................................................... 19
 

Business Dynamics Statistics.................................................................................................... 20
 

Business Employment Dynamics ............................................................................................. 20
 

Non-Employer Statistics ........................................................................................................... 20
 

Call Report and Community Reinvestment Act Data............................................................... 21
 

Conclusion .................................................................................................................................... 22
 

Meet the Office of Economic Research Team.......................................................................... 22
 

Appendices A-D............................................................................................................................ 23
 

Annual Report of the Office of Economic Research, FY 2016 2 
 

 

 

 

 

 

 

 

 

 

Foreword 

Forty years ago, Public Law 94-305 assigned Advocacy the task of examining “the role of small 

business in the American economy and the contribution which small business can make in 

improving competition.” Over the years, the Office of Economic Research (OER) within 

Advocacy has supported this mission though several channels, such as research studies, issue 

briefs, fact sheets, conferences, and forums. 

While OER produced several research reports, it also convened numerous conversations through 

its program series “Small Business Economic Research Forums,” which gave economists and 

researchers an opportunity to present relevant and timely small business issues. These outreach 

efforts are important for the small business community, which include small business 

stakeholders, policy makers, and researchers. These discussions also inform Advocacy’s staff of 

the cutting-edge issues that are affecting small businesses. 

To better understand the current economic landscape for small businesses, members of 

Advocacy’s economic team also participated in numerous conferences and roundtables 

throughout the country, speaking on current issues affecting the small business community while 

presenting Advocacy’s reports. Advocacy also used these outreach efforts to inform diverse 

communities about specific small business research. These outreach efforts and discussions also 

identified areas of future research. On a more micro level, Advocacy published a transitional 

background paper on the Office of Advocacy in October 2016 — a document that will be 

beneficial for the next Chief Counsel for Advocacy and other new policymakers unfamiliar with 

Advocacy’s mission and accomplishments. 

Advocacy has advocated tirelessly for 40 years on behalf of small businesses, appreciates your 

interest in small business research and data, and values your response on future topics. Regular 

updates on Advocacy’s research are released on Advocacy’s research listserv. For more 

information about the Office of Advocacy, visit sba.gov/advocacy. 

Darryl L. DePriest Christine Kymn, Ph.D.
 

Chief Counsel for Advocacy Chief Economist & Director of Economic Research
 

Annual Report of the Office of Economic Research, FY 2016 3 
 

 

 

 

 

 

 

Introduction
 

Congress created the Office of Advocacy 40 years ago to monitor the health of small businesses 

and to promote policies to support their development and growth. Advocacy’s Office of 

Economic Research (OER) has continuously supported this task over the years through its 

research products used by many stakeholders interested in how small business affects the 

economy. To advance this undertaking, OER also engaged in countless outreach efforts such as 

conferences and roundtable meetings on behalf of the small business community. 

In light of this effort, the Office of Economic Research in FY 2016 (Oct.1, 2015 through Sept. 

30, 2016) not only continued to provide timely and actionable small business research, but also 

incorporated reproducible research and data visualization tools that translate important technical 

information while improving the appearance of a copious amount of small business data and 

analysis. For the first time, OER’s most widely used annual publication “Small Business State 

Profiles” (See Appendix A); was updated, redesigned and streamlined for better visualization, 

digestibility, and reproducibility. Reproducible research refers to analyses that are published 

along with their data and code so that others can easily verify the findings and build upon them.1 

Reproducible products, like the State Profiles, can easily be reproduced from scratch using free 

software. Thus, reproducibility makes Advocacy reports more transparent and accessible to other 

researchers. 

In addition, data visualization was employed in several other products. Data visualization makes 

it possible to present large amounts of data in a digestible manner intended to engage the reader. 

A few products using this tool included: “What’s New with Small Business (See Appendix B); 

“How Can Crowdfunding Help Entrepreneurs?” (See Appendix C); and “Minority STEM 

Entrepreneurship” (See Appendix D). 

This report summarizes 26 publications produced by the Office of Advocacy’s Office of 

Economic Research in FY 2016, and lists 10 presentations from the Small Business Economic 

Research Forums. The reports are listed by subject with the newest items first. The highlights 

and contributions of small business topics covered in FY 2016 include the following: 

• Access to Capital, 

• Demographic Owner Participation, 

• Entrepreneurship and Innovation, 

• International Trade, and 

• Veterans 

The emphasis within these reports was entrepreneurship. Advocacy’s research also examined 

diverse segments of small business participation within the economy. 

Advocacy continues to partner with the U.S. Census Bureau to collect and report important data 

on small business. Advocacy economists process and analyze this data to produce easy-to1 Find details on reproducibility of the Small Business State Profiles. 

Annual Report of the Office of Economic Research, FY 2016 4 
 

 

understand statistical tables and reports downloadable from Advocacy’s website. For the readers’ 

convenience, the publications listed are linked by the title of the report to the document. To learn 

more about Advocacy, visit sba.gov/advocacy. 

Annual Report of the Office of Economic Research, FY 2016 5 
 

 

 

 

 

 

 

 

Advocacy Research Reports, FY 2016 

Advocacy’s Office of Economic Research published 26 reports covering a range of small 

business topics. These included access to capital, entrepreneurship, and international trade. This 

section lists OER’s FY 2016 research publications by topic, and released date, beginning with 

the latest. 

Access to Capital 

“What is Alternative Finance?” 

Author: Miriam Segal, Advocacy Economist 

Released: Sept. 2016 

Description: Research from the Office of Advocacy has consistently documented the postGreat Recession decline in banks’ lending to small business. As a result, small businesses are 

looking elsewhere for financing. This issue brief, a part of Advocacy’s new Alternative Finance 

Research Series, outlined new and existing forms of alternative finance. 

“Small Business Finance Frequently Asked Questions” 

Author: Office of Economic Research 

Released: July 2016 

Description: This updated publication outlines the borrowing and lending universe for startups 

and exiting small businesses, provides demographic information, and touches on important 

trends in the amount and modes of finance. 

