Rethink Wire Transfers
Millennials are leading the way when it comes to technology and globalization
SAN FRANCISCO December 20, 2017
According to a recent online survey conducted by Ipsos on behalf of Veem, the leading multi-rail global payments platform for businesses, the future generation of business leaders is global in nature and intent on running their businesses beyond the US borders. With 48 percent of small business owners ages 18 to 34 currently selling their products outside of the US compared to just 7 percent of business leaders age 55 and up, the future is global.
“Millennials are leading the way when it comes to technology and globalization,” said Marwan Forzley, founder and CEO at Veem. “Business leaders of all ages are open to using new technology, like blockchain, with an overwhelming majority of Millennials being open to trying new technology even when it comes global payments, one of their most critical business functions.”
Results from the survey, which was conducted among 500 small business leaders who are the owners of companies with up to 30 employees illustrate that although business leaders are generally confident about doing business and taking advantage of global opportunities, there are some major differences that emerge across demographics.
Millennials vs. Baby Boomers:
- Only 25 percent of Millennial business leaders (adults age 18-34) do business solely with US partners compared to 63 percent of baby boomers who say the same. However, the proportion of those who say they don't do business internationally but are planning on going global soon is consistent across these age groups (8 percent of adults age 18-34 and 10 percent of adults age 55+).
- 80 percent of Millennial small business owners are confident in their business’ ability to take advantage of global opportunities despite the trade policies and potential tariffs proposed by the Trump administration, compared to just 32 percent of those 55 and up.
- However, confidence drops when thinking about their company's ability to take advantage of trade opportunities with NAFTA under renegotiation with 66 percent of Millennial small business owners and 17 percent of older business leaders (ages 55+) remaining confident.
Future businesses leaders are just starting out and are bringing a global perspective to their business. They are the first generation to have internet access from childhood and social media has been a way to connect as long as they can remember. Technology has had a profound impact on how this age group does business compared to generation in the past. “The way the future generation does business is different than older business owners. They have always been and will always be global thanks to the removal of barriers by technology.” continued Forzley.
“We’re a company of five and we’ve been able to grow our business in a way that wouldn’t be possible if we were limited to just doing business in the US,” said Ronald Renshaw, President at Jupiter Lighting Group, LLC. “Many of our customers are in China, Taiwan and Hong Kong and it’s been such a positive experience for us to work internationally. We’re proud to be an American business that works across borders.”
Men vs. Women:
- Women are especially likely to lack confidence in the future of their business under the current administration. Only 35 percent think they can take advantage of global opportunities given the current administration trade policies/current events/potential tariffs compared to 64 percent of men.
- There is less of a divide when it comes to working with only US based partners, with 40 percent of men and 54 percent of women stating their company only works with domestic partners. 14 percent of women and 8 percent of men plan to work with businesses outside the US soon.
The survey comes at a time when many important issues are up in the air. Will the new tax laws be good or bad for small and medium businesses? Will the US remain a part of NAFTA? Only time will tell but it’s positive to know that the future generation of business leaders are confident in what they are doing.
To learn more, please visit http://www.veem.com
Veem is a next generation platform for business-to-business payments. Veem enables businesses to send and receive payments in local currency with a few simple steps using our unique multi-rail technology across several global networks. Founded by a world class team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management, we aim to change the financial payment system through innovation. Our mission is to change the legacy financial payment system through innovation and improve the costly and outdated payments industry by building a new user focused financial ecosystem that services businesses globally.
About the Survey
These are the findings from an Ipsos poll conducted September 28 – October 10, 2017, on behalf of Veem. For the survey, a sample of 508 adults over the age of 18 from the continental U.S., Alaska and Hawaii was interviewed online, in English. In order to qualify for the survey, respondents had to be employed full-time or self-employed for a company that employs 5 to 30 employees, and identify as being the owners of the business. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of ± 5.0 percentage points for all respondents surveyed.
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