By: John Glover (MBA)
2024 has marked itself with significant shifts and evolving trends. This year, businesses are increasingly leveraging AI and ecommerce platforms, reflecting a broader trend toward digital and automated solutions. Ecommerce alone has become a critical area for startup activity, supported by tools that simplify online sales and marketing processes. Another major trend is the substantial growth in climate tech startups, driven by a surge in investments from major funds to combat climate change.
Furthermore, the entrepreneurial demographic is becoming more diverse, though still predominantly male and centered around Generation X, highlighting a gradual but ongoing shift in the landscape of business ownership. Also noteworthy is the growing emphasis on gig and subscription-based business models, adapting to changing consumer preferences and the needs of a more dynamic, service-oriented market.
Alan Siege, the CEO and founder of The Pitch Show, shares insights on the current entrepreneurial landscape and the distinctive role these trends continue to play. One might wonder, what will be the next major innovation in entrepreneurship to emerge from this dynamic environment?
Discussing the major trends of 2024, Siege noted, “Remote work has intensified, becoming a strategic advantage rather than just a necessity. We’re also seeing sustainability becoming embedded in core business operations, not just as a PR move but as a critical part of business strategy.” According to Siege, these trends are evolving into a new business reality, with hybrid work models, increased emphasis on sustainability, and significant advancements in AI and automation across business sectors.
When asked about the technological influences on new businesses, Siege highlighted, “AI and automation have moved from buzzwords to essential tools. They’re now critical in streamlining operations, reducing costs, and fostering innovation across various fields.” He also pointed out the growing importance of cybersecurity as businesses expand their digital footprint.
One of the significant challenges today, especially in diverse and underrepresented communities, is funding. Siege observed, “Funding for smaller startups is becoming increasingly difficult to secure as investors chase higher returns. However, initiatives like Propel are making strides by providing lower-cost money to help small companies grow.”
The Pitch Show, under Siege’s leadership, offers a unique approach by providing a stage for entrepreneurs who might not have access to traditional entrepreneurial platforms. “Most business pitch contests feature companies that need millions to possibly make money,” Siege explained. “Our mission is to support the strivers, the not-so-well-connected individuals chasing the giants in their industry.”
Unlike typical contests where celebrity entrepreneurs decide the winners, The Pitch Show turns the power over to the audience. After each entrepreneur presents their pitch, the audience engages directly with them, asking questions and using QR codes to vote on various aspects of the business idea, including presentation, originality, feasibility, and potential market interest.
Siege elaborated on the show’s format, “It’s not just about presenting a business idea; it’s about engaging with the community. Our show includes live music, interactive sessions, and even trivia contests about little-known entrepreneurs who have made significant impacts. This setup not only entertains but also educates the audience and contestants, making entrepreneurship accessible and enjoyable.”
A memorable success story from The Pitch Show is that of Quiaufa “Sherri” Royes, a chef from Brooklyn who used her winnings to teach plant-based cooking classes. By promoting healthier eating habits, she significantly impacted her local community.
Looking forward, Siege is excited about expanding The Pitch Show’s reach. “We plan to livestream every show so people anywhere can watch and participate. Just like NPR’s ‘Wait, Wait… Don’t Tell Me!’ we want to take our show to different locations and feature local entrepreneurs,” he shared.
Alan Siege’s commitment to fostering a supportive and engaging platform for entrepreneurs reflects a broader shift in the business world—one that values community impact and inclusivity as much as financial success. As The Pitch Show continues to grow, it highlights local entrepreneurs’ potential and inspires a new generation to think differently about what it means to be successful in business.
Published by: Nelly Chavez