“Research on the Current State of Crowdfunding: The Effect of Crowdfunding 

Performance and Outside Capital” 

Author: Venkat Kuppuswammy and Kathy Roth 

Released: May 2016 

Description: This report used data on entrepreneurs who launched crowdfunding campaigns to 

fund their startups to determine how crowdfunding affects startups after their campaigns are 

completed. In particular, this report examined the relationship between crowdfunding and the 

ability to raise external capital to sustain a business as it develops. 

“Small Business Lending Bulletin” 

Author: Victoria Williams, Advocacy Economist 

Released: March 2016 

Description: This report showed that financial conditions remained supportive of economic 

growth during the first half of 2015, and business owners continued to take advantage of the 

relatively low interest rates. In the second quarter of 2015, total business lending grew at a solid 

pace. This was especially true for the portion of business loans known as commercial industrial 

loans. 

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Entrepreneurship and Innovation 

“The Ascent of the Senior Entrepreneur” 

Author: Daniel Wilmoth, Advocacy Economist 

Released: August 2016 

Description: This report focused on the growing senior population and their involvement in the 

entrepreneurial sector of our economy. This report is part of the Office of Advocacy series, 

Trends in Entrepreneurship. The report finds self-employment is increasing among seniors. The 

percentage of individuals age 62 and over who were self-employed increased from 4.2 percent in 

1988 to 5.4 percent in 2015. 

“Imported Entrepreneurs: Foreign-Born Scientists and Engineers in U.S. STEM Fields 

Entrepreneurship” 

Author: Margaret Blume-Kohout; MBK Analytics 

Released: February 2016 Research Summary No. 432 

Description: This report investigated the differences in STEM entrepreneurship between U.S.­

born and foreign-born college graduates. The study finds that differences in educational 

attainment along with differences in the distribution of U.S.–foreign-born demographic 

characteristics explain most of the percentage gap. Among immigrants who earned their highest 

degree in the United States, the rate of STEM entrepreneurship is almost 4 percentage points 

higher than for otherwise-similar native-born citizens. 

“The Missing Millennial Entrepreneurs” 

Author: Daniel Wilmoth, Advocacy Economist 

Released: February 2016 

Description: This Advocacy’s report painted a different picture of the entrepreneurial 

landscape for the millennial generation. With fewer than 2 percent of Millennials reporting selfemployment in 2014, compared with 7.6 percent for Generation X (born 1963 to 1981) and 8.3 

percent for Baby Boomers (born 1944 to 1962), it seems entrepreneurship is trending down. 

General 

“Small Business Frequently Asked Questions” 

Author: Office of Economic Research 

Released: July 2016 

Description: This widely used publication is the place to go to for the basics – how many small 

businesses are in the United States, how many employees they have, and what their growth 

trends are. A related tool, “Frequently Asked Questions about Small Business Finance,” was also 

released. 

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“Small Business State Profiles, 2016” (See Appendix A) 

Author: Office of Economic Research 

Released: March 2016 

Description: The Office of Advocacy released the annual Small Business Profiles in a fresh, 

redesigned format. The user-friendly, data-rich profiles combine catchy visuals and more indepth data than previous editions. They capture vital data on U.S. and state-level economic 

growth, industry, and jobs using completely reproducible data from the leading government 

statistical agencies. The profiles illustrate the state and national economies in terms of small 

business employment, diversity, and trade. They show the most important small business 

industries, both in the number of firms and number of employees. They also show establishment 

turnover trends and county-level job change. 

“Annual Report of the Office of Economic Research, FY 2015” 

Author: Office of Economic Research 

Released: December 2016 

Description: This report detailed 26 OER publications and eight Small Business Economic 

Research Forums that were produced during fiscal year 2015. That year, OER produced research 

on the following topics: Access to Capital, Employment, Innovation, Minority- and Womenowned Businesses and Veterans. 

Infographics 

“What’s New with Small Business?” (See Appendix B) 

Author: Office of Economic Research 

Released: September 2016 

Description: This one page infographic fact sheet presents information on firms with paid 

employees, and non-employer firms. Data on firm startups, closures, and minority business 

ownership are also covered. 

“How can crowdfunding help entrepreneurs?” (See Appendix C) 

Author: Jonathan Porat, Advocacy Economist 

Released: June 2016 

Description: This infographic provides information about startup funding, and shows that seed 

stage venture capital deals are at historical lows and venture capital investment has plateaued. 

“Survey of Business Owners Facts: American Indian- and Alaska Native-Owned 

Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: Key statistics on American Indian- and Alaska Native-Owned Businesses are 

presented in this one pager. 

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“Survey of Business Owners Facts: Asian-Owned Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This fact sheet presents key statistics on firms, employment, and top industries for 

Asian-owned businesses. 

“Survey of Business Owners Facts: Black- or African American-Owned Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This fact sheet presented key statistics on employment and firm size for 

businesses owned by Black or African American business owners. 

“Survey of Business Owners Facts: Hispanic-Owned Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This fact sheet presented key statistics on employment and firm size for 

businesses owned by Hispanic business owners. 

“Survey of Business Owners Facts: Minority-Owned Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This fact sheet presented key statistics on employment and firms in high-patenting 

industries owned by minorities. 

“Survey of Business Owners Facts: Native Hawaiian- and Pacific Islander-Owned 

Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This fact sheet provided information on Native Hawaiian- and Pacific IslanderOwned Businesses in the U.S. for firms, employment, and industry. 

“Survey of Business Owners Facts: Veteran-Owned Businesses” 

Author: Office of Economic Research
 

Released: May 2016
 

Description: This fact sheet provided information on veteran-owned businesses in the U.S. 

regarding firms, share of employment, and industry.
 

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“Survey of Business Owners Facts: Women-Owned Businesses” 

Author: Office of Economic Research 

Released: May 2016 

Description: This one-pager provided top-line statistics on women-owned businesses in the 

U.S. regarding firms, employment, and high-patenting industries. 

“Minority STEM Entrepreneurs” (See Appendix D) 

Author: Office of Economic Research, based on data from Margaret Blume-Kohout, MBK 

Analytics 

Released: April 2016 

Description: This infographic captured key statistics on STEM education, business ownership, 

and entrepreneurship, by U.S. born, naturalized citizens, and minority individuals. 

