Goldman Sachs launches AI institute to help small businesses adopt technology

Goldman Sachs announced a $500 million expansion including a Small Business AI Institute in partnership with Google, Anthropic, OpenAI, and Meta to provide AI training and tools to smaller employers.

Goldman Sachs launched the Small Business AI Institute on Thursday as part of a $500 million expansion of its 10,000 Small Businesses program. The initiative partners with Google, Anthropic, OpenAI, and Meta to provide AI training and tools to small businesses. CEO David Solomon emphasized the importance of embracing new technology to avoid falling behind in a competitive market.

Small businesses comprise over 90% of U.S. companies and drive most job growth, making them crucial to Goldman's AI strategy. Among alumni of Goldman's small business program, 86% reported using AI in their operations in 2024, up from 56% the previous year. However, only 15% said they had fully integrated AI into their core operations.

The push faces obstacles including public skepticism about AI regulation and concerns over job displacement. A recent NBC News poll found 79% of respondents believe the government isn't doing enough to regulate AI use. Some small business owners remain cautious about cybersecurity risks and the actual return on AI investments, even as they explore the technology's potential.