Entrepreneurial explosion:

By Alexandra Richter

As we consider the impact of the pandemic on startups, we asked two School of Management experts — Bob Neubert, director of entrepreneurship academic programs and clinical assistant professor of entrepreneurship, and Susan Steffan, executive director of the Center for Entrepreneurial Leadership — to share their perspectives on how we can continue to foster and support this growth.

Neubert: The surge in entrepreneurial activity during the pandemic reflects both the adaptability of individuals facing job displacement and the resilience of innovation in challenging times. The economic impact caused by the pandemic led to widespread disruption in the workforce. Often when work cannot be found, the alternative is to become an entrepreneur.

Steffan: We are definitely seeing an increase in people wanting to start their own businesses at the Center for Entrepreneurial Leadership. A lot of people were sitting at home, finally taking a breath outside of their day-to-day routine, thinking about their passions and the legacy they wanted to leave on the world. Perhaps a side hustle went well, or people assessed how they used their skills in the workplace, and they realized they could follow their passion while making money. Our M&T Bank Emerging Entrepreneurs program has record applications and a waiting list even after increasing our cohort size. And there was government support and funding for people to start new businesses which added fuel to the fire. Ultimately, the pandemic pushed people to want more control — and how do you get more control? You become the boss and start your own business.

Neubert: The pandemic acted as a catalyst, propelling many individuals toward entrepreneurship out of necessity and opportunity. One notable aspect was the accelerated adoption of technology. Businesses pivoted online, tapping into new markets and reaching customers they might not have otherwise accessed. This digital transformation has not only enabled startups to survive but also thrive in an ever-evolving landscape.

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 shift. Entrepreneurs have embraced technology not as a threat but as a force that amplifies and empowers new ventures, integrating it seamlessly 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 startups 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 shift toward purpose-driven businesses 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 explosion by being at the forefront of teaching a needs-first approach. We start by discovering unmet market needs and then build products 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, sustainable businesses that develop into high net worth companies — or at least good, sustainable mainstream businesses. Support is available through education, funding, mentorship 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 innovation and purpose, the entrepreneurial community stands poised to thrive in a landscape shaped by unprecedented challenges and remarkable opportunities.