“Establishment Startups and Exits” 

Author: Miriam Segal, Advocacy Economist 

Released: November 2016 

Description: This Fact Sheet showed the trend in business startups and exit rates over a tenyear period. Private sector establishment startups once again are outpacing exits. 

“Survival Rates and Firm Age” 

Author: Miriam Segal, Advocacy Economist 

Released: November 2016 

Description: This Fact Sheet captured the survival rates of firms by age and size. The average 

survival rate of a firm existing ten years is roughly 34 percent. 

International Trade 

“Small Business Key Players in International Trade” 

Author: Patrick Delehanty, Advocacy Economist 

Released: December 2015 Issue Brief No. 11 

Description: This issue brief spotlighted the role U.S. small businesses play in international 

trade, and finds that small businesses are important to consider when assessing U.S. export 

potential and policy tools such as free trade agreements. 

Minority and Veteran Business Ownership 

“Minority Business Ownership: Data from the 2012 Survey of Business Owners” 

Author: Michael McManus, Advocacy Economist 

Released: September 2016 Issue Brief No. 12 

Description: This issue brief analyzed the data collected from minority business owners 

through the Census 2012 Survey of Business Owners. After taking a closer look at the five years 

Annual Report of the Office of Economic Research, FY 2016 10 
 

 

 

 

enveloping the Great Recession, the data show that minority-owned businesses helped support 

the U.S. economy despite traditional setbacks. 

“Income and Net Worth of Veteran Business Owners over the Business Cycle, 2007–2013” 

Author: George Haynes, Haynes Consulting 

Released: November 2015 Research Summary No. 430 

Description: This study examined the changing financial health of veterans during the recent 

recession and recovery. Veterans play a pivotal role in American society, so understanding their 

finances is a national priority and a key to expanding opportunities for their businesses. 

Annual Report of the Office of Economic Research, FY 2016 11 
 

The Office of Economic Research Team Participates in Roundtable Discussions 

A team of Advocacy economists and attorneys, along with Chief Counsel Darryl L. DePriest, 

conducted roundtable discussions and toured several small businesses in Denver and Boulder, 

Colo., to better understand the state economy and to meet small business owners. Here the 

delegation posed at Maria Empanada’s in Denver in September of 2016, with business owner 

and Argentina native Lorena Cantarovici (far left) and Region 8 advocate John Hart. 

Annual Report of the Office of Economic Research, FY 2016 12 
 

 

 

 

 

 

 

 

 

 

Small Business Economic Research Forums 

In 2015, the Office of Economic Research launched the Small Business Economic Research 

Forums. For these forums, OER invites an expert to discuss a key economic topic and to give a 

presentation to Advocacy’s staff. The forums are valuable to keep Advocacy’s staff up-to-date 

on the latest data and research from other agencies and researchers. This fiscal year, OER hosted 

the following 10 forums. 

“When Are There Not Bubbles?” 

Speaker: Dr. Brent Goldfarb, Associate Professor of Management and Entrepreneurship, 

Robert H. Smith School of Business, University of Maryland 

Date: Nov. 10, 2015 

Description:	 Most studies of financial manias and crises fail to compare times of turmoil to 

times of stability, and hence, by design, cannot ascertain root causes of bubbles. 

To avoid this methodological trap, Dr. Goldfarb and his colleagues offer an 

historically informed approach that studies over 90 major technological 

innovations across 130 years and reports on the presence or absence of 

speculation. Their research implicates three factors in the production of manias 

and crises: (1) the presence of novice investors; (2) the degree and nature of 

uncertainty surrounding a particular innovation and (3) coordinating events that 

align investor beliefs. Their comparative approach reinterprets and integrates past 

historical narrative of technological change and speculative behavior. 

“Why SME Financing Matters and How It Can Be Accelerated: A Global Perspective” 

Speaker: Jeffrey Anderson, Senior Advisor, SME Finance Forum 

Date: Dec. 9, 2015 

Description: Jeffrey Anderson of the SME Finance Forum discussed the importance of 

addressing the intensified challenges SMEs have faced securing finance around 

the world since the global financial crisis, given the unique role played by SMEs 

in providing the bulk of job creation across countries and across business cycles. 

He also spoke about the role played by changes in financial regulation, past and 

prospective, and by non-regulatory impediment, including market failures 

concerning credit information and the availability of collateral. He then discussed 

policy measures that can ease impediments. These include officially backed 

partial credit guarantee schemes, which can provide capital relief to banks, ease 

information asymmetries, and lessen the effects of limited collateral when 

properly directed and adequately resourced. 

Annual Report of the Office of Economic Research, FY 2016 13 
 

 

 

 

 

 

 

 

 

 

 

“Evolutionary Economics and Small Business Policy” 

Speaker: Dr. Robert Atkinson, Founder and President, Information Technology and 

Innovation Foundation 

Date: Feb. 10, 2016 

Description:	 In the conventional view, the U.S. economy is a static entity, changing principally 

only in size (growing in normal times and contracting during recessions). In this 

framework, small business health is largely determined by macro-economic 

factors, such as interest rates, influencing consumer demand. However, in reality, 

the economy is a constantly evolving complex ecosystem. The U.S. economy of 

2014 is different, not just larger, than the economy of 2013. Understanding that 

we are dealing with an evolutionary rather than static economy has significant 

implications for the conceptualization of economics, economic policy and small 

business policy. With this in mind, Dr. Atkinson discussed the concept of 

evolutionary economics, how it differs from conventional neoclassical economics 

and neo-Keynesian economics, and the implications for small business policy. He 

provided an overview of the evolutionary economics framework, the history of 

evolutionary economics thinking and discussed the three main drivers of U.S. 

economic evolution (geographic shifts in production, technological change, and 

demographic/cultural/governmental change). Finally, he addressed the 

implications for small business research and policy. 

