How Technology is Changing the Retail Space
Lucas Siegel, Co-Founder and CEO of AlternaScript, the direct-to-consumer health tech company joins Enterprise Radio. AlternaScript currently offers three cutting-edge products through an online subscription.
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Listen to interview with host Eric Dye & guest Lucas Siegel discuss the following:
- What inspired you to create your business in the health industry?
- How do you think technology is changing the retail space?
- Why have you chosen a direct-to-consumer model for your business, AlternaScript?
- What is the benefit of offering your product as a completely free trial to consumers?
- Do you think businesses are too dependent on social platforms, such as Facebook, to find new customers and to have meaningful communication with them?
Lucas Siegel is a successful American internet entrepreneur and health tech maverick. Lucas, 25, is the CEO and Founder of the direct to consumer health tech company, AlternaScript.
While at student at University of Colorado, Boulder, Siegel executed multiple business ventures. In 2008, at age 17, Siegel received an internship at the River Rock Group, an asset management firm. Two years later Siegel received a Series 65 Securities license as a registered investment advisor RAA under River Rock Securities. During his time with the company, Siegel built RiverRock Impact, LLC, an investment company where they used blended capital approach to securitize high impact project portfolios with clear and multi-dimensional returns.
After graduating college, Siegel founded Capital Peak Investments in 2012 and then founded AlternaScript with his friend and futurist tech phenom Matthew Piskorz. While building their own business and working on their multiple business ventures, Siegel and Piskorz discovered nootropics, a cognitive enhancement supplement that helped with focus and attentiveness. They had witnessed numerous friends become addicted to amphetamine-based medications and they were determined not to let others fall to the same fate.
Siegel’s research found the healthcare space to be filled with one of two kinds of companies; they were either pharmaceutical companies that created medication to cure diseases or mitigate symptoms, or companies that created products based on natural ingredients, but backed by biased studies and unsubstantiated anecdotal evidence. This opened his mind to create a way for healthy people to improve their own health over the counter. This is now his company AlternaScript, a subscription based distribution model leveraging technology such as algorithms and data science, to modernize the health industry and bring products direct to consumers and supersedes traditional distribution channels.
AlternaScript is not an alternative to prescription drugs. The company does not make products that treat diseases. AlternaScript makes premium, scientifically designed, solutions that are answers for healthy people looking to enhance their lives and optimize their productivity without taking potentially dangerous products intended to treat conditions they do not have.
AlternaScript currently offers three cutting-edge products with clinically studied and scientifically backed ingredients, OptiMind, RestUp, a sleep-aid, and NuCulture, a modern scientifically backed probiotic to help Americans overcome digestive problems and enhance immune function.
AlternaScript products are CGMP certified and can only be purchased via a subscription through the AlternaScript website. Siegel’s business model is 100% direct-to-consumer. By eliminating traditional distribution expenses, such as spending money on shelf space to secure a retail presence, AlternaScript can instead spend that on the highest quality ingredients, extensive testing and engaging directly with its customers.
All products, which are manufactured in the USA, are offered in completely free trials including shipping, a risk Siegel is willing to take because of his belief in his products. Siegel did this because he knew that people wouldn’t purchase his product without knowing it was effective or if the product was right for them. To date, AlternaScript has given over $2 million in free samples.
For Siegel running a business is about more than the P&L. It’s about putting people first. Even as a child, he felt compelled to do what he could to help the world, being involved in the healthcare space is more than just helping people become healthier, it’s about changing the consumer’s expectations for a healthcare company: honesty and quality.