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Karen Mills

Karen Mills

Senior Fellow

Senior Fellow

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Karen Gordon Mills is a Senior Fellow at Harvard Business School and a leading authority on U.S. competitiveness, entrepreneurship, and innovation. She served in President Barack Obama’s Cabinet as the Administrator of the U.S. Small Business Administration (SBA) from 2009 until 2013, and was a member of the President’s National Economic Council. At SBA, she led a team of more than 3,000 employees and managed a loan guarantee portfolio of over $100 billion. At the height of the Great Recession, she took steps that led to record-breaking years for SBA lending and investments in growth capital. Additionally, Mills’ efforts helped small businesses create regional economic clusters, gain access to early-stage capital, boost exports, and tap into government and commercial supply chains. She is the author of the book Fintech, Small Business & the American Dream: How Technology is Transforming Lending and Shaping a New Era of Small Business Opportunity (Palgrave Macmillan, 2019), as well as numerous other publications on fintech, innovation policy, and the supply chain economy.

Mills is a venture capitalist and the President of MMP Group. She is the Vice Chair of Envoy, an immigration services provider, and a Director of several Churchill Capital entities. She is also a Director of the National Bureau of Economic Research (NBER) and Chair of the Advisory Committee for the Private Capital Research Institute (PCRI). Mills is a Member of the Harvard Corporation and a past Vice Chair of the Harvard Overseers.

Mills earned an AB in economics from Harvard University and an MBA from Harvard Business School, where she was a Baker Scholar. She received the U.S. Department of the Navy’s Distinguished Public Service Award for her work in innovation, and is a frequent guest on radio and news outlets, including SiriusXM, Bloomberg TV, Yahoo Finance and CNBC, with recent articles in American Banker, Fortune, Inc., and the Harvard Business Review.

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General Management
Entrepreneurial Management
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Karen Mills
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General Management
Entrepreneurial Management
Contact Information
(617) 496-6556
Send Email
Featured Work Publications Research Summary
Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity

 

Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been plagued by frictions: it is hard for a lender to determine which small businesses are creditworthy and it is difficult for business owners to understand their own cash flow and prospects. Now the fintech innovation cycle is at an inflection point—new streams of data have the power to illuminate the opaque nature of a small business’s finances. The playing field is wide open, with technology companies like Amazon and Square, new fintech entrepreneurs, and banks—small and large—vying for a position. Fintech, Small Business & the American Dream grapples with the broad significance of small business to the economy, the historical role of credit markets, the dynamics of innovation cycles, and the policy implications for regulation.
Building small business utopia: how artificial intelligence and Big Data can increase small business success
Small business lending has remained unchanged for decades, laden with frictions and barriers that prevent many small businesses from accessing the capital they need to succeed. Financial technology, or “fintech,” promises to change this trajectory. In 2010, new fintech firms emerged to combat the market gaps in small business lending. These firms rely on Big Data and artificial intelligence to build automated underwriting processes and create a more streamlined customer experience. Since the initial fintech boom, incumbent banks and Big Tech platforms have followed suit and developed new products and services to better support small business customers. The data-driven technology used to optimize underwriting can also power a dashboard for small business owners—one that offers visibility into their cash flows and helps them run their businesses. This product-service ecosystem, which we call “Small Business Utopia,” has the potential to transform the world of small business by providing capital and insights to ensure these businesses can prosper and contribute to economic growth, productivity, and innovation.
The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage workers: Supply Chain Traded Services. In this chapter, we explore the role of startups versus incumbent firms in driving the transition from manufacturing to Supply Chain Traded Services between 1998 and 2015.
The Supply Chain Economy: A New Industry Categorization for Understanding Innovation in Services
Creating ‘Smart’ Policy to Promote Entrepreneurship and Innovation
The heterogeneity of America’s small businesses has led to some confusion and missteps in policy circles regarding the best strategies to promote entrepreneurship and innovation. We describe three policy areas: improving access to capital, delivering entrepreneurship advice and education, and creating entrepreneurial ecosystems, and show how policy solutions that drive innovation differ from support for Main Street small businesses.
5 Predictions for America's Small Businesses in the Biden Era
Karen Mills, the SBA Administrator under President Barack Obama, says the tea leaves suggest small business will be key to Biden’s economic agenda.
How to Help Small Businesses Survive COVID’s Next Phase
For small businesses that have survived the coronavirus so far, what’s next? Karen Mills outlines steps that business owners and government should take immediately.
Now Is Not the Time To Freeze Small-business Lending
Former SBA Administrator Karen Mills explains why access to capital will be key to the small business recovery and the best policy actions to keep credit flowing.
What Congress got Right with PPP, and What It Should Do Next for Small Businesses
What worked and what didn’t in the first two rounds of PPP? Karen Mills presents recommendations for how to increase the program’s reach to the smallest and most vulnerable businesses.
Former SBA Head Mills: Working Women at a Tipping Point (Bloomberg Radio)
Karen Mills, Former Small Business Administrator and Senior Fellow at Harvard Business School, on the landscape for women entrepreneurs.
Banking on Data: Great Possibilities, Great Responsibilities
Karen Mills speaks at an FDIC webinar addressing policy and consumer impact perspectives on enabling “open banking” through APIs, national vs. state privacy laws, data ownership, and liability standards.
How AI Could Help Small Businesses
As technology opens the doors to vast troves of data, opportunities are emerging to create new insights on a small business’s health and prospects. Insights from this data have the potential to resolve two defining issues that have faced lenders and borrowers in the sector: heterogeneity—the fact that all small businesses are different, making it difficult to extrapolate from one example to the next—and information opacity, the fact that it is hard to know what is really going on inside a small business.
Podcast: Karen Mills and The Case for Open Banking
The former head of the Small Business Administration and current Harvard professor says data sharing can be transformational for banks.
How Fintech Can Push Small Businesses to the Next Level
Karen Mills, former director at Small Business Administration, discusses the influence of smaller financial technology companies on big banks and how the U.S. government could help small businesses. 
The State of Small Business Lending: Innovation and Technology and the Implications for Regulation
The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game
Small businesses are core to America’s economic competitiveness. Not only do they employ half of the nation’s private sector workforce – about 120 million people – but since 1995 they have created approximately two‐thirds of the net new jobs in our country. Yet in recent years, small businesses have been slow to recover from a recession and credit crisis that hit them especially hard. This lag has prompted the question, “Is there a credit gap in small business lending?”  

This paper compiles and analyzes the current state of access to bank capital for small business from the best available sources. We explore both the cyclical impact of the recession on small business and access to credit, and several structural issues in that impede the full recovery of bank credit markets for smaller loans.
How Companies Can Help Rebuild America’s Common Resources
In cities and metros across the United States, leadership from government, business, labor, education, and the nonprofit sector have started to work together across sectors to bolster communal resources. These cross-sector collaborations are diverse in nature, and often are responses to specific local conditions. Furthermore, they are pushing the boundaries of traditional public-private partnerships: the engagements are driven neither by civic duty or short-term transactional benefit, like they often were in the past. Instead, businesses see them as in their longer-term strategic interests.
MIT Work of the Future: Perspectives from Business and Economics

David Mindell, Karen Mills and Robert Solow discuss what we can learn from past examples of massive disruption in the workforce. Which lessons apply today, and where might we be in uncharted territory.


