10 Jul Millennials Flocking to Entrepreneurship

A few months ago, a BNP Paribas study, reported on by Fortune, confirmed what many of us have been seeing for the last 3-5 years. The millennials, those aged around 20-35, are starting their own businesses at a dramatically higher rate and younger age than their baby boomer parents over 50 (read: yrs truly). Advancing technology is one reason. And the success of the Mark Zuckerbergs of the world has made it more accepted to see a CEO of a pretty big company in their 20s.

Well I ran my first business, a radio station, at 23, so there millennials. But yes I was the outlier for sure. What does this mean? More need for mentors, peer assistance through networking groups, enhanced attention to entrepreneurship by business schools and channeling some energy to socially worthwhile ventures.

I was proud to teach and judge a competition at the Venture for America training camp this week at Brown University. VFA is awesome and sends about 200 new college grads to work at startups in disadvantaged areas in cities like Detroit and New Orleans. Thousands apply and the selection process is rigorous. The majority end up starting their own business after their VFA “fellowship” like one that makes clothes for shorter men, Banza’s chickpea pasta and a cool Snapchat-type app for groups. This is fabulous and I’m proud to help and support those following in our boomer footsteps!