Big Tech Monopolies Threatening Entrepreneurship

As an active member of my local chamber of commerce and mentor to some of New Jersey’s most energetic young entrepreneurs, I am impressed by the talent and creativity they are bringing to the task of building their businesses and creating jobs and prosperity here in Central New Jersey.

But, as the retired CEO of a business with a significant online retail presence, I know from experience that the monopoly powers of a few giant platforms -- including Amazon, Apple, Google and Facebook -- may prevent these young entrepreneurs from realizing the dreams. Self-preferencing, price manipulation and other anticompetitive practices, and the abusive fees they impose on small businesses who have no choice but to operate on these giants’ platforms, mean that many of these struggling enterprises will never have a chance to grow large.

Congress needs to act. S.2992, the American Innovation and Choice Online Act, is a pro-small business bill that would end the anticompetitive practices that enrich these major tech corporations at the expense of our community.

S.2992 won’t guarantee success. But, without it, these small businesses and entrepreneurs will never get the level playing field they need to succeed. S.2992 has been voted on favorably by the Senate Judiciary Committee by an overwhelming, bipartisan margin, but has stalled in the full chamber. Senator Menendez needs to join Senator Booker and lead the fight to bring this bill to a vote – he needs to support this legislation and the next generation of New Jersey entrepreneurs.

--Jim Harrington

Former CEO, Lady Footlocker