In the wake of the Great Recession, many young adults are still having a hard time finding jobs. The recent unemployment rates for young adults (age 20 to 24
) is about 13%, which is much higher than the rest of the adult population. Even worse, it seems like young workers (even college graduates) are increasingly taking low-wage jobs. Perhaps it's time for our youth to consider taking a chance and going into business for themselves. Here are a few links that might help convince them to take the plunge.
- Upstart, founded by a team of ex-Googlers, is an all-in-one loan agency, investment fund, mentoring network, and dream factory for up-and-comers in their early 20s. To find the most promising candidates, applicants are screened using sophisticated algorithms that can predict their likely future income based on GPA, educational background, past job offers, etc. Upstart helps them raise enough money to get their startups going, and in return, they pay their backers up to 7% of their future income each year for 10 years. [url]
- Check out these class notes from Peter Thiel's course on startups at Stanford, written in essay form. In 2010, venture capitalist and entrepreneur Peter Thiel created the Thiel Fellowship, which awards $100,000 to 20 students under 20 years old, with the goal of encouraging them to create their own startups instead of going to college. [url]
- Read the Upstart blog for founder Dave Girouard's account of how he came up with the idea for Upstart. The blog also has other personal accounts, information about Upstart, and interesting articles and perspectives on entrepreneurship. [url]
If you'd like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post