Invested in Detroit
April 11, 2018 - Karen Mills leads a discussion between Detroit Mayor Mike Duggan and JPMorgan Chase's President and CEO Jamie Dimon and Head of Corporate Responsibility Peter Scher for a discussion on cross-sector collaboration to drive economic opportunity in America's cities. The discussion, which was hosted by the John F. Kennedy Jr. Forum at the Harvard Kennedy School's Institute of Politics, looks at how partnerships like the one between JPMorgan Chase and the City of Detroit are succeeding at addressing community challenges and creating pathways to greater economic opportunity for individuals and families.
Growth and Shared Prosperity
In June 2015, 73 chief executives, mayors, governors, university presidents, economists, and thought leaders from across the political spectrum gathered at Harvard Business School to work on a question of deep and growing concern in the United States: How can our nation continue to grow while also providing a path to prosperity for more Americans? This briefing shares the highlights of the group’s deliberations.

Karen Gordon Mills is a Senior Fellow at Harvard Business School and a leading authority on U.S. competitiveness, entrepreneurship, and innovation. She served in President Barack Obama’s Cabinet as the Administrator of the U.S. Small Business Administration (SBA) from 2009 until 2013, and was a member of the President’s National Economic Council. At SBA, she led a team of more than 3,000 employees and managed a loan guarantee portfolio of over $100 billion. At the height of the Great Recession, she took steps that led to record-breaking years for SBA lending and investments in growth capital. Additionally, Mills’ efforts helped small businesses create regional economic clusters, gain access to early-stage capital, boost exports, and tap into government and commercial supply chains. She is the author of the book Fintech, Small Business & the American Dream: How Technology is Transforming Lending and Shaping a New Era of Small Business Opportunity (Palgrave Macmillan, 2019), as well as numerous other publications on fintech, innovation policy, and the supply chain economy.

Mills is a venture capitalist and the President of MMP Group. She is the Vice Chair of Envoy, an immigration services provider, and a Director of several Churchill Capital entities. She is also a Director of the National Bureau of Economic Research (NBER) and Chair of the Advisory Committee for the Private Capital Research Institute (PCRI). Mills is a Member of the Harvard Corporation and a past Vice Chair of the Harvard Overseers.

Mills earned an AB in economics from Harvard University and an MBA from Harvard Business School, where she was a Baker Scholar. She received the U.S. Department of the Navy’s Distinguished Public Service Award for her work in innovation, and is a frequent guest on radio and news outlets, including SiriusXM, Bloomberg TV, Yahoo Finance and CNBC, with recent articles in American Banker, Fortune, Inc., and the Harvard Business Review.

Featured Work
Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity

 

Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been plagued by frictions: it is hard for a lender to determine which small businesses are creditworthy and it is difficult for business owners to understand their own cash flow and prospects. Now the fintech innovation cycle is at an inflection point—new streams of data have the power to illuminate the opaque nature of a small business’s finances. The playing field is wide open, with technology companies like Amazon and Square, new fintech entrepreneurs, and banks—small and large—vying for a position. Fintech, Small Business & the American Dream grapples with the broad significance of small business to the economy, the historical role of credit markets, the dynamics of innovation cycles, and the policy implications for regulation.
Building small business utopia: how artificial intelligence and Big Data can increase small business success
Small business lending has remained unchanged for decades, laden with frictions and barriers that prevent many small businesses from accessing the capital they need to succeed. Financial technology, or “fintech,” promises to change this trajectory. In 2010, new fintech firms emerged to combat the market gaps in small business lending. These firms rely on Big Data and artificial intelligence to build automated underwriting processes and create a more streamlined customer experience. Since the initial fintech boom, incumbent banks and Big Tech platforms have followed suit and developed new products and services to better support small business customers. The data-driven technology used to optimize underwriting can also power a dashboard for small business owners—one that offers visibility into their cash flows and helps them run their businesses. This product-service ecosystem, which we call “Small Business Utopia,” has the potential to transform the world of small business by providing capital and insights to ensure these businesses can prosper and contribute to economic growth, productivity, and innovation.
The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage workers: Supply Chain Traded Services. In this chapter, we explore the role of startups versus incumbent firms in driving the transition from manufacturing to Supply Chain Traded Services between 1998 and 2015.
The Supply Chain Economy: A New Industry Categorization for Understanding Innovation in Services
Creating ‘Smart’ Policy to Promote Entrepreneurship and Innovation
The heterogeneity of America’s small businesses has led to some confusion and missteps in policy circles regarding the best strategies to promote entrepreneurship and innovation. We describe three policy areas: improving access to capital, delivering entrepreneurship advice and education, and creating entrepreneurial ecosystems, and show how policy solutions that drive innovation differ from support for Main Street small businesses.
5 Predictions for America's Small Businesses in the Biden Era
Karen Mills, the SBA Administrator under President Barack Obama, says the tea leaves suggest small business will be key to Biden’s economic agenda.
How to Help Small Businesses Survive COVID’s Next Phase
For small businesses that have survived the coronavirus so far, what’s next? Karen Mills outlines steps that business owners and government should take immediately.
Now Is Not the Time To Freeze Small-business Lending
Former SBA Administrator Karen Mills explains why access to capital will be key to the small business recovery and the best policy actions to keep credit flowing.
What Congress got Right with PPP, and What It Should Do Next for Small Businesses
What worked and what didn’t in the first two rounds of PPP? Karen Mills presents recommendations for how to increase the program’s reach to the smallest and most vulnerable businesses.
Former SBA Head Mills: Working Women at a Tipping Point (Bloomberg Radio)
Karen Mills, Former Small Business Administrator and Senior Fellow at Harvard Business School, on the landscape for women entrepreneurs.
Banking on Data: Great Possibilities, Great Responsibilities
Karen Mills speaks at an FDIC webinar addressing policy and consumer impact perspectives on enabling “open banking” through APIs, national vs. state privacy laws, data ownership, and liability standards.
How AI Could Help Small Businesses
As technology opens the doors to vast troves of data, opportunities are emerging to create new insights on a small business’s health and prospects. Insights from this data have the potential to resolve two defining issues that have faced lenders and borrowers in the sector: heterogeneity—the fact that all small businesses are different, making it difficult to extrapolate from one example to the next—and information opacity, the fact that it is hard to know what is really going on inside a small business.
Podcast: Karen Mills and The Case for Open Banking
The former head of the Small Business Administration and current Harvard professor says data sharing can be transformational for banks.
How Fintech Can Push Small Businesses to the Next Level
Karen Mills, former director at Small Business Administration, discusses the influence of smaller financial technology companies on big banks and how the U.S. government could help small businesses. 
The State of Small Business Lending: Innovation and Technology and the Implications for Regulation
The State of Small Business Lending: Credit Access during the Recovery and How Technology May Change the Game
Small businesses are core to America’s economic competitiveness. Not only do they employ half of the nation’s private sector workforce – about 120 million people – but since 1995 they have created approximately two‐thirds of the net new jobs in our country. Yet in recent years, small businesses have been slow to recover from a recession and credit crisis that hit them especially hard. This lag has prompted the question, “Is there a credit gap in small business lending?”  

