WOWGeneration

It is impossible to not be impressed by the young people who made last year’s cohort for Generation Innovation. If I am honest, I feel quite inadequate when I compare my younger self to these brilliant, dynamic, future entrepreneurs.

So, what is Generation Innovation? Back in 2013, Ted O’Brien found himself doing some serious navel gazing following his narrow defeat by Clive Palmer to be the Federal MP for Fairfax. His mind turned to unemployment – and especially the Sunshine Coast’s perennial problem of youth unemployment.

Ted knew, because of his education and training, he would be okay but in that moment he knew that many others would not be if things did not change.

He wanted to find a solution that would create opportunities for young people as entrepreneurs, where they could realise a passion, dream or idea.

As the Founder of Generation Innovation (GI) Ted said, “Young people typically lack three things when starting a business: business experience, a business network and money.

“At GI, we facilitate a program that allows the local community to wrap those three things around young locals who are prepared to convert their passions and abilities into a business.”

Young entrepreneurs between the ages of 15-25 who believe they have what it takes to start their own business can apply each year to take part.

Over the eight-week course they participate in workshops and bootcamps together with a handpicked mentor who helps them to develop their business concepts, refine their business idea through market research and finalise their business model.

The next phase sees the budding entrepreneurs work with their mentors and ‘Specialist Gurus’ to finalise their concept and prepare a pitch to a panel of experts hoping to be shortlisted as one of the top three finalists.

These finalists then work with the GI videographer and marketing team, Reflected Image PRoductions, to develop a compelling video pitch as their final chance to receive $10,000 towards the commercialisation of their business.

“While start-ups are an outcome of our annual GI Challenge, the end-game is more about creating local heroes out of everyday young people who are prepared to have a go at turning an idea into a commercial reality,” Ted said. “It’s all about unleashing the innovation of young people by using entrepreneurship.

“Now in our seventh year, the mission to unleash the innovation of young people remains at the heart of what we do. In fact, a laser focus on this mission is what has made GI such a success.

“For some participants, the GI Challenge allows them to start their own business while for others it’s a boost of confidence and reorients their life to focus on their strengths and develop a willingness to have a go.”

And it’s not just the young entrepreneurs who are reaping the rewards. I have spoken to mentors, specialist gurus, sponsors and some of the judges, and the feedback is the same. They each believe they get more out of it than the young people do.

Mentor Paul Fisher, CEO of Regional Development Australia Sunshine Coast, was a judge last year and says he loved every minute of this life-changing program.

“If I am really honest these kids have inspired me,” he said. “To be able to work alongside them helping them to work towards their dream is an absolute honour. Last year I worked with Travis from NXVAC (pronounced Novak) and he blew me away with the business he had already built.

“It was a privilege to be trusted to work with him on his plans, and his business model, and I know he is one young man who we will be hearing from again,” Paul said.

The pairing of Paul and Travis may have been surprising when you looked at it from afar. Paul has a corporate background and Travis’ business is a popular alternative clothing line that is aimed at people who are into Punk. But herein lies the magic.

The board at GI know what works and they knew that what Paul offered in terms of personality and skills would benefit Travis – and it did.

Travis said being a part of the GI Challenge made him realise that he could turn a passion into a successful business.

“My mentor supported, encouraged and accepted me and helped me to focus on what I needed to do to move forward,” he said.

“I encourage anyone thinking about applying for GI to just do it. If you have a good idea for a business go for it because it will change your life.”

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