How can large corporations help strengthen America's small business ecosystem while supporting local economic growth?

In this NYSE Live interview, Jim Gowen, Verizon's Senior Vice President of New Revenue Generation and Chief Sustainability Officer, discusses the company's new small business supplier accelerator initiative and Verizon's commitment to investing $5 billion with U.S. small business suppliers over the next five years.

Kristen Scholer spoke with Gowen about supplier diversity, procurement opportunities, small business growth, workforce development, community investment, and the role large enterprises can play in supporting economic opportunity throughout the United States.

A major theme throughout the conversation is Verizon's commitment to expanding opportunities for American small businesses. The company recently announced plans to direct billions of dollars in procurement spending toward small business suppliers as part of a broader effort to strengthen local economies and support entrepreneurship.

The interview also explores the importance of small businesses within the U.S. economy. Gowen emphasizes that small businesses serve as the foundation of communities across the country and play a critical role in driving economic growth, innovation, and job creation.

Another key topic is Verizon's Small Business Supplier Accelerator initiative. The program is designed to make it easier for smaller companies to participate in enterprise procurement opportunities by reducing barriers that often prevent them from working with major corporations.

The conversation further examines common challenges faced by small businesses seeking to partner with large organizations. Procurement complexity, insurance requirements, payment terms, and compliance obligations can all create obstacles for emerging suppliers trying to compete for large contracts.

A significant focus of the discussion is how Verizon is working to simplify supplier onboarding and purchasing processes. By reducing friction and improving accessibility, the company aims to create more opportunities for small businesses to participate in its supply chain.

The interview also highlights Verizon's commitment to New York State, where the company has allocated $150 million over five years to support small business suppliers and procurement partnerships.

Another major theme is the role small businesses play in building and maintaining critical infrastructure. Verizon works with businesses across numerous sectors that contribute to the deployment, management, and operation of wireless and fiber networks.

The discussion also explores opportunities across network construction, logistics, facilities management, maintenance services, and other operational functions where small businesses can contribute to Verizon's broader ecosystem.

Additionally, Gowen discusses Verizon's Small Business Digital Ready program, which provides educational resources, training, and support to entrepreneurs and business owners seeking to grow their companies and strengthen their competitiveness.

The interview further examines how recurring business relationships with large enterprises can help small businesses create stability, scale operations, and expand employment opportunities within their local communities.

Another key topic is Verizon's broader commitment to economic development and community investment. The company views support for small businesses as an important component of long-term economic resilience and sustainable growth.

The conversation also touches on the significant role played by veteran-owned businesses and locally operated enterprises within Verizon's supplier network and community engagement efforts.

Looking ahead, Gowen says Verizon will continue expanding opportunities for small businesses through procurement initiatives, educational programs, and partnerships designed to foster long-term growth and economic participation.

Throughout the discussion, Gowen shares insights on small business development, supplier diversity, procurement, entrepreneurship, workforce growth, community investment, telecommunications infrastructure, economic development, corporate responsibility, and sustainable business practices.

Disclaimer: Informational content only. NYSE does not endorse or recommend investments, strategies, companies, products, or services discussed.

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