Artificial intelligence can level the playing field for small businesses, but only for the ones that keep up.
That was one of the big takeaways from Montclair State University’s third annual New Jersey Small Business Summit, held Wednesday at University Hall, according to Valeria Aloe, Director of Strategic Planning at the university’s Feliciano Center for Entrepreneurship & Innovation.
The event was sponsored by M&T Bank.
“AI is an equalizer,” Aloe said. “If we fall behind, it’s on us.”
The summit’s theme was “Future-proof Your Business,” and the morning panel took that on directly. Panelists talked about rising inflation and interest rates, tariffs and AI, and what owners should do about them once they walk out the door.
The panel featured Luke Tilley, Chief Economist at M&T Bank; MJ Durkin of TechUnited; Kima D’Anjou of the Keenly Group; Tai Cooper, Chief Community Development Officer at the New Jersey Economic Development Authority; and John Lucas, Interim President of the Statewide Hispanic Chamber of Commerce of New Jersey.
Aloe said the message was that the change is coming, and it will be big.
“It’s going to be a disruptive change,” she said.
The afternoon panel was meant to challenge assumptions.
“Leading Across Generations: Turning Differences into Strengths,” put Gen Z, millennials, Gen X and baby boomers on the same stage. Panelists Jodie Thorz Dawson, Kristine-Ellis
Petrik, Daniela Palacios, Patty Caballero and Kevin Celisca talked through the stereotypes each generation hears, and how to get past them.
Aloe said the goal was a better workplace.
“The generations have different mindsets, right? And different approaches to life as a consequence,” she said. “So how can we understand each other better so that we can together work better?”
That sense of community could describe the crowd. It wasn’t just small business owners, it was students and local residents, too.
That mix of audiences is the point, Aloe said. The summit, which typically draws about 300 people, brings together entrepreneurs, chambers of commerce, academic institutions and sponsors from across the state.
Proceeds go back into the center. They fund free tuition for Montclair State students in the center’s entrepreneurship programs and low-cost classes for people in the community.
“That’s what makes this different,” Aloe said. “We bring together different constituencies, and the students are in the room, and it’s great for them to see.”
That instruction took a fun turn this year as the summit had a pitch demonstration.
Aloe was clear. It wasn’t a competition. There was no money involved.
The entrepreneurs who took the stage were past participants in the Feliciano Center’s annual pitch competition. Aloe said the demo was meant to show the room what it takes, especially the students.
“So many businesses here can see what it takes to stand up on the stage, how people pitch for money,” she said. “And then they join our programs, and we help them be on stage next time.”
Sponsors included M&T Bank, PSE&G, Cross River Bank, Withum, Valley Bank, NJEDA, PNC Bank, Beacon Wealth Partners, North Jersey Federal Credit Union and Cornerstone Montclair.