This paper compiles and analyzes the current state of access to bank capital for small business from the best available sources. We explore both the cyclical impact of the recession on small business and access to credit, and several structural issues in that impede the full recovery of bank credit markets for smaller loans.
How Companies Can Help Rebuild America’s Common Resources
In cities and metros across the United States, leadership from government, business, labor, education, and the nonprofit sector have started to work together across sectors to bolster communal resources. These cross-sector collaborations are diverse in nature, and often are responses to specific local conditions. Furthermore, they are pushing the boundaries of traditional public-private partnerships: the engagements are driven neither by civic duty or short-term transactional benefit, like they often were in the past. Instead, businesses see them as in their longer-term strategic interests.
MIT Work of the Future: Perspectives from Business and Economics

David Mindell, Karen Mills and Robert Solow discuss what we can learn from past examples of massive disruption in the workforce. Which lessons apply today, and where might we be in uncharted territory.


Invested in Detroit
April 11, 2018 - Karen Mills leads a discussion between Detroit Mayor Mike Duggan and JPMorgan Chase's President and CEO Jamie Dimon and Head of Corporate Responsibility Peter Scher for a discussion on cross-sector collaboration to drive economic opportunity in America's cities. The discussion, which was hosted by the John F. Kennedy Jr. Forum at the Harvard Kennedy School's Institute of Politics, looks at how partnerships like the one between JPMorgan Chase and the City of Detroit are succeeding at addressing community challenges and creating pathways to greater economic opportunity for individuals and families.
Growth and Shared Prosperity
In June 2015, 73 chief executives, mayors, governors, university presidents, economists, and thought leaders from across the political spectrum gathered at Harvard Business School to work on a question of deep and growing concern in the United States: How can our nation continue to grow while also providing a path to prosperity for more Americans? This briefing shares the highlights of the group’s deliberations.
Books
  • Mills, Karen G. Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity. Palgrave Macmillan, 2019. View Details
Book Chapters
  • Mills, Karen G., and Annie Dang. "Building Small Business Utopia: How Artificial Intelligence and Big Data Can Increase Small Business Success." In Big Data in Small Business, edited by Carsten Lund Pedersen, Adam Lindgreen, Thomas Ritter, and Torsten Ringberg. Edward Elgar Publishing, 2021. View Details
  • Delgado, Mercedes, J. Daniel Kim, and Karen G. Mills. "The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms." In The Role of Innovation and Entrepreneurship in Economic Growth, edited by Michael J. Andrews, Aaron Chatterji, Josh Lerner, and Scott Stern. Chicago: University of Chicago Press, 2022. View Details
  • Mills, Karen G., and Annie Dang. "Creating 'Smart' Policy to Promote Entrepreneurship and Innovation." In The Role of Innovation and Entrepreneurship in Economic Growth, edited by Michael J. Andrews, Aaron Chatterji, Josh Lerner, and Scott Stern. Chicago: University of Chicago Press, 2022. View Details
Journal Articles
  • Mills, Karen G. "How AI Could Help Small Businesses." Harvard Business Review Digital Articles (June 3, 2019). View Details
  • Delgado, Mercedes, and Karen G. Mills. "The Supply Chain Economy: New Policies to Drive Innovation and Jobs." Economía Industrial, no. 421 (December 2021). View Details
  • Delgado, Mercedes, and Karen G. Mills. "The Supply Chain Economy: A New Industry Categorization for Understanding Innovation in Services." Research Policy 49, no. 8 (October 2020). View Details
  • Mills, Karen G., and Chris Rudnicki. "How Companies Can Help Rebuild America's Common Resources." Harvard Business Review (website) (September 21, 2015). View Details
Working Papers
  • Mills, Karen Gordon, and Brayden McCarthy. "The State of Small Business Lending: Innovation and Technology and the Implications for Regulation." Harvard Business School Working Paper, No. 17-042, November 2016. View Details
  • Mills, Karen G., and Brayden McCarthy. "The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game." Harvard Business School Working Paper, No. 15-004, July 2014. View Details
Cases and Teaching Materials
  • Mills, Karen G., and Ahmed Dahawy. "Chari: Exploring Fintech in Morocco." Harvard Business School Case 323-082, February 2023. View Details
  • Elkins, Caroline M., Tarun Khanna, Vikram S. Gandhi, Karen G. Mills, and Leonard A. Schlesinger. "A Note on Contextual Intelligence." Harvard Business School Module Note 322-077, January 2022. View Details
  • Mills, Karen G., Christina Wallace, Ebehi Iyoha, Gabriella Elanbeck, and Morgane Herculano. "Wordle." Harvard Business School Case 323-032, September 2022. View Details
  • Mills, Karen, and Tom Quinn. "FIELD Immersion 2022: Milwaukee, Wisconsin." Harvard Business School Background Note 322-135, June 2022. View Details
  • Mills, Karen, Caroline Elkins, Vikram Gandhi, Gabriella Elanbeck, and Zeke Gillman. "Pittsburgh: A Successful City?" Harvard Business School Case 322-080, March 2022. (Revised April 2022.) View Details
  • Mills, Karen G., Scott Duke Kominers, Christopher Stanton, Andy Wu, George Gonzalez, and Gabriella Elanbeck. "Zoom Video Communications: Building a Culture of Diversity, Equity, & Inclusion During COVID-19." Harvard Business School Case 322-031, August 2021. View Details
  • Mills, Karen G., Jeffrey J. Bussgang, Martin A. Sinozich, and Gabriella Elanbeck. "The Black New Venture Competition." Harvard Business School Teaching Plan 821-094, March 2021. View Details
  • Mills, Karen, Jeffrey J. Bussgang, Martin Sinozich, and Gabriella Elanbeck. "The Black New Venture Competition." Harvard Business School Case 821-029, September 2020. View Details
  • Mills, Karen G., and Annie Dang. "First Aid Beauty." Harvard Business School Teaching Note 321-013, September 2020. View Details
  • Mills, Karen G., and Annie Dang. "Intrapreneurship: Leading Innovation Efforts in Established Organizations." Harvard Business School Technical Note 820-096, March 2020. View Details
  • Mills, Karen, and Jan W. Rivkin. "Amazon's HQ2 (C): Choices." Harvard Business School Supplement 719-465, May 2019. View Details
  • Mills, Karen, and Jan W. Rivkin. "Amazon's HQ2." Harvard Business School Teaching Note 718-507, May 2018. View Details
  • Mills, Karen, Manjari Raman, and Jan W. Rivkin. "Amazon's HQ2 (B): Utah." Harvard Business School Supplement 718-503, March 2018. View Details
  • Mills, Karen, and Jan W. Rivkin. "Amazon's HQ2 (A)." Harvard Business School Case 718-494, February 2018. (Revised August 2019.) View Details
  • Hamermesh, Richard G., Karen Gordon Mills, and John P. Reed. "Crown Cork & Seal Co., Inc." Harvard Business School Case 378-024, August 1977. (Revised April 1987.) View Details
  • Mills, Karen, and Annie Dang. "First Aid Beauty." Harvard Business School Case 319-082, January 2019. View Details
  • Mills, Karen, and Aaron Mukerjee. "University of Michigan Men's Basketball: A Series of Fortunate Events?" Harvard Business School Teaching Plan 319-028, July 2018. View Details
  • Mills, Karen, and Aaron Mukerjee. "University of Michigan Men's Basketball: A Series of Fortunate Events?" Harvard Business School Case 319-027, July 2018. View Details
  • Mills, Karen, Dennis Campbell, and Aaron Mukerjee. "Eastern Bank: Innovating Through Eastern Labs." Harvard Business School Teaching Plan 319-037, September 2018. (Revised May 2021.) View Details
  • Mills, Karen, and Aaron Mukerjee. "The River Café." Harvard Business School Teaching Plan 318-106, February 2018. View Details
  • Mills, Karen, Dennis Campbell, and Aaron Mukerjee. "Eastern Bank: Innovating Through Eastern Labs." Harvard Business School Case 318-068, October 2017. (Revised April 2019.) View Details
  • Mills, Karen G., Ben Arnstein, and Rafiq Ahmed. "The River Café." Harvard Business School Case 318-064, September 2017. View Details
  • Mills, Karen. "The Maine Food Cluster Project." Harvard Business School Teaching Plan 317-107, March 2017. View Details
  • Mills, Karen, and Aldo Sesia. "The Maine Food Cluster Project." Harvard Business School Case 316-008, October 2015. View Details
  • Applegate, Lynda M., Karen Gordon Mills, Lena G. Goldberg, and Annelena Lobb. "The Grommet - Video Supplement." Harvard Business School Multimedia/Video Supplement 815-703, November 2014. View Details
Other Publications and Materials
