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I feel strongly that the one of the important elements of building a sustainable entrepreneurial community over a long period of time is for the entire existing entrepreneurial community to be extremely welcoming to young college graduates. For the folks with a knee jerk reaction to call me ageist, please note that I said “one of the important elements …”
There was a solid article yesterday in the Northern Colorado Business Reporter titled College grads make their own jobs. If you follow this blog, follow TechStars, or have read Do More Faster, you know that I have put a lot of energy into the Boulder entrepreneurial community, but have also spent a lot of time helping other entrepreneurial communities that I invest in (such as Seattle, Boston, and New York.) And, like Caine from Kung Fu, I’ve recently been wandering around the US (next week – Upstate New York) spreading my views, philosophy, and advice on creating and sustaining entrepreneurial communities. I continue to study and think hard about the dynamics of entrepreneurial communities around the US and believe that there are at least 100 cities in the US that can have strong, significant, healthy, 20 year plus sustainable entrepreneurial communities.
In the short term, welcoming young college graduates into your entrepreneurial community has a huge impact on local economies. If young college grads start up new companies rather than take jobs at existing companies, they create obvious short term job growth. If any of these new companies grow, they create additional job growth. In addition, it keeps smart, well educated people (college graduates) in the local community.
This is not a zero sum game – these recent college graduates are not taking jobs away from other companies, especially entrepreneurial ones. Instead, they are creating entrepreneurial job expansion in the local community. As a result, existing experienced entrepreneurs and everyone around the local entrepreneurial ecosystem should welcome the young college graduates into the entrepreneurial community, mentor them, give them low cost excess resources (such as let them camp out in your office if you have extra space), and help them by being an early customer or partner. Namely – make a bet on them of whatever kind you can.
I’ve seen this play out in Boulder for over 15 years. It’s just awesome to watch it build – there is a strong cumulative effect. Many of the 22 year olds that I met in the mid 1990′s are now in their mid to late 30′s and are playing key roles in the Boulder entrepreneurial community. And the folks like me who were in their 30′s in the 1990′s are now in their 40′s and 50′s and are continuing to play it forward aggressively to the next generation of entrepreneurs.
Oh – and it’s a ton of fun. Don’t ever forget that. As a 45 year old, while I might not be able to stay up until 2am anymore, I love hanging out, working with, learning from, and mentoring 22 year olds.
If you want to participate in building a long term entrepreneurial community in your city, spend a few minutes right now figuring out one thing you are going to do for one upcoming college graduate in the class of 2011 and put it in motion today.