Originally published May 18, 2006.
A reader sent me a thoughtful email about the difficulties for young innovators and the structures of the educational system that don’t seem to lend themselves to developing new innovators and entrepreneurs. This is a provocative topic, so I thought I’d post a copy of my reply and invite others to join the dialog:
Thanks for your comments about my blog and your provocative thoughts about entrepreneurship and innovation. What are you studying at
Virginia? I was an Electrical Engineering undergrad at UVA, which gave me the opportunity to take a number of design and invention-oriented courses (and I’d be happy to recommend courses and professors). I think the Architecture school also has a number of “innovation enhancers” in its curriculum. I personally know a number of very successful ventures (and serial entrepreneurs) to come out of UVA.I think I understand your concerns about innovation among the twenty/thirty-something set. Especially as I work around DC now, I feel greatly undervalued by my age – in this town, until you’ve got a crown of gray hair and a record of financial giving (politically) and success (business-ly), it’s hard to be taken seriously.But I also understand that professional innovation is a highly risky venture – those that do it well are celebrated because there’s inherently a high amount of experimentation. Just starting a new business is a risky venture, particularly for recent graduates which may have limited business networks and experience as well as college debts to pay (to say nothing of rent, food, insurance, car, and other expenses). New businesses may typically go several years before turning a profit as the venture traverses its own growing pains; business incubators are established all over the country (there’s one at Darden) to help shelter those businesses from the high-risk environment of a start-up. Often times the “risk equation” makes it much more palatable for new young professionals to work several years, develop business acumen and networks, then consider a new business venture (or continue their ascent through corporate ranks).I also think there’s simply a very small percentage of the population with the business sense and creativity necessary to innovate marketable solutions (much less to build successful and growing companies). It’s more sensible (but not necessarily right) in our economic constructs to “create jobs” than to create innovators. For most people, who need a lot of support to even enter the workplace, they rely on others to create jobs. But as for the smaller percentage of the population which is really eager to innovate AND capable of doing so profitably (e.g. with good management, marketing, manufacturing, logistics, etc), I don’t know that there are sufficient development tracks in the educational or professional systems to identify and “incubate” those future business leaders – perhaps there’s an opportunity for innovation!Is there also a sense in which successful innovators buck the system, as did Bill Gates or Richard Bronson? Would efforts to form a support system for entrepreneurs (who may be fiercely independent) be doomed to fail? I suspect not, and I would offer the Kauffman Fellows Program as one high-profile example. But how do we link these programs to undergraduate and graduate education? How do we identify and actively develop those young business leaders who will transform the world?
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