  • Fuller, Joseph B., Karen G. Mills, and Jan W. Rivkin. "A Real Path to Shared Prosperity in America." Politico (September 20, 2015). View Details
  • Mills, Karen G. "Being an Entrepreneur: A Right Only for America's Well-connected?" Fortune.com (September 17, 2015). View Details
  • Mills, Karen G. "Growth & Shared Prosperity." Report, U.S. Competitiveness Project, Harvard Business School, Boston, MA, September 2015 (With contributions from Joseph B. Fuller and Jan W. Rivkin.) View Details
  • Rivkin, Jan, Karen G. Mills, and Michael E. Porter. "The Challenge of Shared Prosperity: Findings of Harvard Business School's 2015 Survey on U.S. Competitiveness." Report, Harvard Business School, Boston, MA, September 2015 (With contributions from Michael I. Norton and Mitchell B. Weiss.) View Details
  • Mills, Karen G., Elisabeth B. Reynolds, and Andrew Reamer. "Clusters and Competitiveness: A New Federal Role for Stimulating Regional Economics." Blueprint for American Prosperity, Brookings Institution, Metropolitan Policy Program, April 2008. View Details
Research Summary
Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity
Fintech, Small Business & the American Dream describes the needs of small businesses for capital and demonstrates how technology—novel data sources, artificial intelligence, machine learning—will transform the small business lending market. This market has been plagued by frictions: it is hard for a lender to determine which small businesses are creditworthy and it is difficult for business owners to understand their own cash flow and prospects. Now the fintech innovation cycle is at an inflection point—new streams of data have the power to illuminate the opaque nature of a small business’s finances. The playing field is wide open, with technology companies like Amazon and Square, new fintech entrepreneurs, and banks—small and large—vying for a position. Fintech, Small Business & the American Dream grapples with the broad significance of small business to the economy, the historical role of credit markets, the dynamics of innovation cycles, and the policy implications for regulation.
Building Small Business Utopia: How Artificial Intelligence and Big Data Can Increase Small Business Success
Small business lending has remained unchanged for decades, laden with frictions and barriers that prevent many small businesses from accessing the capital they need to succeed. Financial technology, or “fintech,” promises to change this trajectory. In 2010, new fintech firms emerged to combat the market gaps in small business lending. These firms rely on Big Data and artificial intelligence to build automated underwriting processes and create a more streamlined customer experience. Since the initial fintech boom, incumbent banks and Big Tech platforms have followed suit and developed new products and services to better support small business customers. The data-driven technology used to optimize underwriting can also power a dashboard for small business owners—one that offers visibility into their cash flows and helps them run their businesses. This product-service ecosystem, which we call “Small Business Utopia,” has the potential to transform the world of small business by providing capital and insights to ensure these businesses can prosper and contribute to economic growth, productivity, and innovation.
The Supply Chain Economy: A New Industry Categorization for Understanding Innovation in Services
An active debate has centered on the importance of manufacturing for driving innovation in the U.S. economy. This paper offers an alternative framework that focuses on the role of suppliers of goods and services (the “supply chain economy”) in national performance. We identify three conceptual attributes of suppliers that make them important for innovation: they produce specialized inputs; have more downstream linkages with other industries; and benefit especially from co-locating with their customers, creating externalities. Using the 2002 Benchmark Input-Output Accounts, we estimate a new industry categorization that separates supply chain (SC) industries (i.e., those that sell primarily to businesses or government) from business-to-consumer (B2C) industries (i.e., those that sell primarily to consumers). We find that the supply chain economy is a distinct and large segment of the economy that includes primarily service providers. The SC industries, especially traded services, have higher average wages than B2C industries. The supply chain economy also has higher innovative activity as captured by the concentration of the vast majority of STEM jobs (primarily in traded services) and patents (in manufacturing). Finally, we find that employment in the economy has evolved from manufacturing into two distinct types of services (1998–2015): SC Traded Services (with the highest STEM intensity and wages) versus B2C Main Street (with the lowest STEM intensity and wages).
The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage workers: Supply Chain Traded Services (Delgado and Mills, 2020). These industries provide specialized service inputs to organizations and are characterized by high upstreamness, which allow innovations to cascade down to other buyer industries. In this chapter, we explore the role of startups versus incumbent firms in driving the transition from manufacturing to Supply Chain Traded Services between 1998 and 2015. Using the Longitudinal Business Database of the U.S. Census Bureau, we find that startups experienced a large decline in Supply Chain Traded Services, both in terms of entry of new firms and growth of young firms. Instead, job growth in this sector has been led by established firms: the transformation of incumbent manufacturing firms towards services (e.g., Intel), and the growth of incumbent Supply Chain Traded Service firms (e.g., Microsoft). To complement our empirical findings, we discuss potential barriers for entrepreneurial firms, and illustrate the servicification efforts of several established firms. We conclude by offering broad policy implications.
Creating ‘Smart’ Policy to Promote Entrepreneurship and Innovation
Entrepreneurship is a key to unlocking innovation and fostering regional and national economic productivity. Extensive studies demonstrate that small and young firms contribute to innovation and employment growth. But which of the many types of small firms are responsible? Of the over 30 million U.S. small businesses, most are sole proprietorships or local Main Street shops, and only a small number are high-growth businesses. The heterogeneity of America’s small businesses has led to some confusion and missteps in policy circles regarding the best strategies to promote entrepreneurship and innovation. We describe three policy areas: improving access to capital, delivering entrepreneurship advice and education, and creating entrepreneurial ecosystems, and show how policy solutions that drive innovation differ from support for Main Street small businesses.
The State of Small Business Lending: Innovation and Technology and the Implications for Regulation
Small businesses were among the hardest hit in the Great Recession, accounting for more than 60% of the total jobs lost. The economic crisis was one focused on the banking sector, which is one reason for the disproportionately high impact on America’s small businesses, which tend to be heavily credit dependent. While some aspects of the economy have recovered in the years since, small businesses have struggled, primarily due to a lingering credit gap that is the result of banks being less likely to make the smaller dollar loans—those less than $250,000—that small firms (more than 70%) seek. A rapidly growing financial technology (fintech) sector has quickly stepped in to fill this gap, and incumbent banks are exploring a variety of partnership strategies with the new entrants. Yet, while the much needed increase in sources for financing has been welcome by small businesses, these innovative fintech lenders have sparked concerns around transparency and the high costs charged to borrowers. These concerns are exacerbated by a “spaghetti soup” of regulators, where no one federal entity has oversight, and protections around small business borrowing slip through the cracks. This paper takes a detailed look at the current state of small business lending, the causes for the persistent low-dollar loan gap, the solutions being driven by innovative fintech lenders, and the key concerns around oversight and regulation. Finally, our objective is to provide regulatory recommendations that will protect small business borrowers and not dampen the innovation that has proven so promising for filling the gap in small business access to credit.
The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game