“Gender Gap in Patenting and Participation on Corporate Scientific Advisory Boards 

among Life Scientists, and the Importance of Relationships with Industry Researchers” 

Speaker:	 Dr. Waverly Ding, Associate Professor of Management & Organization, Robert 

H. Smith School of Business, University of Maryland 

Date: March 9, 2016 

Description: Dr. Ding’s research focuses on high-tech entrepreneurship and strategy, 

knowledge transfer between universities and industrial firms, and the U.S. biotech 

industry. She has also conducted research relating to the labor force in science and 

technology. Her recent publications include “The Impact of Founders’ 

Professional Education Background on the Adoption of Open Science by ForProfit Biotechnology Firms” in Management Science, “Divergent Paths to 

Commercial Science: A Comparison of Scientists’ Founding and Advising 

Activities” in Research Policy, and “The Impact of Academic Patenting on the 

Rate, Quality and Direction of (Public) Research Output” in “Journal of Industrial 

Economics.” Dr. Ding discussed general themes from her research and introduced 

a new paper on the career trajectories of women who receive PhDs in STEM 

fields (science, technology, engineering, and math), specifically regarding 

whether these women enter academia or industry. Advocacy research shows that 

postdoctoral employment in industry contributes significantly to women’s 

entrepreneurship in STEM fields. 

Annual Report of the Office of Economic Research, FY 2016 14 
 

 

 

 

 

 

 

 

 

 

 

“Overview of the U.S. Census Bureau’s Survey of Business Owners” 

Speaker: Gail D. White, Survey Statistician, Economy Wide Statistics Division, U.S. 

Census Bureau 

Date: April 13, 2016 

Description:	 Gail White is a subject matter expert on the Survey of Business Owners and Self 

Employed Persons (SBO). She has worked at the U.S. Census Bureau as a Survey 

Statistician on the SBO for over eight years. On April 13, 2016, Gail discussed 

the Census Bureau’s Survey of Business Owners, the only data source from the 

federal government that provides both demographic data on business owners as 

well as data on business characteristics such as employment and payroll. Her 

presentation included an in-depth discussion of historical changes in the survey. 

This forum was an excellent opportunity for researchers at all levels of familiarity 

with the Survey of Business Owners to learn more about the data. 

“Reproducibility” 

Speaker: Dr. Richard Schwinn, Research Economist, SBA Office of Advocacy 

Date: May 11, 2016 

Description: Research is considered reproducible if it is published with complete source data 

and code so that others can easily verify findings and build upon them. The SBA 

Office of Advocacy's Small Business Profiles is an annual report on the state of 

America's small businesses. Its reproducible 2016 redesign illustrates why now is 

the time for researchers to begin using the new tools of reproducibility. The 

languages of R, Knitr, LATEX, and Markdown make it easy for researchers to 

call government APIs, to repeat analyses, and to embrace aesthetic principles. The 

suggested workflow offers a template for future researchers who want to meet the 

highest standards in transparency and aesthetics while efficiently managing 

resources. 

“Fintech and the Future of Banking” 

Speaker: William Phelan, President and Co-Founder of PayNet, Inc. 

Date: May 24, 2016 

Description: At this Small Business Economic Research Forum, Bill Phelan, President of 

Paynet, Inc., discussed trends on national business conditions, lending problems 

faced by small businesses, and online lenders. 

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“Capital Raising in the U.S.: An Analysis of the Market for Unregistered Securities 

Offerings, 2009-2014” 

Speaker: Dr. Vladimir I. Ivanov, Senior Financial Economist, U.S. Securities and 

Exchange Commission 

Date: June 8, 2016 

Description:	 Capital formation through private placement of securities has increased 

substantially since the onset of the financial crisis. Amounts raised through 

unregistered securities offerings have outpaced the level of capital formation 

through registered securities offerings during recent years, and totaled more than 

$2 trillion during 2014. In their analysis, Dr. Ivanov and his colleagues provide 

insights into a large segment of the unregistered securities market: offerings 

conducted in reliance on Regulation D of the Securities Act. Using information 

collected from Form D filings, this study provides a detailed examination of 

offering characteristics, including the types of issuers, investors, and financial 

intermediaries that participate in the offerings. As part of the examination, the 

researchers analyzed the new Rule 506(c) exemption, which became effective in 

September 2013 and allows general solicitation and general advertising, reversing 

almost 80 years of regulatory practice. The analysis also provides some 

perspective on the state of competition and potential regulatory burden in 

alternate capital markets by analyzing the level of activity among the various 

registered and unregistered offering alternatives. 

“Measuring Firm-Level Innovation Using Short Questionnaires” 

Speaker:	 Dr. Silvia Muzi, Program Coordinator, Enterprise Analysis Unit, Development 

Economics, World Bank 

Date:	 July 13, 2016 

Description:	 Little is known about innovation in developing countries, partly because of the 

lack of comparable and reliable data. Collecting data on firm-level innovation is 

challenging because of the subjective definition of what determines an innovation, 

a problem that is exacerbated in developing countries where innovation is likely 

to be incremental and less radical. Silvia and her colleague’s paper contributes to 

the literature by presenting the results of an experiment aiming to identify the 

survey instrument that better captures firm-level innovation in developing 

countries. The paper shows that a small set of questions included in a multi-topic, 

firm-level survey does not provide an accurate picture of firm-level innovation 

and tends to overestimate innovation rates. Issues related to framing explain some 

of the unreliability of innovation responses, while cognitive problems do not 

appear to play a significant role. 

Annual Report of the Office of Economic Research, FY 2016 16 
 

 

 

 

 

 

 

 

 

 

 

“Making Value for America: Implications for Small Business” 

Speaker: Dr. Kenan Jarboe, Senior Program Officer, Manufacturing, Design and 

Innovation, National Academy of Engineering 

Date: Sept. 21, 2016 

Description:	 The National Academy of Engineering (NAE) issued a report on “Making Value 

for America: Embracing the Future of Manufacturing, Technology and Work,” 

which looks at how globalization, developments in technology, and new business 

models are transforming the way products and services are conceived, designed, 

made, and distributed. The report highlights the transformation in manufacturing 

from making things to making value. Manufacturing can no longer be considered 

separate from the value creation system of research and development, product 

design, software development and integration, and lifecycle support. These forces 

present challenges—lower wages and fewer jobs for a growing fraction of 

middle-class workers—as well as opportunities for "makers" and aspiring 

entrepreneurs to create entirely new types of businesses and jobs. “Making Value 

for America” examines these challenges and opportunities, and offers 

recommendations for collaborative actions between government, industry, and 

education institutions to help ensure that the U.S. thrives amid global economic 

changes and remains a leading environment for innovation. This presentation 

examined the implications of these findings and recommendations specifically for 

small businesses and small business research. 

