Michael Lastoria, along with Steve Salis, is the co-founder of &Pizza;, a community-driven chain of pizza concept stores. Recently, Lastoria was invited to speak on the Millennial Week 'Millennial Entrepreneur Forum.'
Each of the restaurants cultivate an identity that is unique to the neighborhood it is located in. Lastoria and Salis want to resonate emotionally with their customers. The restaurant also recently introduced the Cause Campaign, which sponsors local organizations by financial support and free pizza. The pizza shop is ultimately intended to be a community space that gives back.
In his Millenial Week Close-Up, Lastoria advises aspiring entrepreneurs to "Pick hyper-growth industries to build companies within. This guarantees access to human and financial capital, providing exit opportunities as you grow."
Why This Trend Is Growing
- Community-driven Concepts
- Opportunities include creating unique identities for businesses that resonate with specific neighborhoods, and implementing cause campaigns to give back to the community.
- Hyper-localization
- Trending towards local neighborhoods and sponsors, emphasizing the support of local organizations instead of franchises.
- Social Responsibility
- Involving the community in philanthropic efforts and giving back, in an attempt to cater to millennials who support social causes.
Industries Being Reshaped
- Fast-casual Restaurants
- Potential for differentiation and community building in an increasingly competitive industry.
- Millennial-targeted Marketing
- Opportunities to leverage social responsibility and community-driven messages to appeal to younger generations.
- Local Business Support
- Creating partnerships and sponsorships with local organizations and non-profits to engage with the community and give back.