Small businesses are core to America's economic competitiveness. Not only do they employ half of the nation’s private sector workforce—about 120 million people—but since 1995 they have created approximately two-thirds of the net new jobs in our country. Yet in recent years, small businesses have been slow to recover from a recession and credit crisis that hit them especially hard. This lag has prompted the question, “Is there a credit gap in small business lending?” This paper compiles and analyzes the current state of access to bank capital for small business from the best available sources. We explore both the cyclical impact of the recession on small business and access to credit, and several structural issues that impede the full recovery of bank credit markets for smaller loans.

Growth and Shared Prosperity

In June 2015, 73 chief executives, mayors, governors, university presidents, economists, and thought leaders from across the political spectrum gathered at Harvard Business School to work on a question of deep and growing concern in the United States: How can our nation continue to grow while also providing a path to prosperity for more Americans? This briefing shares the highlights of the group’s deliberations.

Additional Information
Op-eds
  • Make yourself a Black Friday promise
  • Now is not the time to freeze small-business lending
  • What Congress got right with PPP, and what it should do next for small businesses
  • BankThink: Fintech Will Reshape How Entrepreneurs Seek Loans
  • BankThink: Small-Business Banking is About to Get a Whole Lot Better
  • Gutting this Dodd-Frank Rule will Hurt America's Small Businesses
  • How Washington can change Dodd-Frank to boost small businesses
  • Fintech charter should be paired with beefed-up borrower protections
  • The SBA is a model for how to drive economic growth
  • Trump must see that small business is the engine of America
  • Here's How Big Government Could Help Small Businesses
  • Why online lending needs more regulation
  • When the Going Gets Tough for Local Economies
  • A Blow to America's Small Business
  • Former SBA Chief on 3 Keys to a Better U.S. Entrepreneur Economy
  • U.S. Economy Depends on Entrepreneurs - Washington Post
Featured Articles
  • An RX for Small Business Recovery
  • Leadership Advice for Biden: Restore a Sense of Calm
  • For Small Businesses, Holiday Shopping Is Essential
  • The Next Steps: Small Business Policy in the New Administration
  • How Retailers Can Thrive in a Shopping Season Like No Other
  • Exclusive Survival Tips From Former SBA Chief
  • How to Help Small Businesses Survive COVID’s Next Phase
  • AI, Big Data, and the Future of Small Business Lending
  • America Closed: Thousands of Stores, Resorts, Theaters Shut Down
  • Coronavirus 'good scenario' could be 20% of small businesses fail
  • Fintech is changing small business lending. Here's what it means for your business.
  • Will Fintech ‘Save the Day’ as USA Struggles with Corona Stimulus?
  • PNC's Fight With Venmo Highlights Bigger Issue Over Who Owns Your Banking Data
  • The Banking Industry is Being Deconstructed, Piece by Piece
  • Can the Market Deliver the Consolidated FinTech Tool Small Businesses Need? You'd think it would have by now, but it may before long
  • Small Business Lending Soars at Banks; Technology Is A Big Reason Why
  • Fintech's Game-Changing Opportunities for Small Business
  • Small Banks You've Never Heard of Are Quietly Enabling the Tech Takeover of the Financial Industry
  • Karen Mills: Predictions for the Future of Small Business Lending
  • Technology is Revolutionising Supply-chain Finance
  • A Playbook for Small Business Job Creation
  • How to Jump Start the Economy
  • A Business Plan for the Startup Economy
  • Former SBA Chief Raises Alarm Over a Still Tight Credit Market for Small Businesses
  • Expensive Small Business Lenders are Unregulated. Should They Be?
  • Is a Gap in Small-Business Credit Holding Back the American Economy?
  • Tech's next disruption? Small business Loans
Links
  • Twitter
  • LinkedIn
  • Personal Website
Speeches
  • Fundación Rafael del Pino Keynote Address
  • MIT Work of the Future: Perspectives from Business and Economics
  • Invested in Detroit
  • Fintech and Washington: Defining the Future of Small Business Lending
  • Lectures that Last
  • Walk Through That Doorway of Opportunity…But Be Sure to Reach Back
  • The Small Business Banking Conference
In The News

In The News

    • 21 Mar 2022
    • Harvard Business School

    Managing Through Crisis with Karen Mills

    • 12 Jan 2021
    • Inc.

    5 Predictions for America's Small Businesses in the Biden Era

    • 27 Nov 2020
    • New York Daily News

    Make Yourself a Black Friday Promise

    • 10 Nov 2020
    • ABC News

    Restaurants unsure if they’ll last the winter with COVID-19 relief talks stalled

    • 26 Oct 2020
    • Harvard Gazette

    Great promise but potential for peril

→More News for Karen Mills

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Follow on Twitter
Additional Information

Op-eds

Make yourself a Black Friday promise
Now is not the time to freeze small-business lending
What Congress got right with PPP, and what it should do next for small businesses
 More
BankThink: Fintech Will Reshape How Entrepreneurs Seek Loans
BankThink: Small-Business Banking is About to Get a Whole Lot Better
Gutting this Dodd-Frank Rule will Hurt America's Small Businesses
How Washington can change Dodd-Frank to boost small businesses
Fintech charter should be paired with beefed-up borrower protections
The SBA is a model for how to drive economic growth
Trump must see that small business is the engine of America
Here's How Big Government Could Help Small Businesses
Why online lending needs more regulation
When the Going Gets Tough for Local Economies
A Blow to America's Small Business
Former SBA Chief on 3 Keys to a Better U.S. Entrepreneur Economy
U.S. Economy Depends on Entrepreneurs - Washington Post
 Less