Annual Report of the Office of Economic Research, FY 2016 17 
 

 

 

 

Data Access 

The SBA is not a data collection agency, however, the Office of Advocacy in FY 2016 continued 

to organize downloadable data related to small businesses and provide links to data on its 

website. Businesses with and without employees — employer and non-employer firms are 

covered in the data. A large percentage of firms are non-employer firms; but the larger share of 

receipts and payroll are in employer firms. The majority of employer firms are small firms, but 

for comparison purposes, data are also provided on large firms. The Office of Advocacy defines 

a small business for research and purposes as an independent business having fewer than 500 

employees. 

In addition, banking data by for small businesses is also provided. While the size of a firm is 

used to define a small business, the banking data uses the loan size. Business loans of $1 million 

or less is used to define a small business loan in the banking data. 

All of these data are provided in a user-friendly format that allows researchers, policymakers, 

small business trade associations, small businesses, and members of the media interested in small 

businesses to obtain the data to investigate the role and status of small firms in the economy. 

Small Business Data Resources 

Advocacy offers a list of hyperlinked Small Business Data Resources that is useful for small 

business researchers and policy makers. This valuable research tool lists small business 

databases by both federal agencies and the private sector with links to their websites. This 

information contains key topics, which include demographics, employment, exports, finance, 

firm size data, health care, taxes, pension coverage, and training. 

The list captures many of the most widely used data resources, but Advocacy notes that inclusion 

of any specific database on the list does not constitute an endorsement by the Office of Advocacy 

or the Small Business Administration. 

Downloadable Firm Size Data 

As noted above, Advocacy defines a small business as an independent business having fewer 

than 500 employees, and posts firm size data from a number of sources on its website. Firm size 

data for employer firms are from the Statistics of U.S. Businesses (SUSB), Business Dynamics 

Statistics (BDS), and Business Employment Dynamics (BED) programs. Non-employer data are 

available from the Non-Employer Statistics (NE) program. These data are provided annually 

from the U.S. Census Bureau, except for the Business Employment Dynamics, which is quarterly 

and from the U.S. Department of Labor, Bureau of Labor Statistics. BDS and BED have an age 

component. All of the data programs are essentially based on the universe of private-sector 

businesses. 

Annual Report of the Office of Economic Research, FY 2016 18 
 

 

 

 

 

 

 

Detailed data on owner and business characteristics are available from the U.S. Census Bureau’s 

Survey of Business Owners (SBO) in years ending in 2 or 7. The SBO, which is part of the 

Economic Census, provides data and a microdata set for activity in 2007. To supplement the 

SBO data in the other years, the Annual Survey of Entrepreneurs (ASE) conducted by the Census 

Bureau provides annual information on selected economic and demographic characteristics for 

businesses and business owners by gender, ethnicity, race, and veteran status. Estimates from the 

ASE are produced for employer businesses on the number of firms, sales and receipts, annual 

payroll, and employment by gender, ethnicity, race, and veteran status. The first estimates were 

available in 2016. 

Statistics of U.S. Businesses 

Annually, the Office of Advocacy partially funds the Statistics of U.S. Businesses (SUSB) 

program— an employer firm size database produced by the U.S. Census Bureau. A firm is 

defined as an aggregation of all establishments owned by a parent company (within a geographic 

location and/or industry) with some annual payroll. 

The SUSB’s employer data include the number of firms, number of establishments, employment, 

and annual payroll for employment firm size categories by location and industry. In addition to 

firm size data, receipt size categories are available, but only in Economic Census (i.e. years 

ending in 2 or 7). 

The data also consist of static and dynamic data. Static data provide a “snapshot” of firms at a 

point in time, while dynamic data follow firms from year to year and report job creation and 

destruction as well as business births and deaths. Much of the data is listed in time series format 

with some data available as far back as 1988, but the latest data available lags a few years. 

Detail industry information is available at the NAICS 6-digit level, meaning that data is available 

for over 1,000 industries. Geographic data for some of the data items is also available at the 

county and metropolitan statistical area level, but data this detailed tends to be aggregated to a 

relatively high industry level. 

Annual Report of the Office of Economic Research, FY 2016 19 
 

 

 

 

 

 

Business Dynamics Statistics 

Business Dynamics Statistics (BDS) provides another source of employer firm data, but by the 

age of the firm.2 BDS contains annual data for states, major industry, and some metropolitan 

statistical area data. Census provides a plethora of historical data for BDS with data going back 

to 1977, but the most current data lags a few years. BDS provides the number of firms, 

establishments, and employment, along with some dynamics, so firm and job creation can be 

analyzed. 

Business Employment Dynamics 

The Business Employment Dynamics (BED) employer database is a Bureau of Labor Statistic 

program that provides quarterly data with a focus on employment changes from establishment 

entry, growth, decline, and exit. BLS presents the data in two ways to capture the seasonal firms 

by listing establishment openings—establishments that did not exist in the previous quarter—and 

establishment births—establishments that did not exist in the previous year. Classifications are 

similar for closings and deaths. Some employment data are by firm size such as job creation and 

destruction, but much of BED is establishment-based and does not contain an establishment or 

firm size component. These quarterly data dates from 1992.3 

Non-Employer Statistics 

The Census Bureau provides non-employer data, which contains information on the number of 

firms and receipts by state, metropolitan statistical area, and county with industry detail. A nonemployer firm is defined as one that has no paid employees, has annual business receipts of 

$1,000 or more ($1 or more in the construction industries), and is subject to federal income 

taxes. Non-employers account for about three percent of business receipts, and about three 

quarters of all businesses. The data also contains capital expenditure data for both employers and 

non-employers. Note that non-employer businesses can have more than one owner and are a 

business. Thus, referring to the non-employer data as self-employed data (which is the 

occupation of someone) is not entirely accurate. 

