Developing America's Long Term Strategy for Entrepreneurship

mEMOS TO THE FUTURE

BUsiness Horizon Quarterly

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F

or decades, America’s entrepreneurs have led

expanding private sector. New communication and

the way in cultivating many of the innovative

commerce technologies allow entrepreneurs to reach

ideas that have fueled our economy and

a truly global marketplace, and a national focus on

changed the world in countless ways. That leadership

promoting entrepreneurship can harness the spirit of

role is now being challenged in new and inventive

enterprise. To realize this future, the U.S. strategy for

ways from an increasing number of competitors. If

entrepreneurship should include tactics and initiatives

our country is to remain at the forefront of the world

in some critical areas.

economy, we will need a long-term and dynamic strategy for fostering entrepreneurship in America. As young entrepreneurs, we have a unique insight into what our country’s plan should include, addressing the challenges we have already encountered and observed in our own entrepreneurial careers.

We are graduates of the Young Entrepreneurs Academy (YEA!), a year-long program that teaches young people how to develop bright ideas, build business plans and secure investor capital. There is a growing number of YEA! programs and graduates across the country, and many of us have launched companies, earned business degrees from top U.S. schools, and gone on to pursue entrepreneurial careers.

Many of America’s future entrepreneurs are in school today or just entering the workforce, and there are generations of business leaders and innovators behind them. We face a dynamic economy and hitech business landscape, and our national approach to entrepreneurship needs to address the challenges and opportunities we encounter today, as well as those in the future. American enterprise also depends on how the country continually prepares and encourages countless new entrepreneurs, creating the innovative products and services that can drive U.S. business success for decades to come.

We envision a future where industries form quickly, and national GDP growth is driven by an

Promote Education Our access to entrepreneurial instruction and support through YEA! made a big difference in our decision to pursue business and innovation, shaped our educational experiences, and helped guide our professional careers.

Yet, to build the country’s entrepreneurial capacity, we need educational opportunities like these in middle and high schools (as well as colleges and universities) across the country.

Courses would cover the benefits of starting a business and the positive impact entrepreneurship can have in the community, and for the nation’s overall economy. It would use case studies on successful startups, revealing the tactics and ideas that helped them grow. By introducing entrepreneurship to all of America’s students through effective programs, we can take a critical first step in attracting our country’s most talented young minds to worthwhile occupations.

Encourage a Pro-Business Environment As young entrepreneurs, we are concerned that the type of environment that helped America become home to the world’s greatest innovations is in jeopardy.

What is needed is a national tone that celebrates achievement, hard work, and business success.

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mEMOS TO THE FUTURE

BUsiness Horizon Quarterly

This more positive national tone requires

and many foreign-born potential entrepreneurs are

corresponding legislation and reform that supports small

being turned away because of a visa issues. We must

business and entrepreneurship. Entrepreneurs, startups,

align the U.S. immigration and visa system with the

and other small businesses can benefit from incentives

country’s entrepreneurial goals.

that promote small business growth. Starting a business should be easier and less burdened by regulation, bureaucracy, and tax penalties.

Inspire and Motivate Young People

The country can also boost entrepreneurship through funding innovations and competitions. This could

Some of the most important attributes for an

mean allocating funds to research organizations, like the

entrepreneur are a positive attitude and a limitless

Defense Advanced Research Projects Agency (DARPA),

drive to succeed. To build America’s entrepreneurial

or competitive initiatives, like the X-Prize. These efforts

potential, the country’s long-term strategy should

should evidence public-private collaboration, with advisory

encourage and inspire young people to start their

committees including entrepreneurs and investors.

own businesses. All entrepreneurs need an enduring passion for their startup, one that breeds dedication,

Strategic immigration reform Fostering entrepreneurship includes attracting skilled talent from abroad. Many of the world’s best and

commitment and sacrifice. It also fosters a winning attitude, which can inspire employees and drive business success. The country’s strategy should nurture this positivity and passion.

A pro-business environment, ongoing education

brightest come to the United States to pursue higher

in entrepreneurship, and other strategic initiatives

education. Unfortunately, after graduation, many are

contribute to a widespread positive perception of

not able to acquire a U.S. visa that would allow them

entrepreneurship, which can attract new generations of

to remain in the United States, start new businesses and

American innovators and business leaders. The promise

develop innovative products. By forcing them out of

and allure of an entrepreneurial career path must

America, these entrepreneurs take their ideas, energies,

outweigh the risks that come with starting a business.

and opportunities to our competitors—thus making the competitive landscape even tougher.

