In a lively panel discussion titled “Elections 2024: A Small Business Economic Panel”, organized by the Institute of Innovation and Entrepreneurship (IIE) and moderated by Dr. Richard Hayes, IIE executive director and associate professor of management and entrepreneurship, experts gathered to explore the economic plans proposed by the presidential candidates and how those plans could affect small businesses.
Community engagement is one of the four primary goals of the Hofstra 100 strategic plan, creating partnerships that benefit both the University and its neighbors. By collaborating with community partners on research and projects that address local issues, Hofstra deepens its long-standing commitment to supporting the local community.
Dr. Maureen Mackenzie-Ruppel, a panelist and professor at Molloy University, emphasized her commitment to supporting local entrepreneurs, noting, “Long Island’s small business owners bring their creativity and passion to their work. We need to foster an environment that allows them to thrive instead of facing barriers like high taxes and housing shortages.” She emphasized the need for strategies to support sustainable small business growth, touching on concerns about “brain drain,” as young talent is often driven away by the high cost of living on Long Island.
Dr. Martin Cantor, panelist and director of the Long Island Center for Socio-Economic Policy, discussed the challenges of wealth transfer and tax policy. “When we talk about wealth taxes, they don’t just target billionaires – they also affect the upper middle class and the middle class. For small business owners, understanding these economic changes is vital before they vote,” he stressed.
Panelist Dr. Shawn Thelen, Hofstra’s Robert E. Brockway Distinguished Professor and Professor of Marketing, International Business and Legal Studies, addressed the impacts of tariffs and regulations on small businesses, particularly within the domestic manufacturing and sustainable development sectors. “We need effective regulation, not bureaucracy for its own sake. Small business owners can be overwhelmed by excessive red tape [in New York]which puts them at a disadvantage compared to other states where regulatory processes are more lenient,” he explained. Thelen went on to encourage the audience of community members, small business owners and students to consider what economic policies would create a more supportive environment as they look at this election.
Panelist Dan Lloyd, founder and president of Minority Millennials, provided a broader perspective on economic policy implications for Long Island’s emerging industries. “The last decade has seen a shift toward innovation and technology on Long Island, and we are at a critical juncture. We need policies that support clean energy and development; a return to outdated energy policies could jeopardize important job opportunities and future growth here,” he warned. Lloyd continued to urge audience members as voters to prioritize sustainable progress in their decision-making.
Dr. Hayes reflected on the importance of the event and expressed IIE’s commitment to Long Island’s small business community. “We want IIE to be a beacon of support and innovation for local entrepreneurs. Our mission is to foster a community that promotes impactful research, teaching and the development of business ventures.”
IIE’s commitment to fostering a collaborative and growth-oriented environment was evident in the panel’s energetic exchange, leaving attendees with a renewed perspective on the future of small business in the context of the upcoming election.