Featured Articles

An RX for Small Business Recovery
Leadership Advice for Biden: Restore a Sense of Calm
For Small Businesses, Holiday Shopping Is Essential
 More
The Next Steps: Small Business Policy in the New Administration
How Retailers Can Thrive in a Shopping Season Like No Other
Exclusive Survival Tips From Former SBA Chief
How to Help Small Businesses Survive COVID’s Next Phase
AI, Big Data, and the Future of Small Business Lending
America Closed: Thousands of Stores, Resorts, Theaters Shut Down
Coronavirus 'good scenario' could be 20% of small businesses fail
Fintech is changing small business lending. Here's what it means for your business.
Will Fintech ‘Save the Day’ as USA Struggles with Corona Stimulus?
PNC's Fight With Venmo Highlights Bigger Issue Over Who Owns Your Banking Data
The Banking Industry is Being Deconstructed, Piece by Piece
Can the Market Deliver the Consolidated FinTech Tool Small Businesses Need? You'd think it would have by now, but it may before long
Small Business Lending Soars at Banks; Technology Is A Big Reason Why
Fintech's Game-Changing Opportunities for Small Business
Small Banks You've Never Heard of Are Quietly Enabling the Tech Takeover of the Financial Industry
Karen Mills: Predictions for the Future of Small Business Lending
Technology is Revolutionising Supply-chain Finance
A Playbook for Small Business Job Creation
How to Jump Start the Economy
A Business Plan for the Startup Economy
Former SBA Chief Raises Alarm Over a Still Tight Credit Market for Small Businesses
Expensive Small Business Lenders are Unregulated. Should They Be?
Is a Gap in Small-Business Credit Holding Back the American Economy?
Tech's next disruption? Small business Loans
 Less

Links

Twitter
LinkedIn
Personal Website

Speeches

Fundación Rafael del Pino Keynote Address
MIT Work of the Future: Perspectives from Business and Economics
Invested in Detroit
 More
Fintech and Washington: Defining the Future of Small Business Lending
Lectures that Last
Walk Through That Doorway of Opportunity…But Be Sure to Reach Back
The Small Business Banking Conference
 Less

In The News

    • 21 Mar 2022
    • Harvard Business School

    Managing Through Crisis with Karen Mills

    • 12 Jan 2021
    • Inc.

    5 Predictions for America's Small Businesses in the Biden Era

    • 27 Nov 2020
    • New York Daily News

    Make Yourself a Black Friday Promise

    • 10 Nov 2020
    • ABC News

    Restaurants unsure if they’ll last the winter with COVID-19 relief talks stalled

    • 26 Oct 2020
    • Harvard Gazette

    Great promise but potential for peril

→More News for Karen Mills

Karen Mills In the News

21 Mar 2022
Harvard Business School
Managing Through Crisis with Karen Mills

12 Jan 2021
Inc.
5 Predictions for America's Small Businesses in the Biden Era

27 Nov 2020
New York Daily News
Make Yourself a Black Friday Promise

10 Nov 2020
ABC News
Restaurants unsure if they’ll last the winter with COVID-19 relief talks stalled

26 Oct 2020
Harvard Gazette
Great promise but potential for peril

07 Sep 2020
HBS Working Knowledge
How to Help Small Businesses Survive COVID's Next Phase

26 Aug 2020
Yahoo! Finance
'I'm afraid we're going to lose 20-30% of our small businesses': Fmr. SBA Administrator Karen Mills

19 Aug 2020
Forbes
A Low-Risk Way You Can Invest In Minority And Women Entrepreneurs

17 Aug 2020
CNBC
American Express acquiring small business lender Kabbage

07 Aug 2020
Yahoo! Finance
What Congress got right with PPP, and what it should do next for small businesses

16 Jul 2020
Quartz
The PPP was actually a big success argues an Obama-era official

01 Jul 2020
Bloomberg Radio
20-30% of Small Businesses Will Fail Despite PPP

26 Jun 2020
Barron’s
Will I Be Able to Reapply for an SBA Loan If There’s Another Crisis?

07 May 2020
Bloomberg
Small-Business Owners Say PPP Isn’t the Solution They Need

22 Apr 2020
Seeking Alpha
A Hopeless Bottom For Stocks

22 Apr 2020
Business Insider
How to make sure you get the maximum amount forgiven on a PPP loan if you're a business owner relying on government funds to stay afloat

22 Apr 2020
Bloomberg
Oil Prices to Remain Low, Sen Says

22 Apr 2020
Roll Call
Rubio raises profile in pandemic, challenges GOP economics

22 Apr 2020
Politico
Schumer’s Senate Democrats show sharper edge in coronavirus era

22 Apr 2020
Washington Business Journal
Small business advocates fear many will be left out of new PPP funding

21 Apr 2020
LAist
Kura Sushi Will Return Its $6 Million Federal Loan After Outrage

20 Apr 2020
Actualidad
Fintech, el salvavidas de la pyme frente al COVID-19

20 Apr 2020
Forbes
Why Democrats And Republicans Missed The Story Of 50M Americans

17 Apr 2020
University of Pittsburgh
Q&A with former SBA Administrator Karen Mills

16 Apr 2020
Roll Call
Obama small-business chief says Democrats should act now on loan funds

16 Apr 2020
LinkedIn
Small Business Loans

15 Apr 2020
Bloomberg Radio
Former SBA Head: Fintech Is Key To Aid Small Businesses

15 Apr 2020
Advisor Perspectives
Millions Of US Small Businesses May Never Reopen

15 Apr 2020
Atlanta Business Chronicle
'On the Edge'

15 Apr 2020
Finance Magnates
Will Fintech ‘Save the Day’ as USA Struggles with Corona Stimulus?

14 Apr 2020
CNBC
7 ways small businesses can avoid bankruptcy amid the coronavirus outbreak

14 Apr 2020
Bloomberg
Paypal, Square Start Lending to Small Businesses Hurt by Virus

13 Apr 2020
CNN
Helping Small Businesses Survive COVID-19

10 Apr 2020
Cheddar
The Small Business Administration Confronts the Historic Unemployment Spurred by the Coronavirus

10 Apr 2020
Atlanta Business Chronicle
Why Atlanta apartment landlords are faring better than others in many U.S. metros

09 Apr 2020
Motley Fool
3 Major Coronavirus Challenges for Pay TV

09 Apr 2020
Times of Entrepreneurship
All Hands On Deck: Tech Firms Become Lenders As Federal Aid To 26M Tiny Businesses Falters

08 Apr 2020
Forbes
The SBA Can Do This Round, But We Have To Think Bigger In The Next Round

08 Apr 2020
News and Observer
Wells Fargo small business clients miss out on billions in aid due to scandal punishment

06 Apr 2020
Quartz
America’s $350 billion emergency loan program for small businesses may run out of money

06 Apr 2020
Global Finance
Rollout For U.S. Small Business Relief Leaves Fintechs Hanging

04 Apr 2020
Harvard Crimson
Coronavirus Likely to Devastate Small Businesses, Harvard Business School Professors Say

03 Apr 2020
Forbes
How To Prevent The Pandemic From Taking A Greater Toll On Women Entrepreneurs

03 Apr 2020
MSNBC
Is Trump admin. doing enough to deal with 'unbelievably awful' unemployment?

03 Apr 2020
NBC
Mnuchin praises first day of small-business loan program — but applicants call it 'confusion' and 'a scam'