2

See the background paper, “Business Formation and Dynamics by Business Age: Results from the New Business
 

Dynamics Statistics,” by John Haltiwanger, Ron Jarmin, and Javier Miranda for information on the data program,
 

http://www.ces.census.gov/docs/bds/bds_paper_CAED_may2008_dec2.pdf. 3

See the background paper “Measuring Job and Establishment Flows with BLS Longitudinal Microdata by Timothy 

Pivetz, Michael Searson, and James Spletzer” for information about the data program, 

www.bls.gov/opub/mlr/2001/04/art2full.pdf.
 

Annual Report of the Office of Economic Research, FY 2016 20 
 

In the recent years, the U.S. Census Bureau has begun using noise infusion for disclosure 

avoidance for non-employer and SUSB data. This allows the agency to provide more data 

instead of merely providing a disclosed code for a data cell. 

Call Report and Community Reinvestment Act Data 

The Federal Deposit Insurance Corporation provides comprehensive banking information for all 

FDIC insured institutions on a quarterly basis. Both the Call Report and CRA data define a small 

business as those with loans of $1 million or less, which differs from the more common 

definition based on firm size. The data contains the lending institution’s name, geographic 

location, loan size, number, and assets. 

Annual Report of the Office of Economic Research, FY 2016 21 
 

 

 

 

Conclusion 

The Office of Economic Research within Advocacy has addressed several small research topics 

pertaining to small business in the last four decades. In 2016, OER continued to address small 

business concerns through its regulatory process and research activities. The OER team 

continued outreach efforts beyond the beltway by engaging in dialogues and seminars pertaining 

to small businesses across the country. OER strives to reach its stakeholders using different 

methods as previously mentioned. The office continued to provide timely small business 

research and incorporated reproducible research and data visualization tools that simplify 

important technical information while providing transparency. On the data front, OER continues 

to collaborate with other agencies and parties in a quest for reliable and timely small business 

data—the bedrock of sound research that shapes policy decisions. 

Meet the Office of Economic Research Team 

The Office of Economic Research staff assembled after attending and presenting at Advocacy’s 

40th anniversary symposium in Washington, D.C. in June of 2016. 

Annual Report of the Office of Economic Research, FY 2016 22 
 

 

Appendices A-D 

Appendix A: “Small Business Profile of the United States”
 

Appendix B: “What’s New With Small Business”
 

Appendix C: “How Can Crowdfunding Help Entrepreneurs?”
 

Appendix D: “Minority Stem Entrepreneurs”
 

Annual Report of the Office of Economic Research, FY 2016 23 
U.S. SMALL BUSINESS ADMINISTRATION 

SMALL BUSINESS PROFILE OFFICE OF ADVOCACY 

UNITED STATES 

28.8 million Small Businesses 

-

56.8 million Small Business Employees 

99.7% of US Businesses 48.0% of US Employees 

EMPLOYMENT DIVERSITY TRADE 

1.1 million 38.1% 97.7% • net new jobs1 @) increase in minority of US exporters3 ownership;, 

OVERALL US ECONOMY 

• Multiple econom ic indicators, includ in g real gross domestic product (GD P), consistently signaled a strengthening US 

economy in 2015 . In the third quarter of 2015, the United States grew at an annual rate of 1 .9%. By comparison , the 

United States's 2014 growth of 4.1% was up from the 2013 level of 3 .2%. (Source: BEA) 

• The employment situati on in the United States improved. At the close of 2015, unemployment was 5 .0%, down from 5.6% 

at the close of 2014 (Source: CPS) 

EMPLOYMENT 

• US small businesses employed 56.8 million people, or 

48.0% of the private workforce, in 2013. (Source: SUSB) 

• Firm s with fewer than 100 employee s have the largest share 

of smal l business emp loyment. See Figure 1 for further detail s on firms with emp loyees. (Source: SUSB) 

- Private-sector emp loyment increased 2.2% in 2015. This 

125 M 

100 M 

was below the previous year's increase of 2.5%. (Source: 75 M 

CES) 

• The number of proprietors increased in 2014 by 1.3% rela- 50 M 

tive to the previous year. (Source . BEA) 

• Small businesses created 1 .1 million net jobs in 2013. 25 M 

Among the seve n BOS size-classes, firm s employi ng 250 

to 499 employees experienced the largest gains, adding 

257,245 net jobs. The smallest gains were in firms employ- O 

ing 5 to 9 employees which added 84 ,020 net jobs. (Source: 

BOS) 

Figure 1 : US Employment by Firm Size 

2013 

>500 Employees 52.0% 

2000 2 010 

The Small Business Profiles are pmduced by the US Small Business Administration's Office of Advocacy Each repott incorporates the most upto-date government data to present a unique snapshot of small businesses. Small businesses are defined as firm s employing fewer than 500 

employees. Hyper/inks to data sources and report generation information are provided in Table 3. 

' ·3 Net small business jobs change and exporter share are based on newly released 2013 BOS and 2012 /TA data. 

2 Diversity statistic tracks changes betwee112007 and 2012 based 011 the Survey of Business Owners (SBO) 2015 release. 

United States Small Business Profile. 2016 SBA Office of Advocacy 

Appendix A (See for individual states and territories) 

Annual Report of the Office of Economic Research, FY 2016
 24 
INCOME AND FINANCE 

• The number of banks reported in the Call Reports between Ju ne 2014 and June 2015 declined. (Source : FDIC) 

In 2014, 5.2 mi ll ion loans under $100,000 (and valued at $73.6 bi llion) were issued by US lending institutions reporting 

under the Community Reinvestment Act. (Source: FFIEC) 

• The median income4 for individuals who were self-employed at their own incorporated businesses was $49,204 in 2014. 

For individuals self-employed at their own unincorporated firms, this figure was $22,209. (Source : ACS) 

[ 

4 Median income represents earnings from all sources. Unincorporated self-employment income includes unpaid family workers, a very small 

percent of the unincorporated self-employed. 

