The magazine for alumni and friends of the UB School of Management
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Steffan: AI provides the tools to create social media posts or a press release for free or a very low fee — without having to hire a firm to assist. In many cases it's not getting rid of a job, it's that they couldn't afford to get somebody to do it. When there's a shortage of talent, AI can assist with the labor market as well. Ultimately, there are so many things that we think are unusual or cutting edge now that are going to be the new normal, and as entrepreneurs we want to adopt those tools now. You don't want to be the dinosaurs. Neubert: The pandemic didn't just spur a surge in startups; it ignited a mindset shi. Entrepreneurs have embraced technology not as a threat but as a force that amplifies and empowers new ventures, integrating it seam- lessly into their business plans. Education and resources focused on empowering individuals with the knowledge to leverage these tools effectively will be pivotal. At UB and the School of Management, we're committed to fostering start- ups as well as providing the necessary training and support to navigate this ever-evolving technological terrain. Technology is allowing us to find and deliver value on unmet needs that we couldn't before. I am on the LaunchNY ECO advisory board which is a climate tech advisory board, and we see climate tech companies solving problems in novel ways to meet consumers' needs. Steffan: A lot of businesses have seen that following a passion, whether it is sustainability or social impact, is good for the bottom line, and also good for attracting and retaining talented employees. Neubert: The shi toward purpose-driven busi- nesses has become increasingly evident. It's about instilling the idea that profitability and societal impact are not mutually exclusive but rather complementary aspects of a thriving business model. The advice I give students is to always serve their customers by delivering products that enhance lives. UB is fueling the entrepreneurship explo- sion by being at the forefront of teaching a needs-first approach. We start by discovering unmet market needs and then build prod- ucts to deliver value to our customers. Steffan: Increased collaboration is one of the things I have seen in the past few years, especially among the Western New York entrepreneur support organizations. We have an influx of entrepreneurs locally who need support if we want them to be existing, lasting, sustain- able businesses that develop into high net worth compa- nies — or at least good, sustainable mainstream businesses. Support is available through education, funding, mentor- ship and access to resources. Whatever the program is, find a program with like-minded entrepreneurs and mentors for support. Don't go it alone. Neubert: The roadmap for pandemic-era startups involves agility, coachability, curiosity and a collaborative spirit. Fostering an environment that supports innova- tion and purpose, the entrepreneurial community stands poised to thrive in a landscape shaped by unprecedented challenges and remarkable opportunities. Spring 2024 Buffalo Business 19