03 Apr 2020
Government Executive
SBA Experiences Chaotic Rollout to 'Unprecedented' Stimulus Program

03 Apr 2020
Bloomberg
The Small Business Administration Confronts an Historic Crisis

03 Apr 2020
Law360
Venture-Backed Firms Could Miss Out On Virus Relief Loans

02 Apr 2020
Forbes
FinTechs Must Be Involved In Paycheck Protection Program Lending For Small Business

02 Apr 2020
Bloomberg
Rescue Plan for U.S. Small Business Kicks Off Beset by Concerns

02 Apr 2020
Wall Street Journal
The Rush for $350 Billion in Small-Business Loans Starts Friday. Banks Have Questions.

01 Apr 2020
Motley Fool
Facebook May Be Hit Harder Than You Think by COVID-19

01 Apr 2020
Alignable
Small Business Recovery Tips from Former SBA Chief Karen Mills

01 Apr 2020
Malaysian Insight
SMEs and Covid-19 – a ticking time bomb

01 Apr 2020
Motley Fool
Why REITs Aren't Immune to the Market Crash

31 Mar 2020
Yahoo! Finance
Companies Form #paytoday Coalition Encouraging Enterprises And Government Agencies To Pay Their Small Business Suppliers Today

28 Mar 2020
Good Morning America Weekend
The House passes $2 trillion package to help Americans

27 Mar 2020
Yahoo! Finance
Coronavirus 'good scenario' could be 20% of small businesses fail

27 Mar 2020
Yahoo! Finance
Former SBA Administrator on what the passing of The CARES Act means for small businesses

27 Mar 2020
LAist
How A Federal Stimulus Could Help LA's Small Businesses During The Pandemic

26 Mar 2020
Roll Call
Bloom or bust: One industry’s struggle with coronavirus

26 Mar 2020
Bloomberg TV: Surveillance
'Bloomberg Surveillance' Full Show

26 Mar 2020
Harvard Business School
Managing Through Crisis: Let's Talk About Small Business

26 Mar 2020
Bloomberg
Record Jobless Claims with Porcelli

26 Mar 2020
ABC News
Small businesses face 'nightmare' cash crunch from coronavirus pandemic

25 Mar 2020
Quartz
The US is preparing $2 trillion to stimulate its economy. Will it be enough?

25 Mar 2020
Quartz
The US is preparing $2 trillion to stimulate its economy. Will it be enough?

23 Mar 2020
MSNBC
Democrats and Republicans at odds over details of coronavirus stimulus package

23 Mar 2020
CNBC
Tech lenders push for a piece of the coronavirus, small-business bailout

20 Mar 2020
HBS Working Knowledge
How Small Businesses Can Survive the Coronavirus Outbreak

20 Mar 2020
Bloomberg
Square, Intuit Want Fintech Lending in Small Business Bailout

19 Mar 2020
Marketwatch
Small businesses could crumble in mere weeks as coronavirus pandemic exacts toll

18 Mar 2020
NPR
Small Businesses To Washington: Please Send Money Soon Or We Won't Survive

18 Mar 2020
Quartz
Why it’s so hard to hit pause on the economy

16 Mar 2020
NPR
America Closed: Thousands Of Stores, Resorts, Theaters Shut Down

13 Mar 2020
Journalist's Resource
Q&A with Karen Mills: Former SBA head says the coronavirus pandemic is situation critical for U.S. small businesses

