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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