Artificial intelligence (AI) is increasingly empowering entrepreneurs to bring product ideas from prototypes to global markets, according to new research gleaned from submissions for Alibaba.com’s $1 million CoCreate Pitch competition. This data also revealed how female entrepreneurs are playing pivotal roles, and how Gen Z founders are focusing on solving real-world issues rather than merely chasing profits.
Key takeaways:
· Among submitted pitch ideas, 63.5% include plans to leverage AI or machine learning , and more than 400 projects directly incorporate AI to address real-world needs. The most common AI applications include speech recognition, image processing, and natural language processing.
· Of the total pitch submissions, 32.7% are centered on categories primarily targeting female consumers and women's needs. According to the 2023/24 Global Women's Entrepreneurship Report, the perception of entrepreneurial opportunity among women has grown 79%. In the United States, the number of female-owned businesses has increased 39%, almost double the growth rate of male-owned businesses. Across Europe, countries such as France, the Netherlands, and Hungary, have seen female entrepreneurship double over the past two decades. Additionally, 36.1% of pitch submissions tackle environmental challenges, covering renewable energy, waste management, sustainable product design, and carbon reduction. The focus on issues related to sustainability and the environment illustrate how entrepreneurs are approaching their businesses with both profit and purpose in mind.
· One of the most distinctive trends in this year's entries is a strong focus on niche and underserved markets. In fact, 33.9% of applicants are targeting specialized markets, more than those focused on general consumer audiences (29.9%).
· Purpose-driven motivation is also defining a new generation of founders. Among Gen-Z applicants, 33.6% say they started their ventures to address societal problems, while 29.5% are driven by a desire to create social value.
· Notably, 63.7% cited a lack of funding as their biggest challenge. Another 20.5% said they lacked access to proper mentorship, and 17.9% pointed to limited supply chain support.