20 Feb 2020
Quartz
Investors have doubts about the latest American fintech bank

17 Jan 2020
Harvard Business School
Faculty Books Published in 2019

09 Jan 2020
CNBC
The open banking movement is inspiring consumers to ask who owns their banking data

03 Jan 2020
Altfi
The year in quotes: 2019

02 Jan 2020
Altfi
British invasion: The UK fintechs taking on the US

26 Dec 2019
deBanked
Big Money, Small Town: How SBA Loans Are Powering America

18 Dec 2019
Forbes
The Real Story Behind The PNC-Venmo Clash

16 Dec 2019
GuideVine
FINTECH READING LIST

09 Dec 2019
BAI Banking Strategies
Winning the SMB deposit game: How technology leads the charge

01 Dec 2019
HBS Alumni Bulletin
Ink: Big News for Small Business

25 Nov 2019
Small Business Trends
Former Agency Administrator Karen Mills Discusses SBA Lending

22 Nov 2019
Imperial College Business School
How Fintech Could Pave the Way To Small Business Utopia

19 Nov 2019
Finovate
Fintech, Small Business, and the American Dream

19 Nov 2019
HBS Working Knowledge
Gender Bias Complaints against Apple Card Signal a Dark Side to Fintech

19 Nov 2019
HBS Working Knowledge
Gender Bias Complaints against Apple Card Signal a Dark Side to Fintech

01 Nov 2019
American Banker
BankThink Fintech will reshape how entrepreneurs seek loans

29 Oct 2019
ABC Economia
Karen Mills: «La pyme en España no tiene una voz líder en tecnología que le represente»

28 Oct 2019
Finovate
Small Businesses and the Underserved: This Week in the Finovate Podcast

22 Oct 2019
KNect365
Episode 11: Karen Mills, Harvard Business School

17 Oct 2019
Lend Academy
A New Small Business Tech Ecosystem is Emerging

15 Oct 2019
Best Innovation Group
Artificial Intelligence: It's Getting Real

03 Oct 2019
AtlantaInno
How to Market Innovations to Small Mid-Sized Businesses

01 Oct 2019
BAI Banking Strategies
Competing for deposit growth

01 Oct 2019
BAI Banking Strategies
Competing for deposit growth

30 Sep 2019
Actualidad
Fintech: las ‘big techs’ a la caza de los bancos

17 Sep 2019
Barefoot Innovation Group
A Bright Future for Small Business, with Karen Mills

10 Sep 2019
PRWeb
KabbageⓇ Launches the Only Interactive Index Analyzing Revenue Trends of U.S. Small Businesses

10 Sep 2019
Quartz
Small-business owners have no fear of a US recession, according to one online lender

05 Sep 2019
CNBC
Stripe, the world’s most valuable private fintech company, is getting into lending

27 Aug 2019
Bank Innovation
Challenger NorthOne launches with digital finance toolkit for small business

14 Aug 2019
Managing the Future of Work
Fintech on Main Street: How small businesses are banking on new technology

23 Jul 2019
American Banker
Karen Mills and the case for open banking

19 Jul 2019
Yahoo! Finance
The most common mistake made by small business owners

13 Jul 2019
Forbes
3 Fintech Innovations That Could End Financial Hurdles For Small Businesses

12 Jun 2019
Finovate
Experts Look Beyond the Incumbents: Why Smaller Players are Winning

23 May 2019
Finovate
"Small businesses need and want a seat at the table"

15 May 2019
Forbes
Small Business Lending Soars at Banks; Technology Is A Big Reason Why

14 May 2019
American Banker
Data privacy, AI, regulation: Small-business lending is changing fast

14 May 2019
Never a Dahl Moment
Fintech is changing small business lending. Here’s what it means for your business.

14 May 2019
C-Span
Karen Mills on Technology and the Future of Small Business

11 May 2019
LinkedIn
Weekend Essay: Fintech, Small Business and The American Dream

22 Apr 2019
Bloomberg TV
How Fintech Can Push Small Businesses to the Next Level

17 Apr 2019
LendIt
Karen Mills on Fintech, Small Business and the American Dream

16 Apr 2019
Yahoo! Finance
Fewer small businesses expected to hire new employees in 2019

09 Apr 2019
CNBC
How Amazon is both friend and foe to small business

04 Apr 2019
Entrepreneur
How Can Technology Help Small Businesses? Think: 'Cash Flow.'

04 Apr 2019
Harvard Kennedy School
Karen Mills on Fintech, Small Business & the American Dream

03 Apr 2019
HBS Working Knowledge
Fintech's Game-Changing Opportunities for Small Business

02 Apr 2019
Yahoo! Finance
'Fintech, Small Business, and The American Dream' Author Discusses New Book

02 Apr 2019
Bloomberg Radio
Small Businesses Will Turn To Fintech

29 Mar 2019
CNBC
Hard for voice of small businesses to be heard, says former SBA head

26 Mar 2019
Bloomberg Radio
Rent Control

25 Mar 2019
HBS Working Knowledge
The Secret Life of Supply Chains

08 Mar 2019
Lend Academy
Karen Mills of Harvard

07 Mar 2019
American Banker
From SBA chief to fintech backer

05 Mar 2019
Harvard Business School
Female Faculty Leading the Conversation

15 Feb 2019
CNBC
Small banks you've never heard of are quietly enabling the tech takeover of the financial industry

30 Jan 2019
American Banker
Small-business banking is about to get a whole lot better

25 Jan 2019
Wall Street Journal
Returning Government Workers Likely to Confront Glitches

20 Dec 2018
Cold Call
Using Fintech to Disrupt Eastern Bank from Within

17 Dec 2018
C-Span
Karen Mills on Bolstering Small Businesses in the U.S.

17 Dec 2018
CNBC
What fintech can learn from Robinhood’s ‘epic fail’ of launching checking accounts

23 Nov 2018
CNBC
Fintech has changed the game in small business lending

16 Nov 2018
CNBC
PayPal and Square quietly grow small business lending using data as their edge over banks

01 Aug 2018
Inc.
Inside the Emerging Economy With Millions of High-Paying Jobs

12 Jun 2018
American Banker
California may force online business lenders to disclose rates

05 Jun 2018
MIT Technology Review
We still don’t know much about the jobs the AI economy will make—or take

17 Apr 2018
Altfi
Financial services firms expecting a hard Brexit, survey shows

16 Mar 2018
Wired
Fundbox Wants to Be Paypal for Small Businesses.

09 Mar 2018
Drucker Institute
Karen Mills: Zero In By Walking Around

09 Mar 2018
Harvard Business Review
The Supply Chain Economy and the Future of Good Jobs in America

29 Jan 2018
The Hill
In 2018, Trump must be the small-business champion he claimed to be

11 Jan 2018
US News & World Report
Main Street Leads the Way

29 Dec 2017
Bloomberg
Trump Gets A ’D’ For Bipartisan Deal-Making

28 Nov 2017
The Hill
GOP tax plans ignore reality in creating good American jobs

06 Nov 2017
American Banker
How banks can beat digital lenders at their own game

02 Nov 2017
Yahoo! Finance
Trump’s tax bill is one tough sell

31 Oct 2017
CrowdFund Insider
Predictions for the Future of Small Business Lending and Fintech

13 Oct 2017
CNBC
Google and Amazon are ready to disrupt small business lending, former Obama advisor says

12 Oct 2017
Economist
Technology is revolutionising supply-chain finance

05 Sep 2017
American Banker
Will fintech create a small-business-loan utopia?

25 Jun 2017
The Hill
Gutting this Dodd-Frank rule will hurt America's small businesses

26 Apr 2017
Harvard Business Review
How Banks Can Compete Against an Army of Fintech Startups

29 Jan 2017
American Banker
How this bank keeps small-business clients away from online lenders

24 Jan 2017
Bloomberg
Trump Nominee McMahon Vows to ‘Revitalize’ Entrepreneurship

19 Dec 2016
The Hill
Small business activity grows despite rate hike

15 Dec 2016
The Hill
Trump must see that small business is the engine of America

14 Dec 2016
Bloomberg
Karen Mills on What Small Businesses Should Expect from Trump

05 Dec 2016
Yahoo! Finance
How Trump can help Main Street businesses

30 Nov 2016
USA Today
'Fintech' fast-cash loans are like 'wild west' for small businesses

30 Nov 2016
Inc.
Trump's Plan to Repeal Dodd-Frank Won't Help Small Businesses

03 Nov 2016
Fortune
Here's How Big Government Could Help Small Businesses

25 Oct 2016
Silicon Angle
Karen Mills, Sr. Fellow Harvard University

25 Oct 2016
Silicon Angle
Survive and scale: How software frees up brain time for small business owners

28 Sep 2016
Politico
Can Washington control high-tech lending?

24 Sep 2016
Yahoo! Finance
Revitalizing small businesses is key to drive America's economic growth

15 Sep 2016
NPR
LeBron James Helps Young Entrepreneurs In 'Cleveland Hustles'

14 Sep 2016
Huffington Post
Building a Disclosure Box for the Digital Age

07 Sep 2016
Federal Reserve Bank of Richmond
Who Wants to Start a Bank?

06 Sep 2016
Wall Street Journal
Appreciating the Big Role of Small Businesses

06 Sep 2016
Forbes
New Study: Women Entrepreneurs Ask For Less Financing Than Men, Get Smaller Loans At Higher Rates

31 Aug 2016
Yahoo! Finance
Hillary Clinton wants to be America’s small business president

15 Aug 2016
Industry Week
Advanced Industries: A New Mental Model for a New Economy

06 Aug 2016
El Paso Times
Conference helps all area small businesses

28 Jul 2016
San Francisco Business Times
Can Democrats find a way to woo small business owners?

06 Jul 2016
Harvard Gazette
For small businesses, a good guide is a good start

05 Jul 2016
Bloomberg
AmEx Challenges Square, On Deck With Online Loan Marketplace

10 Jun 2016
Bloomberg
Harvard’s Karen Mills: Small Businesses Feeling Cautious

06 Jun 2016
Bloomberg TV: Market Makers
What Role Does Government Play in Job Creation?

12 Apr 2016
Harvard Crimson
Former US Secretary of Commerce Reflects on Successes

31 Mar 2016
Harvard Business School
A Map for Economic Renewal Begins in Maine

07 Jan 2016
Fortune
What the Fed’s Rate Hike Means for America’s Small Businesses

13 Dec 2015
Fortune
The Truest Measure of America's Progress

23 Nov 2015
Wall Street Journal
Former SBA Chief Weighs in on the Rapidly Changing World of Financing

13 Nov 2015
New York Times
Lawmakers Ask for Information About Online Lenders

20 Oct 2015
Business Insider
This could be the next 'subprime mortgage crisis'

05 Oct 2015
Wall Street Journal
Marcus Jadotte, Karen Gordon Mills on Trade Opportunities

23 Sep 2015
Politico
What Works: Washington D.C. panel 2

21 Sep 2015
Politico
A Real Path to Shared Prosperity in America

21 Sep 2015
Harvard Business School
HBS Convening Brings Together Leaders & Experts to Focus on Driving Both Growth and Shared Prosperity

21 Sep 2015
Harvard Business Review
How Companies Can Help Rebuild America’s Common Resources

21 Sep 2015
C-Span
Income Inequality and U.S. Competitiveness

17 Sep 2015
Fortune
Being an entrepreneur: a right only for America’s well-connected?

10 Sep 2015
Christian Science Monitor
Harvard MBAs say fighting wealth inequality is a top priority

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