BUSINESS OWNER DEMOGRAPHICS 

Figure 2: US Changes in Business Ownership 

by Demographi c Group 

African American-owned • 34.5% 

Asian-owned • 23.8% 

Hawaiian/Pacific Islander-owned 

- 45.3% 

Hispanic-owned e 46.3% 

Native American/Alaskan-owned • 15.3% 

Minority-owned • 38.1% 

Non minority-owned -5.5% 

Figure 3: US Self-Employment within 

Demographic Group 

Female . Male . Minority .Veteran 

• Figure 2 displays the change in overall firm ownership for each demographic group from 2007 to 2012 based on the 

Survey of Business Owners (SBO) for the United States, released in December 2015. 

• Figure 3 displays the percen t of each demographic group identified as self-employed according to the 2014 American 

Community Survey (ACS) 5-year estimates. 

BUSINESS TURNOVER 

• In the second quarter of 2014, 220,000 establishments Figure 4: US Private Startup and Exit Rates 

started up5 in the United States and 205,000 exited. 6 

Startups generated 805,000 new jobs while exits caused exit rate - startup rate 

717,000 job losses. (Source: BDM) 3_3% 

• Figure 4 displays startup and exit rates from 2005 to 201 5. 

Each series is smoothed across multiple quarters to high- 3.1 % 

light long-run trends. (Source: BDM) 

5 STARTUPS a,·e counted when business estabhshments hire at least 

one employee for the first time. The BLS terms these births, as distinct 

from the BLS open lngs category which includes seasonal re-openings. 

6 EXITS occur when establishments go from having at least one employee to having none, and then remain closed for at least a year. The 

BLS terms these events deaths, as distinct from tile closings category 

w/Jic/1 includes seasonal s/Jutterings. 

2.9% 

2.7% 

2006 2009 2012 2015 

United States Small Business Profile, 2016 2 SBA Office of Advocacy 

Annual Report of the Office of Economic Research, FY 2016 25 
INTERNATIONAL TRADE 

• A total of 304,223 companies exported goods from the United States in 2013. Among these, 297,343, or 97.7%, were 

smal l firms; they generated 33.6% of the United States's total known export val ue. (Source : ITA) 

SMALL BUSINESSES BY INDUSTRY 

Table 1: US Small Firms by Industry, 2013 

(sorted by small employer firms) 

... , ~11 g ••• ... ,11 

~] HI 

... ... :~ "' ~ 

1 -499 1 -19 Nonemployer Total Small 

Industry Employees Employees Firms Firms 

Professional, Scientific, and Technical Services 778,090 731 ,341 3,235,906 4,013,996 

Other Services (except Public Admini stration) 670,468 626,850 3,583,742 4,254,210 

Retail Trade 649,764 595,280 1,906,597 2,556,361 

Construction 645,479 598,039 2,368,442 3,013,921 

Health Care and Social Assistance 642,586 561,706 1,959 723 2,602,309 

Accommodation and Food Services 502,076 397,330 346,280 848,356 

Administrative, Support, and Waste Management 325,474 289,799 2,032,516 2,357,990 

Wholesale Trade 309,568 267,370 406,469 716,037 

Real Estate and Rental and Leasing 275,298 262,850 2,448,282 2,723,580 

Manufacturing 248,155 188,964 343,025 591,180 

Finance and Insurance 233,184 216,130 706,394 939,578 

Transportation and Warehousing 167,496 149,262 1,102,255 1,269,751 

Arts, Entertainment, and Recreation 116,159 100,867 1 256,694 1,372,853 

Educational Services 85,151 67,144 616,952 702,103 

Information 70,792 61,051 326,526 397,318 

Mining, Quarrying, and Oil and Gas Extraction 21,594 18,222 106,610 128,204 

Agriculture, Forestry, Fishing and Hunting 21,323 19,997 239,863 261,186 

Utilities 5,715 4,511 19,344 25,059 

Total 5,768,372 5,156,713 23,005,620 28,773,992 

[ 

Totals for Tables 1 and 2 differ from SUSB's nationwide tallies due to firms with establishments in more than one industry and the omission of 

industry classifications not reported by NES. (Source: NES and SUSB) 

s Indicates samples deemed too small to represent the population according to SUSB. 

United States Smal l Business Profile, 2016 3 SBA Office of Advocacy 

Annual Report of the Office of Economic Research, FY 2016 26 
SMALL BUSINESS EMPLOYMENT BY INDUSTRY 

Table 2: US Employment by Industry and Firm Size, 2013 

(sorted by small firm employment) 

Industry 

Health Care and Social Assistance 

Accommodation and Food Services 

Retail Trade 

Manufacturing 

Professional , Scientific, and Technical Services 

Other Services (except Public Administration) 

Construction 

Administrative, Support, and Waste Management 

Wholesale Trade 

Finance and Insurance 

Transportation and Warehousing 

Educational Services 

Real Estate and Rental and Leasing 

Arts, Entertainment, and Recreation 

Information 

Mining, Quarrying, and Oil and Gas Extraction 

Agriculture, Forestry, Fishing and Hunting 

Utilities 

Total 

Figure 5: US County-Level Job Changes, 2015 

(CEW) 

