Professor Nouriel Roubini, the respected NYU economist sometimes called “Dr. Doom,” is known for his predictions of the real estate meltdown, oil shock and recent recession. So it was a ray of sunshine poking through the gloomy November morning in Seattle when a Wall Street Journal article (Nov. 12, 2011) co-authored by Roubini noted that of major world economies, the long-term future appears brightest for the US. Why? We are still the leader in the cutting-edge technologies that expand a nation’s potential, including renewable energy, medical devices and nanotechnology.
If the U.S. is to lead the way, Seattle was noted as a city that contributes its share. The November 2011 issue of Seattle Business Magazine lays out reasons why Seattle provides the perfect hothouse atmosphere to encourage the start-up ambitions of younger and younger entrepreneurs.
Seattle has a reputation for a strong venture capital/angel community and a vibrant entrepreneurial community. Recognizing the increasing numbers of high-potential students, University of Washington and Seattle University have expanded their reach toward younger students. The UW Center for Innovation and Entrepreneurship (CIE) at the Foster School of Business recruits students directly out of high school into its Lavin Entrepreneurship Program.
At the age when most teen bands are breaking up, many students already have business experience. Connie Bourassa-Shaw, CIE director notes, “Of the undergraduates we’ve admitted, nearly half started their first companies in high school.”
Young people who start companies have less risk and smaller opportunity costs. Lack of experience may work in the favor of young entrepreneurs. As Bourassa-Shaw says, “They don’t know what they don’t know, but they make up for it in sheer motivation and determination.”