America needs the boldest minds to help create and

From experience, it is difficult for a young person to forego more traditional jobs in favor an entrepreneurial venture, particularly after spending thousands of dollars

build new enterprises and technologies. For that, we

on a college education. There is a fear that one’s résumé

need an effective immigration policy that welcomes

could become uncompetitive if their startup fails. At

foreign entrepreneurs and fast-tracks their visa process.

a time when other young professionals are climbing

Why limit the legislation to support foreign Ph.D.

corporate ladders and developing as employees in

graduates? Many of our best companies have been

various fields, entrepreneurs take a risk by pursuing

created by immigrants educated in the United States,

their own ideas and businesses. If their startup fails, can

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young entrepreneurs still land a job? This is one of the

markets. He was actively involved in Skybox Imaging, Matrimony.

biggest deterrents to a thriving entrepreneurial culture

com, Black Swan Solar, and Snapdeal.com.

among young people.

We must communicate to younger generations, and

Tyle is the co-founder of ReSight, a nonprofit that democratizes the distribution of eye care services by turning unemployed rural women into employed Vision Guardians who screen others for

all of those out there thinking about starting their own

vision impairments. He is also the co-founder of S2 Capital, a seed

businesses, that in the industry of entrepreneurship,

stage social fund that invests in young entrepreneurs throughout

you will fail. You may fail 5 or 10 or 100 times along

the developing world.

the way, but you must not give up. The successful entrepreneurs and business owners we see today are the

Tyle earned a Bachelor of Arts degree from Stanford in three years with double majors in human biology and public policy. He also

men and women that worked through those failures

earned a graduate certificate in product creation and innovative

and kept going. It will not be easy, but if you have

manufacturing from the Stanford School of Engineering.

the passion and perseverance, you will get there. As

Eric Meyer is a graduate of the Young

entrepreneurs, we have a real impact on our

Entrepreneurs Academy, having started a

businesses—we have the final say in our company

company called Spotlight Video Productions

strategy and operations, we use our creations and ideas

as a sophomore in high school. He ran the

to build better businesses and potentially change lives.

company for six profitable years, started a second company, and employed 16 people in two states.

There are numerous benefits that outweigh the risks, and we invite you to join us and take the plunge.

A young entrepreneur, Meyer’s idea-driven leadership has enabled him to launch, manage, and grow businesses and organizations in

Our message to lawmakers and community leaders is clear: a strategic approach to cultivating future generations of innovators and business leaders will take

the private and non-profit sectors. He has been recognized for his achievements in business and civic engagement, and is a strong advocate of entrepreneurship education in America.

our country to greater heights of entrepreneurial activity

Meyer recently graduated magna cum laude Phi Beta Kappa from

and economic growth, and will sustain America for

the University of Rochester and currently works with Phillips

decades to come. Q

Seafood Restaurants, Inc. in Baltimore, Maryland on exciting new restaurants and operational efficiencies.

Sheel Tyle graduated from the Young Entrepreneurs Academy in 2006 having

Habibe Hakiqi is a graduate of the very first

launched Holiday Helpers when he was 13

Young Entrepreneurs Academy class where, as

years old. Holiday Helpers made and sold the

a high school student, she launched Bubble Tea

“holiday helpers” clip, which allowed someone

Mania!, a distributor of specialty drink kits.

to easily hang outdoor holiday lights.

Hakiqi is currently a first year Master of Currently, Tyle is an associate at New Enterprise Associates and is

Business Administration student at the Harvard Business School.

focused on consumer technology, energy technology, and emerging

She graduated from the University of Rochester magna cum laude

market investments. Previously, Tyle worked for Bessemer Venture

Phi Beta Kappa in 2009 with a dual degree in Economics and Political

Partners, where he engaged in due diligence, investment sourcing,

Science. Before Harvard Business School, Hakiqi spent 3.5 years

and portfolio company management across numerous sectors

as an equity research associate at Manning & Napier, covering the

including consumer internet, mobile, cleantech, and emerging

technology sector.

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