Job Change 

- 6::,% !00% . 3.3% !O 6.1% 

. 0% !O 3.3% . 6.1 % !O 420% 

United States Small Business Profile, 2016 4 

tit % 

Small Business Total Private Small Business 

Employment Employment Employment Share 

8,515,106 18,598,711 45.8% 

7,454,788 12,395,387 60.1 % 

5,370,419 15,023,362 35.7% 

5,059,759 11,276,438 44.9% 

4,869,277 8,275,350 58.8% 

4,536,340 5,282,688 85.9% 

4,526,389 5,470,181 82.7% 

3,523,802 10,1 85,297 34 .6% 

3,463,622 5,908,763 58.6% 

1,918,122 6,063,761 31 .6% 

1,585,539 4,287,236 37 .0% 

1,532,214 3,513,469 43.6% 

1,361 ,352 1,972,105 69.0% 

1,315,721 2,112,000 62.3% 

871,065 3,266,084 26.7% 

288,789 732,186 39.4% 

132,812 154,496 86.0% 

11 0,352 638,575 17.3% 

56,435,468 115,156,089 49.0% 

Table 3: Abbreviations and Resources 

ACS 

BEA 

BDM 

BDS 

BLS 

CES 

CEW 

CPS 

FDIC 

FF IEC 

ITA 

NES 

SBO 

suss 

American Community Survey. US Census Bureau 

Bureau of Economic Analysis 

Business Employment Dynamics, BLS 

Business Dynamics Statistics, US Census Bureau 

Bureau of Labor Statistics, US Department of Labor 

Current Employment Statistics. BLS 

Census of Employment and Wages. BLS 

Current Population Survey, BLS 

Federal Deposit Insurance Corporation 

Federal Financial lnsrnutions Examination Council 

International Trade Administration 

Nonemployer Statistics. US Census Bureau 

Survey of Business Owners, US Census Bureau 

Statistics of US Businesses, US Census Bureau 

All profiles, source data, methodology notes, and county-level 

employment statistics are available at http.Jlgo.usa.govl cfKMd 

SB 

SBA Office of Advocacy 

Annual Report of the Office of Economic Research, FY 2016 27 
WHAT'S NEW U.S. SMALL BOSINUS A.DMINISTJ.ATlON 

OFFICE OF ADVOCACY 

WITH SMALL BUSINESS? 

WHAT IS A SMALL BUSINESS? 

SMALL BUSINESSES COMPRISE: 

All 

FIRMS 

9 .9% 

ALL FIRMS 

with paid 

employees 

99.7% 

EXPORTING 

FIRMS 

97.7% 

KNOWN EXPORT 

VALUE 

33.6% 

63% 

NET NEW JOBS 

PRIVATE 

SECTOR 

EMPLOYEES 

4 .0% 

Small 

businesses 

accounted 

for 63% 

of net 

new jobs. 

BF.w.11<11, - 013] 

PRIVATE 

SECTOR 

PAYROLL 

4 .2% 

SUS8, NES ITA [20131 

28.8M SMALL BUSINESSES IN THE U.S. 401 K CLOSURES 406K STARTUPS* 

20M 

15M 

lOM 

5M 

Sf30 

12012] Non minority 

US CEN SUS BURE.AU 

Minority 

NES Nonemployer Statistics 

American 

Indian and 

Alaska Native 

BD5 Business Dynamics Statistics 

SBO Survey of Business Owners 

SUSB St.itistics of US Businesses 

Asian 

NUMBER OF FIRMS 

Veteran Black or 

African 

American 

Hispanic 

BED Business Employment Dynamics, 

Bure.iu of Labor Statistics 

lTA Internationa l Trade Administration, 

US Department of Commerce 

A startup 

1sa firm 

less than 

one year 

old. 

Equally 

Male/ 

Woman 

Owned 

Woma n 

Owned 

Male 

Owned 

For even more ~ 4'11 

information visit ;:::.?.:"!:t"n 

http ://go.usa.gov/x0c2 C 

Appendix B 

Annual Report of the Office of Economic Research, FY 2016
 28 
 

Appendix C 

Annual Report of the Office of Economic Research, FY 2016
 29
 
MINORITY STEM ENTREPRENEURS 

STEM fields - science1 technology, engineering1 and mathematics - are the source of tangible innovations in products 

and processes that help to spur economic growth. 

0-

Among college-educated, native-born U.S. citizens, opportunities to increase 

Black STEM entrepreneurship exist (per(Mt,iges '"4JresMt STEM MU1Jl)renet.1rsh,i rates 

w1th1n e.,t.h demographic groop} 

\I/HIT! 

•• • •••••••••• ••• ••• ••• ••• 

4.0% 3.5% 2.5% 2.5% 

Note Oth1 MWl<lrt!JH ~c!Jats lta toiow,ng grou~s ~ ch!!l11et111nd by tha US 

{;e,,.._,,Bure<tJ A,n,,.,,,ntnd·,r · A!.,skaN.t1ves Nal,..,H1•a1~n otherPbdht • = .S% 

lster>ders. orod 1nd1,iduo~ who 1tlf->deM1fy 3S belonging to multiple r&Ctl ortthnicrttes 

NATURALIZED 

Among college-educated Asian STEM 

entrepreneurs opportunities exist to 

increase U.S. born STEM ownership to 

match naturalized 

STEM ownership. 

U.S. BORN 

STEM Bus!f1"55 0WTl€1'5hlp, J\stan 

CoPege Graduates, U$ C,t,zen, 

4.3% 

College-educated Hispanic 

STEM entrepreneurs are 

not one size fits all (as 

evidenced by varied rates 

of STEM ownership) 

Note l'trctnt of cot119a 

9roduof P, penc 

Amerans may bt of 1ny 

r&ee f\;;rtoR,oH1\/S 

temtory 

-0 

I US BORN I HATll!!ALIZED 

ll 

Among native born U.S. citizens, 4.4 percent of first generation college 

graduates own STEM businesses. 

!SP.5 

Degrees among 

Minority STEM 

Business Owners 

~ 

C01o1M£RSC1DICT 

8!.ISIHESS 

BIOt.00'/ I ~~~ITY 

ElECTlllC er,mEER1NG I MIHO/l~V 

Even among minority STEM 

entrepreneurs, opportunities 

to increase leadership post 

!tons exist. Minority STEM 

business owners col lecti vel y 

represent only about 8% of 

top-level executive positions. 

1.1% 0.9% 0.8% 0.7% 0.3% 

Note Equtvalinl Slllli klr Wn«es $ 

Sl 8" N.r .. • oom us d1Xoln$ 

Top,~11,I evec\JlomnciJ<fe top·'• . t 

manage,; ee.cu~1., aammistraro~ 

oxha,CEC>s COOs CFO; p,:$l<lents O d:stoct manage~ pro,osrs Oth~ 

Miru:r111es oAppendix D 

Annual Report of the Office of Economic Research, FY 2016
 30